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Altrisk Retrenchment Cover

Altrisk is a well-established long-term insurance provider. They started out in 1999 by offering risk products to clients that could not traditionally get insurance. They were willing to accept clients other providers generally will not. This included individuals with high-risk occupations, hobbies, and even health risks. This amazing philosophy helped Altrisk become a market leader. Altrisk retrenchment cover is just one of many innovative ways Altrisk helps shape the future.

Altrisk is backed by the Hollard Group & international reinsurer Hannover Life Re. This should give you the peace of mind that you are backing the right horse. It is always important to make sure that your life insurer has the proper resources. Altrisk looks for reasons to pay claims, opposed to trying to find reasons not to.

Altrisk currently boasts an impressive 177 000 policies, with a sum of R226 billion insured.

Provider Achievements:

  1. First to Provide Cover to Individuals with Health Risks.
  2. First to Remove General Exclusions that are Often Irrelevant.
  3. First to Provide “Early Cancer Cover”
  4. First to Offer Life Insurance to People Living with HIV
  5. First to Cover People Working in High Risk Countries
  6. First to Adopt Critical Illness Definitions that are standardized

Altrisk Retrenchment Cover

With the fragile state of our economy, it is becoming the responsible thing to think about retrenchment. Up until recently, there was not much a person can do the safeguard your financial situation. The worst-case scenario is suddenly losing your main source of income. This can happen to anybody in any industry. No industry or position is immune to retrenchment.

Reasons Companies Retrench Employees

  1. Company Might be Facing Closure
  2. You Might be Redundant
  3. Company Must Downsize
  4. End of Contract Work
  5. Loss of Major Clients, etc.

Altrisk Retrenchment Cover will pay out if you are retrenched involuntary. This will ensure that you have financial support while you focus on finding new employment.

What does the Altrisk Retrenchment Benefit Cover?

  1. You can Claim More than Once on your Policy
  2. The Benefit has a Level Premium Pattern
  3. Altrisk Pays a Lump Sum
  4. The Maximum Cover Amount is R150 000
  5. Retrenchment Cover is Available as an Ancillary Benefit
  6. No Medical Underwriting
  7. Premiums are Not Tax Deductible

Who was Retrenchment Cover Designed for?

Due to the nature of business in South Africa, Altrisk retrenchment cover is only for salaried employees. This benefit is not available if you are self-employed, or work for your family business. This product was designed to ensure that employees have protection against elements beyond their control.

When can I Claim?

To qualify for a claim, the Altrisk retrenchment plan must have been in force for at least six months. This six-month waiting period is to prevent people from taking a retrenchment policy at the last minute. You must have been employed continuously on a permanent basis for at least two years. At least 12 months of the two years must have been with the employer that retrenched you.

Retrenchment Cover Technical Details

  1. Maximum Cover Amount is R30 000.00 (Monthly Salary)
  2. Must Remain Unemployed for at Least 30 days
  3. Maximum entry age is 60 ANB (Age Next Birthday)
  4. Expires when Policy Holder Turns 65

What is Not Covered by Altrisk Retrenchment Cover?

  1. Voluntary Retrenchment
  2. Expiry of a Temporary Contract
  3. Dismissal
  4. Pregnancy, Abortion or Childbirth
  5. Expiry of Non-Renewable Fixed Term Contract
  6. Illegal Conduct, Fraud or Dishonesty
  7. Injury, Medical Condition, Sickness or Disease
  8. Life insured’s Participation in any Labour Disturbance, Unrest, Strike Action, Civil Commotion, Public Disorder, Political Activity or Riot
  9. Retirement


Altrisk retrenchment cover can provide you, and your family with much needed peace of mind. As per online statistics, retrenchment was at a ten year high in Feb 2014. We constantly see companies retrenching employees in the news. Not having financial support during this time of need can devastate a family.

Get a free quote today. It is extremely easy. All you need to do is complete the contact form on our website. A consultant will get back to you as soon as possible. We will explain the product from a – z. We want to make sure you are 100% confident with your policy before you commit to anything.

Let us help you.