Assurance (Business)
Ensure the business remains operational in case of an unforeseen owner or key person death
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Life Insurance
Products
Risk Planning Life Insurance
Why do you need life insurance?
Life insurance ensures that you and your family are financially protected in the event of a death, disability, serve illness or loss of income. The life cover portion pays out a lump sum in the event of a death which can then be used by you or your loved ones to cover any financial obligations from funeral costs to outstanding home loans that may arise from your death.
In addition, severe illness, disability and income protection benefits can cover your financial needs in the form of either a lump sum payout or a regular income. You can also cover the education costs of your children should you die, become disabled or suffer from a severe illness.
Types of Life Insurance
The Smart Plan
The Smart Life Plan is tailor made Life Insurance for individuals under the age of 30.
Benefits of the Smart Life Plan
- Life cover
- A lump-sum payment which protects your family’s financial security in the event of your death.
- Automatic Parent Funeral Cover
- This benefit pays out a lump sum of up to R20 000 if your parents pass away. For this benefit, your parents mean your biological parents, step-parents or your adoptive parents.
- Severe Illness Benefit
- Provides comprehensive financial protection against the impact of a severe medical condition (such as cancer) on your lifestyle.
- Capital Disability Benefit
- A lump-sum payout to ensure you remain financially secure if you are disabled (for example after a motor vehicle accident) and cannot earn an income.
- Income Continuation Benefit
- A monthly payout to help maintain your lifestyle if you can no longer work due to injury or illness.
- It includes the Promotion Tracker Benefit that increases your monthly payout in claim to account for future promotions which you may have earned had you not become disabled.
- You will also get the Income Continuation Fund, which builds up throughout your working life based on how well you manage your health and wellness, to add to your retirement income.
- Automatic conversion to a Classic Life Plan
- The Smart Life Plan will automatically convert to a Classic Life Plan at the end of the month of your 30th birthday to give you access to our full suite of benefits tailored to your needs at that time.
Rewards offered by The Smart Life Plan
- Up to 100% of your premiums back
- Through Integration with other Discovery products, you could get up to 100% of your premiums back by leading a healthy lifestyle and driving well.
- 20% extra life cover at no initial cost
- The Vitality Fund on the Bank Integrator provides an immediate 20% boost to your life cover at no initial premium for three years. You can increase your life cover by up to 26% thereafter with no additional underwriting by following a healthy lifestyle and managing your money.
Essential and Classic Life Plan
If you are looking for flexible personal financial protection, with illness and disability benefits, at a cost- effective premium that rewards you for living a healthy life you should consider Discovery’s Classic and Essential Life Plan
The Essential and Classic Life Plan, offers comprehensive and efficient long-term protection.
Benefits of the Essential and Classic Life Plan
- Life Fund
- A lump-sum payout to protect your family’s financial security in the event of your death.
- You can also access your life cover on a number of life-changing events.
- Estate Planning Benefit
- A lump-sum payout after both you and your spouse have passed away, providing a tax- efficient means of wealth transfer.
- Severe Illness Benefit
- A lump-sum payout to help you if you experience a severe illness, such as cancer.
- Child Protector Benefit
- This benefit offers world-leading protection for your children through coverage for relevant severe illnesses, including boosted payouts if they require treatment overseas, comprehensive sports disability and trauma coverage, and a unique funeral benefit.
- Capital Disability Benefit
- A lump-sum payout to help you if you become disabled.
- Income Continuation Benefit
- A monthly payout to protect you if you are unable to earn an income due to injury or illness.
- Global Education Protector
- Covers your children’s actual education costs from crèche to tertiary education if you experience a qualifying life-changing event, such as a severe illness, disability or if you pass away.
Rewards offered by the Essential and Classic Life Plan
- Upfront premium discounts
- Get an initial premium discount of up to 32%, with the ability to maintain this discount by managing your health and finances.
- Receive an additional discount of up to 15% by completing a health check when you get a life insurance policy from Discovery for a total upfront discount of up to 42%. You can maintain this discount by leading a healthy lifestyle and managing your finances.
- PayBacks
- Get up to 50% of your premiums paid back to you, depending on how well you manage your health.
- Cash Conversion
- Convert your healthy lifestyle choices into cash in retirement, with the Financial and Cover Integrators.
- Vitality Fund
- You can get an immediate 20% boost in life cover at no additional initial premium and increase your life cover by up to 26% by living healthily and managing your money, with no additional underwriting.
- Income Continuation Fund
- You can convert your healthy lifestyle choices into additional income in retirement through the Income Continuation Fund, automatically included on the Comprehensive Income Continuation Benefit.
- University Funder Benefit
- The Global Education Protector rewards you for improved health and wellness by funding up to 100% of your children’s tertiary tuition fees, subject to limits, even if you don’t claim.
The Purple Life Plan
The Purple Life Plan from Discovery is exclusively available to select clients with more than R10 million
life cover. This prestigious Life Plan provides comprehensive local and global protection that includes a
number of distinctive features, ensuring your needs are met through a bespoke benefit offering.
Exclusive benefits of the Purple Life Plan
- Enhanced protection
- You have access to exceptional integrated protection across all our key benefits, allowing you to receive the most efficient cover and benefit from the leading life insurance structure in the market. We reward you for healthy living with upfront premium discounts, PayBacks and Cash Conversion payments.
- Access to the most advanced medical devices globally
- In order to assist you in returning to your pre-disability lifestyle and regain your independence following a disability, the LifeTime Capital Disability Benefit includes the revolutionary MedTech Booster Benefit.
- It provides additional upfront and ongoing payouts, bringing the total payout to up to 300% of your insured amount to enable you to access the most advanced assistive medical technology from around the world.
- Increased cover at no additional underwriting
- The Vitality Fund provides an immediate 20% boost to your life cover at no additional initial premium and allows you to increase your life cover by up to 58% by living healthily with no additional underwriting.
- Flexible global protection
- At no additional cost, you could qualify to convert all or a part of your rand cover amount on your Purple Life Plan to dollars with no additional underwriting, while ensuring premium certainty through a fixed exchange rate for the first three years after conversion.
- Access to the best medical treatment in the world
- On the Purple Life Plan, your Severe Illness Benefit automatically includes the enhanced Global Treatment Benefit, which allows you to receive up to 2.5 times your Severe Illness Benefit insured amount for qualifying illnesses treated abroad. You also get the Cancer Exome Sequencing Benefit that provides you with a lump sum to assist in funding the cost of sequencing a tumor to determine the optimal treatment regime.
- Personal consultant available 24 hours a day
- As a Discovery Purple Life client you have access to Vitality Purple, which provides you with a 24-hour personal consultant who can assist with all your Discovery-related needs. Vitality Purple is Discovery’s elite health and wellness programme that provides you with Vitality’s richest benefits and rewards for leading a healthy, active lifestyle.
The Dollar Life Plan
The Dollar Life Plan consists of a Life Fund that we pay out in Dollars on the death of the insured person
or if the insured person becomes disabled or suffers a severe illness, if selected. Your benefits will
increase yearly in line with US inflation.
Features of The Dollar Life Plan
- Risk protection in dollar, which is insured and paid internationally
- The ability to fix the rand–dollar exchange rate applied to your dollar-denominated premium for three years.
- The opportunity to supplement your retirement savings offshore.
- Significant financial rewards for managing your health and wellness.
Benefits of The Dollar Life Plan
- The Global Treatment Benefit
- Covers you for international healthcare procedures and gives you access to expert medical practitioners and facilities around the world. It also provides you with an additional amount to assist with travel, accommodation and living expenses you may incur for illnesses treated with qualifying treatments overseas. This effectively allows you to receive up to 250% of your Severe Illness Benefit insured amount if you require treatment overseas.
- Unlimited multiple claims
- The most comprehensive multiple claims facility on the market offers you the ability to claim in excess of the benefit amount for multiple related non-progressive claims, regardless of whether a subsequent claim is of a higher, lower or the same severity as the previous claim.
- The Intensive Care Benefit
- Cover for intensive care unit (ICU) admissions for diseases and trauma events is provided through the Intensive Care Benefit at no additional premium.
- Cancer Relapse Benefit
- The Cancer Relapse Benefit automatically forms part of the LifeTime and LifeTime Plus Severe Illness Benefits. On recurrence of a cancer after a one-year remission period, you will receive an additional payout of 50% or 100% of your insured amount, based on the LifeTime Maximum selected.
- The Cancer Relapse Benefit will be paid in addition to the normal progressive cancer payouts, allowing you to receive up to 365% of your insured amount for a sequence of related cancers.
- The Early Cancer Benefit
- Provides a payout of up to $16 000 for an extensive list of cancers if they are detected early. This benefit is automatically included as part of the Comprehensive Plus and LifeTime Plus Severe Illness Benefits.
- The Cancer Exome Sequencing Benefit
- Provides a payout to assist in funding the costs of sequencing of certain high-risk tumors to determine the optimal treatment regime.
Funeral Plan
The Discovery Funeral Plan offers you and your family funeral plans with lump-sum payouts as well as
additional benefits.
The Essential Funeral Plan Benefits
- Double your payout on accidental death
- We will automatically pay double the cover amount if you or your spouse dies as a result of an accident.
- Continued cover for your spouse
- After your death, we will pay the funeral cover premium for one year to ensure your spouse and children will have funeral cover, provided your spouse is younger than 65 at the time of your death.
- Payout for your children’s education
- The Education Benefit will provide a lump-sum payout on your death or the death of your spouse. This will assist in ensuring your children’s education costs will be covered following a life-changing event.
- Payment in 24 hours
- We will pay out your claim within 24 hours, once we receive the necessary paperwork.
- Automatic baby cover
- If your child dies within the first three months of birth, or is a stillborn, you will receive a lump-sum payout. This will be paid to you or your spouse.
- Cover for the unveiling
- The Memorial Benefit is an automatic benefit that will pay a lump sum of R5 000 for both you and your spouse to assist with the costs of the unveiling.
- Cover for groceries
- The Grocery Benefit will pay out a lump sum for you and your spouse, which can be used to cater for your household during or after the funeral.
The Classic Funeral Plan Benefits
- Premium PayBack Benefit
- You will receive an annual PayBack every year from your second year. This PayBack will be a percentage of your premiums paid in that year.
- Double your payout on accidental death
- We will automatically pay double the cover amount if you or your spouse dies as a result of an accident.
- Payment in 24 hours
- We will pay out your claim within 24 hours, once we receive the necessary paperwork.
- Continued cover for your spouse
- After your death, we will pay the funeral cover premium for one year to ensure your spouse and children will have funeral cover, provided your spouse is younger than 65 at the point of your death
- Payout for your children’s education
- The Education Benefit will provide a lump-sum payout on your death or the death of your spouse. This will assist in ensuring your children’s education will be covered following a life-changing event.
- Automatic baby cover
- If your child dies within the first three months of birth, or is a stillborn, you will receive a lump-sum payout. This will be paid to you or your spouse.
- Cover for the unveiling
- The Memorial Benefit is an automatic benefit that will pay a lump sum of R5 000 for both you and your spouse to assist with the costs of the unveiling.
- Cover for groceries
- The Grocery Benefit will pay out a lump sum for you and your spouse which can be used to cater for your household during or after the funeral.
The Business Life Plan
Discovery’s Business Life Plan allows you to select cover for disability, severe illness and death, through a
range of comprehensive benefits, ensuring that your business is protected.
Choose the insurance to suit your business
Loss of skills and expertise
Key-person cover protects your business against the loss of your skills and expertise.
Transfer of ownership
Buy-and-sell agreements ensure the seamless transfer of ownership of your business.
Outstanding business loans
Contingent liability insurance covers any outstanding business loans you may be standing surety for.
Benefits
- Principal PayBack Fund
- A Principal PayBack Fund of up to 200 times your initial monthly life cover premium. This Fund provides five-yearly payouts to reward you, as the insured person, for leading a healthy lifestyle.
- The most efficient Capital Disability Benefit
- A 50% reduction on your Capital Disability Benefit premiums for the first three years of your policy. At the end of this period you can lock-in a discount of up to 15% by managing your health and wellness.
- Tailored protection
- A comprehensive Business Capital Disability Benefit that pays 100% of the insured amount if you become permanently disabled or are unable to perform your nominated occupation.
Rewards
- Enjoy an upfront premium discount of up to 28%
- If you link your Business Life Plan to your other Discovery products through Integration, you can enjoy an upfront premium discount of up to 28%. You'll also have the ability to control your future premium adjustments by improving and managing your health and wellness and driving well.
- Receive regular payouts based on your health and wellness
- You may also qualify for the Principal PayBack Fund, a benefit exclusive to Discovery's business insurance. The initial value of the Fund is set at up to 200 times your initial monthly life cover premium. The Fund is adjusted yearly, based on how well you manage your health and wellness, with a portion being paid to you every five years. Good health brings financial rewards – the more your Fund grows, the larger your payouts will be.
Greater Growth
How can we help?
Large enough to meet all your financial needs. Small enough to know your name
WHY CHOOSE A DISCOVERY FINANCIAL ADVISER?
A reliable and tailor-made financial plan or solution, integrated with active engagement in Discovery’s Vitality programme, produces positive financial results that are astounding in every case. In addition to better health, you also get the best benefits (and the most benefit per unit of premium) in the industry that are powered by Discovery’s unique integration model.
With the power of Discovery backing me and as a registered Certified Financial Planner, I am ideally positioned to provide expert professional advice to you.
What is a CERTIFIED FINANCIAL PLANNER Professional?
CFP is internationally recognised as the benchmark for professional advice. CFP Professionals are well qualified, extremely competent and follow the highest ethical standards. This means that you have peace of mind about the technical accuracy of the advice and the integrity that underpins it.
What is financial planning?
Financial planning is the process of structuring and arranging your financial resources to meet your life goals. These can be short-term goals like saving for a car, or long-term planning for retirement. Financial planning should give you financial certainty and clarity on your current and future financial wellbeing
Benefits of financial planning
Having a detailed financial plan gives you a solid framework through which you can make prudent financial decisions in all spheres of your financial life. Like with most things in life, having and sticking to a plan allows you the best possible chance for success. In this instance, it means achieving your life goals and long-term financial security. Now that you know the value of financial planning, set up a meeting today.
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