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SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE: 

Analyse the different products available in the Long-term Insurance industry and the benefits of each 
SAQA US ID UNIT STANDARD TITLE
119478  Analyse the different products available in the Long-term Insurance industry and the benefits of each 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 4  NQF Level 04  5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
14314  Analyse the different products available in the Long Term Insurance Industry and the benefits of each  Level 4  NQF Level 04  10   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for all learners in Long-term insurance and wealth management including underwriters, claims assessors, and learners in new business, sales, policy servicing and administration.

The qualifying learner is capable of:
  • Analysing Term Products to determine the cover.
  • Analysing Conventional Life Insurance products to determine the cover.
  • Analysing Universal Life Products to determine the cover.
  • Analysing Retirement Annuities to determine the structure.
  • Analysing Investment Linked Products to determine the cover.
  • Interpreting different supplementary benefits available with individual life policies. 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
  • Communication at NQF Level 3.
  • Mathematical Literacy at NQF Level 3.
  • Computer Literacy at NQF Level 3. 
    		•

    UNIT STANDARD RANGE 
  • Term insurance includes, but is not limited to: Increasing term, level term, decreasing term and credit life.
  • Conventional insurance products include, but are not limited to: whole life, endowment, reinforced products, pure endowment, linked, with profit and non profit.
  • Recurring premium retirement annuities include, but are not limited to: ones with or without life cover, ones with or without additional benefits.
  • Analysis of a policy document includes, but is not limited to: Eligibility, exclusion clauses, surrender and loans, term, duration of contract, permitted changes, ownership, beneficiaries nomination and cessions.
  • Options available at retirement include, but are not limited to: Compulsory purchase, voluntary purchase, both with profit, guaranteed annuity and equity linked.
  • Policy structure includes, but is not limited to, guarantee, term and cash value. 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse Term Products to determine the cover. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of Term insurance is explained with examples. 

    ASSESSMENT CRITERION 2 
    The different components that make up a term product are explained and illustrated graphically. 

    ASSESSMENT CRITERION 3 
    The purpose of term products is explained with reference to pricing. 

    ASSESSMENT CRITERION 4 
    A specific Term policy document is analysed to determine the cover. 

    ASSESSMENT CRITERION 5 
    Supplementary benefits and additional products linked to Term products are identified for a specific insurer. 

    SPECIFIC OUTCOME 2 
    Analyse Conventional Life Insurance products. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of conventional insurance is explained with examples. 

    ASSESSMENT CRITERION 2 
    The different components that make up a conventional life insurance product are explained and illustrated graphically. 

    ASSESSMENT CRITERION 3 
    The purpose of conventional life insurance products is explained with reference to pricing. 

    ASSESSMENT CRITERION 4 
    A specific conventional life insurance policy document is analysed to determine the cover. 

    ASSESSMENT CRITERION 5 
    Supplementary benefits and additional products linked to conventional life insurance products are identified for a specific insurer. 

    ASSESSMENT CRITERION 6 
    A conventional life product and a new generation life product are analysed and compared with reference to premium and policy structure. 

    SPECIFIC OUTCOME 3 
    Analyse Universal Life Products. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of universal life products is explained with examples. 

    ASSESSMENT CRITERION 2 
    The different components that make up a universal life product are explained and illustrated graphically. 

    ASSESSMENT CRITERION 3 
    The purpose of universal life products is explained with reference to pricing. 

    ASSESSMENT CRITERION 4 
    A specific universal life policy document is analysed to determine the cover. 

    ASSESSMENT CRITERION 5 
    Supplementary benefits and additional products linked to universal life insurance products are identified for a specific insurer. 

    ASSESSMENT CRITERION 6 
    Recent developments in product innovations are investigated for two different insurers. 

    SPECIFIC OUTCOME 4 
    Analyse Retirement Annuities to determine the structure. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concepts of recurring premium, single premium and ad hoc premium annuities are explained with examples. 

    ASSESSMENT CRITERION 2 
    The tax advantages specific to the purchasing of Retirement Annuities are analyzed with examples. 

    ASSESSMENT CRITERION 3 
    Options available at retirement are identified for three case studies. 

    ASSESSMENT CRITERION 4 
    A certificate of membership is analysed to determine the terms and conditions of a specific contract. 

    SPECIFIC OUTCOME 5 
    Analyse Investment Linked Products to determine the cover. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of an investment-linked product is explained with examples. 

    ASSESSMENT CRITERION 2 
    The choice of assets in a linked product are analysed for three different products. 

    ASSESSMENT CRITERION 3 
    The relationship between the risk profile of the investment and the needs profile of the client is explained using authentic examples. 

    SPECIFIC OUTCOME 6 
    Interpret the different supplementary benefits available with life insurance policies. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    The concept of free-standing benefits is explained with examples. 

    ASSESSMENT CRITERION 2 
    The concept of a supplementary benefit is explained with examples. 

    ASSESSMENT CRITERION 3 
    The concept of an accelerated benefit is explained with examples. 

    ASSESSMENT CRITERION 4 
    Accelerated, not accelerated and free-standing benefits are compared with reference to the impact on the policy contract. 

    ASSESSMENT CRITERION 5 
    The terms and conditions of three different supplementary benefits are analysed in terms of exclusions and eligibility. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • An individual wishing to be assessed (including through RPL) against this unit standard may apply to an assessment agency, assessor or provider institution accredited by the relevant ETQA or an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Anyone assessing a learner against this unit standard must be registered as an assessor with the relevant ETQA or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Any institution offering learning that will enable achievement of this unit standard or assessing this unit standard must be accredited as a provider with the relevant ETQA, or with an ETQA that has a Memorandum of Understanding with the relevant ETQA.
  • Moderation of assessment will be conducted by the relevant ETQA according to the policies and guidelines for assessment and moderation of that ETQA, at its discretion, in terms of agreements reached about assessment and moderation between various ETQAs (including professional bodies). 
    		•

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO COLLECTING 
    Learners are able to collect, organise and critically evaluate information analysing different Long-term insurance products. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners are able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining the different components of Long-term insurance products and illustrating them graphically. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Learners are able to be culturally and aesthetically sensitive across a range of social contexts in analysing the needs of clients and selecting appropriate Long-term insurance products and investment instruments. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 14314, " Analyse the different products available in the Long-term Insurance industry and the benefits of each", Level 4, 10 credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Core  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    NONE 


    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.