About Iemas Insurance
Iemas Insurance is an arm of Iemas, a cooperative financial services company. Iemas provides a wide range of financial services, of which insurance is only one part. A cooperative company is one that is owned by its members, rather than by shareholders. That means that if you purchase your insurance (or any other service) from Iemas that you become a member of the company, and can therefore expect a share in any profit that the company makes. Every year a proportion of the company's profits is given to members, usually in the form of a deposit into a savings account. The amount will vary depending on the company's performance in the preceding year. Temba Mvusi is the current chairman of the board for Iemas, and Johan Nel is the CEO.
Where is Iemas Located?
The head offices of Iemas can be found at Iemas Park, Corner of Embankment Road and Kwikkie Street, Zwartkop Ext. 7, Centurion, Pretoria Area, Gauteng. There is also a mailing address for Iemas which is Private Bag X924, Pretoria CBD, 0001.
What Services Do Iemas Provide?
Iemas provide a range of financial services, but concentrate mainly on loans and insurance. They do offer both life insurance and funeral insurance options.
Iemas Insurance Choices
As mentioned, Iemas insurance provides life and funeral options for customers. Unfortunately, certain information is limited on the Iemas website, but we can give you the following details.
Iemas Life Insurance
The Iemas website clearly states that the company offers life insurance products, and even mentions disability coverage as well. However, other than the existence of these products there was absolutely no further information given. We presume that either the website is incomplete at the moment, or that an insurance broker is required to get further information. This is obviously not ideal for insurance shoppers who would like some idea of what they're getting before going through the process of getting quotes or brokers.
Iemas Funeral Insurance
There was far more information available about Iemas funeral insurance options. However, Iemas funeral insurance is only available to people employed by an Iemas contracted employer group. This means that you should ensure first that your employer fits into this category. Iemas funeral insurance is divided into three categories, gold, platinum and diamond with coverage amounts and premiums varying by category. The basic benefits are as follows:
-
Coverage for the main insured, spouse and children between the ages of 14 and 21 (should you choose to add family members to your plan) is R10,000 (gold), R20,000 (platinum) or R30,000 (diamond);
-
Children between the ages of 6 and 13 will be covered for R5,000, R10,000 or R15,000 depending on which category you choose, and children from 0 to 5 will be covered for R2,500, R5,000 or R7.500, depending on category;
-
Parents and parents in law can be insured for R5,000, R10,000 or R15,000 depending on category, and all extended family members will be insured for R5,000 in all categories;
-
Family members can only be added to your plan when you first apply or within the first thirty days, the website does not state this but we presume this does not include any children born after you apply;
-
If both parents or both parents in law are living you must insure both, not just one;
-
Coverage is immediate for accidental death, but there is a six month waiting period for natural death which includes suicide.
How Are Consumer Reviews for Iemas Insurance?
The website hellopeter, which allows consumers to post reviews of service providers, reports only 29 reviews of Iemas in the last twelve months. This is an extremely low number compared to the thousands of reviews other insurance companies we've reviewed have received. Of these reviews, 28 were complaints, giving Iemas a very high 97% negative rating. Many reviews concentrated on bad service and payments being withheld. However, we must note two things. Firstly, these reviews were for Iemas financial services, not just for Iemas insurance, and secondly, the number of reviews was extremely low. Taking into account the fact that people are much more likely to post about a negative experience than a positive one, it doesn't seem fair to judge Iemas based solely on their hellopeter reviews.
How User Friendly is www.iemas.co.za?
The initial impression of the Iemas insurance website is a good one. The website is easy to navigate, and information is clearly labelled, which isn't always the case even these days. However, once we got in to the website, we began to experience problems getting information. Whilst there was a solid explanation of the funeral policy options, for example, there was absolutely no information at all about life insurance options. We don't really understand this disparity, and wonder why Iemas insurance doesn't list any benefits of their life policies. All in all, unless you're shopping for funeral insurance, the Iemas website is not a great place to get information.
Iemas Insurance: The Verdict
It's very difficult to evaluate Iemas insurance products, mostly because there's so little information available about them and so few consumer reviews. There is a detailed explanation of their funeral policies, but we know nothing at all about their life policies. What is clear is that Iemas is a cooperative company, so you will share in profits if you buy insurance through them, and that at least some of their policies are limited to customers who are employed with an Iemas contracted employer. It is always best to compare insurance companies before making a final decision, of course, so you might want to get some quotes before signing up for anything. To help you, you can get up to 9 life insurance quotes for free simply by clicking on the banner above or on the top right of the home page.
* Disclaimer: We do not represent any of the companies, products and/or services reviewed, published or advertised on this website. Nor are we financial, health or insurance professionals or services provider. If you request a quote or purchase a product/service, it will not necessarily be given by the company reviewed on any specific page. Any decisions you make based on the information presented is at your own discretion and we advise that before doing so, you consult with the relevant professional.
Main subject: Iemas Insurance
