As much as we can plan for life’s uncertainties, things can sometimes happen that are beyond our own control. That’s why it’s so important to consider putting a variety of different safety nets in place to better support ourselves and our loved ones. One such safety net is Discovery Life’s LifeTime Max 200% Severe Illness Benefit. Here’s how it works.
We all wish to lead healthy and happy lives. We actively take care of ourselves and loved ones on a daily basis. We work hard and adopt habits that enhance our quality of life. We do this to remain productive and happy, ensuring that we are able to maintain a healthy and balanced lifestyle.
Yet, a severe illness can cause us to shift our focus from maintaining our healthy lives to finding ways to take better care of ourselves. These are unforeseen events, capable of disrupting our well-intentioned plans - the effects of which affect all those closest to us.
This is why it’s a good idea to preempt such possibilities and ensure that we have the kinds of safety nets in place that can see us through a challenging time, should it happen.
What kind of insurance cover can help to protect you against the financial impact of a severe illness?
One way is through a comprehensive life insurance portfolio, for which Discovery Life has an effective market-leading set of options available. One of which is the LifeTime Max 200% Severe Illness Benefit that is designed to protect you against the lifestyle impact of a severe illness.
“Not only do you experience the most comprehensive multiple claims facility in the market, but you could also receive boosted claim payments of up to 215% based on the expected long-term impact of the illness,” says Discovery certified financial adviser, Claire van Wyk.
“In addition, you have access to several unique features such as our market-first Cancer Relapse Benefit,” she adds.
In recognition of the significant cancer coverage across the full spectrum of severities as well as coverage for the remission of a cancer, the LifeTime Max 200% Severe Illness Benefit was awarded in 2016 the best dread disease product in the market for cancer cover by the Independent Clinical Oncology Network
“This ensures that you are provided with the most comprehensive, effective and market-leading insurance cover possible when something, like a severe illness happens, which can be challenging to manage financially, ” concludes Van Wyk.
Key features of the LifeTime Severe Illness Benefit
- Highest payouts in the market: Provides clients with a minimum payout of 100% of their insured amount for all Standardised Critical Illness Definitions Project (SCIDEP) conditions, and pays up to 215% of the sum assured based on the long-term impact of the illness.
- Global Treatment Benefit: The Global Treatment Benefit provides up to 250% of the benefit amount* if the treatment required for your condition is provided at international facilities.
- Child Severe Illness and ParentCare: Automatic severe illness coverage for the children and parents of the insured person.
- Cancer Relapse Benefit: On recurrence of a cancer after a one-year remission period, clients receive an additional payout of 100% of their sum assured on the LifeTime Max 200% benefit (50% if the client elects to have the LifeTime Max 100% benefit).
LifeTime Max 200% for the same price as the LifeTime Max 100% for three years
“Qualifying Discovery Life clients will be able to select the LifeTime Max 200% Severe Illness Benefit for the premium of the LifeTime Max 100% Severe Illness Benefit for the first three years,” van Wyk explains.
John, 35, takes out a new Classic Life Plan with a R 1million LifeTime Max 200% severe illness benefit. He qualifies for the LifeTime Max 200% limited offer and pays the equivalent LifeTime Max 100% premium.
After his second policy anniversary, John has a Severity A Heart Attack. He receives R1.5 million from his LifeTime Max 200% Severe Illness benefit.
One month later, John has a second heart attack also measured at a Severity A. He receives R1.5 million from his LifeTime Max 200% Severe Illness benefit.
In total, for these two claims a month apart, John has received R3 million from his LifeTime Max 200% Severe Illness Benefit with a R1 million sum assured. He continues to have cover for any future Heart Attacks. Elsewhere in the market, John would have received a total R1 million for both events and would have no further cover for any heart related events.
Applies to all new and existing clients who add or upgrade to the latest version of LifeTime Max 200% Severe Illness Benefit for the first time from 23 March 2020 to 31 August 2020 with a date of commencement any time from 1 March 2020 to 1 November 2020. Please note that in order to qualify for this offer, existing clients cannot have a version of the LifeTime Max 200% Benefit on their policy and must upgrade to the latest Severe Illness Benefit version.
*As voted by the Independent Clinical Oncology Network
Discovery Life Limited. Registration number 1966/003901/06, is a registered long-term insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555 No liability will be accepted for the effect of any future legislative or regulatory changes. Product rules, terms and conditions apply.
Protect your life with cover
With Discovery Life, you can make sure that you and your family will have funds available to help with any lifestyle changes that may occur in the event of a severe illness.
Discovery Life’s Lifetime Severe Illness Benefit includes:
• A minimum payment of 100% of their insured amount for Standardised Critical Illness Definitions Project (SCIDEP) conditions.
• Whole-body coverage that is traditionally reserved for tiered severity products.
• Cover for 17 in-situ cancers to help you receive the care you need to prevent cancer from progressing.
• Financial protection following a severe illness in the form of a payment up to 215% of your sum assured.
• A cancer relapse benefit, a market-first feature, which allows you to claim up to 365% of your sum assured for a series of related cancers.
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