Jan Labuscagne, an Independent Broker and Discovery Life Financial Adviser, goes the extra mile by helping his clients improve their Vitality status.
“I have a full-time paid assistant that works only on Vitality. She, and our other staff members – including my Discovery Consultant, Marina Fourie, help our clients to reach Gold Vitality status and keep them up to date regarding their rewards,” says Labuscagne.
He goes further by organising and hosting a yearly Vitality day at his offices in Mookgophong (Naboomspruit) and in Modimolle (Nylstroom). “Between 60 and 70 people show up at each venue to get all their tests done. Although we are situated 160km North of Pretoria and so are far from the nearest biokineticist, nurse and nutritionist, we pay those service providers to attend our Vitality day and to be onsite to provide clients with their Vitality Health Checks. The convenience of access to these service providers makes it easier for our clients – who hail from the countryside - to achieve their wellness goals,” adds Labuscagne. “Our clients arrive dressed in their sports gear. We provide Discovery-branded bottled water and banners located outside our offices promote Discovery and our Vitality day,” he adds.
“My clients have become like a big family - they even encourage each other to attend our Vitality days on our WhatsApp group. In fact, my clients do a lot of my marketing for me! I have many clients who had former health concerns and who are now better off thanks to Discovery and Vitality.”
He also uses his Vitality days as an opportunity to briefly speak to his clients about their portfolio and about new products or product enhancements.
Clients’ rewards don’t stop there
“Discovery Life’s PayBack benefit offers my clients a powerful financial reward for managing their health and wellness, and thereby improving their risk profile. Through this benefit, clients can receive a substantial portion of their premiums back every year (for the first ten years and every five years thereafter), or every five years, whichever they prefer,” adds Labuscagne.
“I absolutely prefer the five-year option,” he adds. “This term offers my clients a larger PayBack as reward for the hard work they put in to reach and maintain their Vitality status. We believe that a smaller (yearly) payment is not that noticeable and doesn’t have the same effect as the five-year PayBack option. I want my clients to get the biggest rewards they possibly can. I also encourage them to invest their PayBacks into their Discovery annuity funds as Discovery then doubles their payback. In this way, Discovery helps our clients to further fund their retirement.”
The largest PayBack that went to one of Labuscagne’s clients this year amounted to R940 000. “Add that to a previous PayBack of around R600 000, and he’s received more than R1.5 million from Discovery Life’s PayBack benefit over ten years,” says Labuscagne. “This client is currently 64 years old and when he reaches age 65, Discovery will also pay him another R4 million cash, tax-free, from the Buy-Up Cash Conversion benefit on his policy.”
Rewards continue for a lifetime
Through Discovery Life’s Paid-up benefit, clients stop paying premiums - for all qualifying whole-of-life risk benefits, at the age of 65 (or twenty years after adding this benefit if they are older than 45), while their benefits continue at the same level for their lifetime.
“I prefer the Standard Plan with the Paid-up option. I always tell clients that it is a much better option to go the Paid-up route because it’s like buying a house instead of renting it,” says Labuscagne. “Most people struggle to afford premiums for their life insurance after retirement. Yet, it is after retirement that they need their insurance the most. Therefore I advise my clients rather to buy their insurance than to rent it. So, when they retire there are no more life insurance premiums to be paid - and 90% of the clients choose this option.”
Labuscagne believes that advisers should invest in helping their clients to improve their Vitality status: “This enhances clients’ health and gets them more involved as active Vitality members. Clients even phone us after-hours or while they are in shopping malls to check on who their preferred Vitality partners are. My Silver, Gold and Diamond status Discovery Life clients are very important to my business. In the last ten years we have had no cancellations of any Discovery policies from this group.”
Discovery Life Limited. Registration number 1966/003901/06, is a registered long-term insurer, and an authorized financial services and registered credit provider, NCR Reg No. NCRCP3555. Product rules, terms and conditions apply.
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