Warren Heroldt, 48, of Gauteng is a financial adviser who specialises in helping doctors to plan for their future financial needs using Discovery's range of life insurance products. He believes Discovery Life has some of the most innovative products and benefits in the world, with flexible insurance as well as PayBacks and premium discounts driven through their unique shared value model.
Demonstrating the power of PayBack
"My highest-earning PayBack client so far joined Discovery Life in December 2007 and was recently paid out his five-yearly cumulative PayBack, of roughly R1.9 million. With just three years to go to retirement age, he also chose to boost his retirement pay-out, taking the 100% Discovery Retirement Optimiser (DRO). That meant that his PayBack in 2017 was over R962 000. Now, because he's on Vitality Diamond status, Discovery matched him rand for rand which doubled his pay out to R1.9 million. Earlier, in 2012, when he was on Vitality Bronze Status, his PayBack was over R192 000. He used that for a family overseas holiday. He moved all his policies over to Discovery some 11 years ago," says Warren. The Johannesburg specialist has been on Diamond status for several years. "He's a mad keen gym guy and looks about 40. When he saw how much his first PayBack was just on Vitality Bronze, I think the penny dropped – he upped his game to reach Diamond status," Warren adds.
Quoting Adrian Gore, the founder and Group Chief Executive of Discovery Limited, Warren says the company has three core criteria: the product must be good for the community, good for the client and good for Discovery and its shareholders. In other words, there must be shared value.
Setting clients up for success
Warren tells potential clients it all comes down to PayBack, which depends on their Vitality status. For example, if they're on Vitality Gold (one below the highest ranking of Diamond); they get up to 40% of their premiums back after five years.
Warren's company, attooh!, has a division called Active8tor, whose only purpose is to help clients understand integration and work towards Diamond Vitality status. They see clients twice a year, emphasising Vitality status and retirement.
Tailoring products to individual clients
Warren tailors his product combinations to a client's age and individual circumstances. This ranges from Smart Life Plans (entry level, often for young professionals in their mid-20s building their careers), to the Classic and Essential Plans as clients move into their 30s and onward towards retirement. "In our financial needs analysis, you need to say how much you require for life cover and why. It's the same with disability, severe illness or income protection. I look at what a client can afford and tailor this to their circumstances. The combinations are endless."
"I also try and live my own advice and won't advise a client to do anything I haven't already done myself or wouldn't do for my own late mother. Integrity is paramount," he concludes. He's taken all the products he proposes to clients, is on Vitality Silver status, gyms daily, is an avid mountain biker and plays baseball.
This endorsement does not constitute financial advice.
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