GENERATION LIFE – Global Life Cover for South Africans



A unique product has been created by an Insurance Company based in Mauritius, specifically for corporates and individuals doing business in Africa. The product is called Generation Life and essentially consists of 3 distinct parts; these are not mutually dependent upon each-other.

Life Insurance

The first component offers risk benefits namely USD based term life cover together with disability benefits and critical illness (dread disease) if required. Unusually this cover is available throughout Africa and can accommodate groups or individuals. The rates are extremely competitive and most importantly the risk is entirely underwritten by a variety of highly rated re-insurers.

Term Life has proven to be far more attractive than whole of life policies primarily due to its affordability, as retired persons seldom require life insurance protection, and term cover will carry them through the most exposed periods of their lives. This cover is also totally portable, which means that if an employee moves from one employer to another, he or she can continue with their policy as long as the premium payments are made.


The second part of Generation Life accommodates those individuals wishing to invest regular savings or lump sums into an investment vehicle. Generation life has created a platform which provides an online portal for investments into shares, mutual funds, cash and bonds. This platform is regulated in Mauritius and external advisers are welcome to manage investments on behalf of their clients. As a result of the systems employed by Generation Life, the administrative costs as well as dealing costs are exceptionally low. Naturally, investment clients can view their holdings online 24/7 and prices are updated on a daily basis.

Employers can elect to make investments into a regulated pension fund, in which case members can legally access 100% of their funds at age 50, or alternatively they can select the benefit fund route, which is essentially a savings fund.

Medical Insurance

The third element of Generation Life is medical insurance. To facilitate this we have teamed up with two of Africa’s leading providers of International medical insurance. The focus of this insurance is primarily to provide in-patient cover coupled with evacuation protection. Again this cover covers Africa and both companies have clearly defined strategies to expand their footprint in Africa.


Generation Life is now in a position to offer all the above services, packaged in one product thus minimising payment procedures and having to deal with multiple administrators. Mauritius is well positioned from an African perspective with regards to time zones, accessibility and an abundance of skilled staff. In addition the region is a low tax jurisdiction and very stable politically.

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