First and only life insurance that pays you out in dollars

There are plenty of options when considering local life insurance plans, many of which provide comprehensive cover that offers you exactly what you're after: financial security and peace of mind. These days, options also enable clients to link their policies to foreign currency exchange rates. However, the only authentic offshore life insurance plan is Discovery's Dollar Life Plan, which can offer you just as much, if not more, financial security than a local policy.

Benefits of Discovery Life International's offshore life insurance offering

• Global risk protection that offers comprehensive life cover that pays out in US dollars
• Exchange rate certainty through the ability to fix the rand-dollar exchange rate for multiple periods
• Additional benefits that offer more than just life cover, including severe illness cover and global disability protection.

"Discovery's Dollar Life plan has a Life Fund which is set up for the life assured. Upon their passing, a lump sum is paid out from this fund to the nominated beneficiaries. The Life Fund allows clients to protect offshore liabilities, as well as guards against possible currency fluctuations. There are even possible tax efficiencies," says Head of Market Analytics and R&D at Discovery Life, Daniel Stoch.

Clients can also benefit from the unique VITALITY EXCHANGE RATE PROTECTOR which provides exchange rate certainty for up to nine years. "This optional benefit on the Dollar Life Plan provides an automatic, upfront 15% discount on the exchange rate for the first three years. Thereafter, clients can get two additional three-year periods of locked-in rates. During this time, clients can increase their exchange rate discount up to 21%," Stoch explains further.

As part of this comprehensive Life Plan, clients can access South Africa's market-leading illness cover (the LifeTime Max 200% and 100% Severe Illness Benefits), as well as the Global Treatment Benefit and the Cancer Exome Sequencing Benefit. "This opens clients up to extensive oversees treatment opportunities that may not be available locally and provides funding through a lump sum payment," says Stoch.

Clients also have access to Discovery's Dollar Capital Disability Benefit and options including the flagship LifeTime Capital Disability Benefit with the MedTech Booster feature. These disability benefits also provide a lump sum in dollars where applicable disabilities occur.

Tailorable benefits, additions, enhancements, and rewards on the Dollar Life Plan

These include:

• Global education protection (denominated in US dollars): The Dollar Global Education Protector helps a life assured to cover the costs of education from crèche through to a tertiary education should a death, severe illness and/or disability negatively impact a client's life and earning capability. Clients can also receive up to 100% of their children's tertiary or college fees paid back to them if they don't claim on their policy, simply for managing their health and wellness during their policy period.
• Buy-up Cash Conversion Benefit: Clients can receive either 25% or 50% of their Cover and/or Financial Integrator funds, which are part of the Life Fund, as a tax-free lump sum that is paid out in US dollars at age 65.
• Up to 50% PayBack of qualifying premiums: Up to 50% of qualifying premiums are accumulated every year and paid out every five years through the PayBack Benefit. This includes a guaranteed accumulation of up to 15% for the first 10 years. Payments are made in US dollars directly into an offshore bank account.
• Vitality membership on the Dollar Life Plan: This gives clients access to enhanced Shared-value benefits such as the Vitality Rating Longevity Discount which provides long-term premium sustainability.
• Dollar Life Plans can also be owned by an offshore trust or company: This means that business assurance structures are available for consideration.
• Offshore billing and annual billing: These options are available and can offer clients more flexibility for paying their premiums.

"For a limited time, DISCOVERY LIFE INTERNATIONAL is making available a limited offer for new business clients - the R12.90/$ Dollar Life Plan offer," shares Stoch. "With economies experiencing much volatility of late, this special offer provides enhanced certainty, value and protection with a set exchange rate of R12.90/$ for the first three years of a policy that is taken out before 15 December 2022."

Enhanced value through this offer is available when clients take out a new Dollar Life Plan with the Vitality Exchange Rate Protector. Overall, clients can receive 9 years of enhanced exchange rate certainty, while enjoying increased value too.

"As long as the rand-dollar exchange rate remains between R12.90 and R20.00 to the US dollar during the first three years of their policy, clients can effectively enjoy premium discounts of up to 35.5%. This generates great value for clients over and above what the Vitality Exchange Rate Protector provides," Stoch explains further.

"Adding this to a policy means that clients can enjoy exchange rate certainty for an additional 6 years even after the offer period ends. Clients are guaranteed authentic offshore protection and exchange rate certainty, and can take advantage of tax efficiencies. This all provides clients with excellent premium efficiency too."

"A good offshore life insurance plan gives people more choice and offers an opportunity to diversify their financial portfolio in global currencies like the US dollar. It's a way for people to maximise the value of their hard-earned rands - and Discovery's Dollar Life Plan is one such policy that can offer South Africans world-class risk protection and benefits for this," Stoch concludes.