In a landmark partnership aimed at creating lasting societal impact, TEBA and Old Mutual Will, born from Old Mutual's innovation and strategic partnerships unit NEXT176, have joined forces to address a pressing issue in South Africa - the lack of wills and testaments, as well as financial inclusion within a significant portion of the country’s working population.
Through this partnership, TEBA will now offer its employees and customers access to the TEBA branded Digital Wills, empowering them to protect their estates. This digital will is part of a comprehensive suite of simple life products provided by Old Mutual. These products include:
- Edu Assist: Offering financial support for education expenses in case of the policyholder's passing.
- Cost Assist: Assisting with estate winding-up costs such as executor fees and other administrative expenses.
- Cash Assist: Providing immediate funds for covering immediate needs like groceries.
- Debt Assist: Covering outstanding debts, such as car loans or home mortgages.
The partnership brings together two leading organisations committed to improving the financial well-being of South Africans, and by leveraging their existing technology eco-systems along with a deep understanding of the lower LSM communities, this initiative seeks to provide accessible solutions to this population for the safeguarding of their legacies and addressing the financial burdens associated with death expenses, ultimately changing lives, families, and communities for the better. In pursuit of these objectives, the partnership aspires to catalyse financial security in the lives of these individuals, their families, and their communities.
South Africa faces a significant challenge with nearly 70% of its working population being without a will, potentially exposing their loved ones to the burden associated with administering the estate left without a will. To date over 90% of the TEBA Customer base has indicated they don’t have a valid Will. Funeral expenses, executor fees, estate duties, and other administrative costs can be overwhelming for those left behind. TEBA and Old Mutual aim to bridge this gap by offering this much-needed solution.
TEBA plays a crucial socio-economic role in the lives of many who work in the lifeblood of South Africa’s economy, the mining sector. Currently, TEBA provides essential services to approximately 280,000 current mineworkers and their extended families. These services encompass a wide spectrum of financial, human resources, health, and community development offerings, addressing the unique needs of this crucial demographic.
But TEBA’s impact doesn't stop there. The organisation goes above and beyond by also serving an additional 200,000 ex-mineworkers and their families. This extended reach demonstrates TEBA’s dedication to ensuring that even those who have transitioned from the mining sector continue to receive valuable support and appropriate financial services.
TEBA's intimate knowledge of the financial challenges faced by these communities, combined with its extensive network of over 80 offices in mining areas, makes it uniquely positioned to address the pressing issue of a lack of wills and financial protection among South Africa's working population.
Hilton Michels, CEO of Old Mutual Will, expressed his enthusiasm for the partnership, saying, "Old Mutual's collaboration with TEBA marks a significant step towards addressing a critical issue in South Africa. We believe in the power of financial inclusion and are proud to provide accessible solutions to empower South Africans with financial security."
Thabo Gumbi, Head of Commercial at TEBA, echoes Michel's sentiment, stating that, "TEBA is dedicated to improving the financial well-being of our customers. This partnership with Old Mutual allows us to make a real difference in the lives of South Africans by providing them with essential tools for transferring wealth intergenerationally.’