Underwriting is a term used by Life Insurance companies to describe the process of assessing the risk of insuring an individual. This process typically includes various questionnaires, medical tests and doctors reports. Note that in this context the term Underwriting, and the the concept of the Underwriter of an Insurance Provider, refer to two very different things. Click here to read about Triarc's Underwriter.

The desired outcome of the underwriting process is to calculate a premium that is proportionate to the perceived risks the individual will bring.

In some cases the insurer may decline an individual if the perceived risk is deemed too high.

Click here to read our blog article on what drives Life Insurance premiums.

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Disability cover is a type of Life Insurance policy that pays out a lump sum in the event that you are unable to do your normal job due to an injury or disease.

Your Triarc Disability policy also has a Functional Impairment cover component built in which means that you could get a partial payout from your Disability cover in the event that your ability to do normal daily activities has been impaired due to injury or disease, even if you are still able to do your normal job.

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On the Life Insurance side Triarc is not a broker. We are a Life Insurance Provider and we sell our own products that we designed and developed from scratch.

For Medical Aid Triarc is a broker and registered with Discovery Health, Momentum Health, Medihelp and Dental Risk.

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Choosing this option on your Life Insurance application means that your premium cannot be increased by the insurer due to its own risk experience during the guarantee period. For example, if you select a 5 year guarantee period and the insurer has excessive claims in year 3 for whatever reason, they cannot increase your premium to cover potential losses.

Keep in mind that if you ask for an annual benefit increase, your premium will still increase annually in line with the benefit increase percentage you chose.

The same applies if you selected a "premium pattern" Click here to read more about premium patterns.

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Put simply, Life Insurance provides the financial means to preserve your way of life, or that of your family, in the event of an accident, serious illness or even death.

Your monthly premium goes into a risk pool together with thousands of other people from where claim payouts are done to the unlucky ones that need it.

Triarc offers a whole suite of Life Insurance benefits from Death Cover, Disability and Functional Impairment Cover, Critical Illness Cover and Income Protection.

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Terminal Illness Benefit is when 100% of the Life Cover amount is paid out to you if you are diagnosed with a terminal illness and your life expectancy is less than 12 months.

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Re-Insurance is a way for Insurance companies to reduce their own exposure to excessive claims risk by sharing the risk with a re-insurer.

Without re-insurance, an Insurance Company would probably be much more selective about who they take on as clients, or ask higher premiums to cover themselves.

The re-insurer gets paid a percentage of the insurance premium for the portion of the risk they take on.

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Functional impairment cover is a type of Life Insurance policy that pays out a lump sum in the event that your ability to do normal daily activities has been impacted on by injury or disease.

This lump sum could either be your full benefit amount, or just a percentage of it based on the severity of your impairment. You can claim more than once on the same policy until your benefit amount has been exhausted.

Disability cover is similar to Functional impairment but is linked to your ability to do your own job. Click here to read more about Disability Cover.

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Death cover is a type of Life Insurance policy that pays a lump sum on your death to a nominated beneficiary.

Your Triarc Death Cover policy also includes a Funeral Cover benefit and a Terminal Illness benefit. Click here to read more about this.

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Triarc is underwritten by Guardrisk Life Limited, the highest rated specialist insurers in South Africa and part of the MMI group.

The responsibilities of Guardrisk Life is governed by the Long Term Insurance Act 52 of 1998, and includes amongst various things the ultimate responsibility to ensure that policies are honoured and claims are paid, even in the event that Triarc is not able to do so for whatever reason or does no longer exist.

Triarc is however wholly owned by the shareholders of Triarc and remain an independent Insurance Provider

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Critical illness cover is a type of Life Insurance policy that will pay a lump sum when you get diagnosed with any of the qualifying diseases as stipulated by your Critical Illness policy document.

These qualifying diseases typically include Cancer, Heart Attack, Stroke, Renal Failure, Multiple Sclerosis, Parkinson’s disease and many more.

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It is possible, and often a good idea, to have more than one type of Life Insurance cover or benefit on the same policy. For example, you could have one policy with both Death and Disability cover. Combining cover benefits on the same policy will often reduce the policy administrative costs, which means you get a reduced premium.

When you combine Life Insurance cover on the same policy like this, you can either have them "stand alone" or "accelerated".

When these cover benefits are stand alone, it means that if you claim on one, it will not affect the cover amount on the other. For instance, if you have R2mil Death Cover and R1mil Disability cover and you claim on your Disability cover, the R2mil Death Cover remains untouched.

When they are accelerated, it means that if you put a claim in for the R1mil Disability cover, your Death cover is reduced to just R1mil. Because of this you will pay a reduced premium for accelerated benefits which makes it more affordable.

You can discuss this in more detail with your agent to make sure you make the right decision.

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Yes our Life Insurance products are re-insured with SCOR SA, the fifth largest re-insurer in the world. They provide invaluable insights, experience and skill into the Triarc Life Insurance suite of products and are actively involved in designing and developing our insurance products.

Triarc is however wholly owned by the shareholders of Triarc and remain an independent Insurance Provider.

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The Long Term Insurance Act 52 of 1998 deals with the conduct of Insurance Providers and their finances and is enforced by the Financial Services Board, (the FSB).

The FSB ensures that Insurance Providers maintain the necessary Capital Reserves to honour their obligations to policy holders. Triarc is registered with the FSB, (FSP45009), and have to comply to all Capital Adequacy Requirements as required by law.

Triarc is also underwritten by Guardrisk Life, (part of the MMI Group), who is ultimately responsible to honour policies and pay claims in the event that Triarc is unable to do so. Read more about this here.

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Income Protection is a type of Life Insurance policy that provides you with a monthly income in the event that you are unable to earn an income due to injury or disease.

Income Protection typically pays monthly up to 65 % of your gross salary and will continue paying until death or retirement, or until you are able to get back to work.

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When you take out a Life Insurance Death Cover policy with Triarc you also get a Funeral cover benefit.

This means that a portion of your Death cover benefit will be paid out to your beneficiary within 48 hours of the death certificate being submitted.

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Choosing this option allows your Life Insurance Cover or Benefit to increase annually to keep up with inflation or your needs.

Your premium will increase annually in line with the increase in benefit.

A benefit increase is usually voluntary so you can decide to stop the annual increases if you need to.

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When you take out a Life Insurance policy, you typically have the option to select a Level Premium or an Increasing Premium pattern.

Level Premium means that for the lifetime of the policy you will be paying a premium that is directly in line with the benefit or cover you have. The other option, Increasing Premium, means you pay a discounted premium in the beginning, but the premium increases every year for the lifetime of the policy. Click here to read more about Increasing Premiums.

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When you take out a Life Insurance policy, a Premium Pattern allows you to pay a reduced premium in the beginning to make the cover you need more affordable if your budget is a bit tight.

The premium will then increase annually for the life of the policy to make up for the discount you received in the beginning.

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If you manage your health and maintain a good CD4 count and Viral Load with at least 12 months track record for doing so you are very likely to get a very competitive Life Insurance quote from Triarc.

Click here to get a quick quote.

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Death Cover pays a lump sum to your chosen beneficiary when you die

Critical Illness Cover pays a lump sum to you should you be diagnosed with one of the qualifying diseases

Disability Cover pays a lump sum to you in the event that you are unable to do your job due to injury or disease

Functional Impairment Cover pays a lump some should your ability to do normal daily functions be impaired due to injury or disease

Income Protection pays a monthly salary to you should you not be able to earn an income due to injury or disease

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If you look after yourself, much better than you think!

Our Life Insurance pricing engine favours people that care about their bodies.

This does not mean that you have to be in perfect health though.

As long as you manage your health you get the benefit!

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Your Gap Cover policy will only pay the excess on a PMB, (Prescribed Minimum Benefit), claim if PMB claims are specifically included as a benefit on your policy document.

Don't assume that this is the case. Most Gap Cover policies in fact do not cover accesses on PMB claims. Make sure that you specifically ask your broker to include PMB claims as an option in your quote. Including PMB claims in your Gap Cover policy will typically increase the premium that you will pay.

Make sure that PMB claims are included in your Gap Cover policy by checking the policy document wording or ask your broker to point it out to you.

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Dental Risk Insurance is an insurance policy that offers financial benefits for everyday dental problems at a competitive and affordable premium.

Dental Risk Insurance can either be taken over and above your Medical Aid membership or as an alternative if you do not belong to a Medical Aid.

Read more here about the Dental Risk Insurance we offer at Triarc.

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On the Life Insurance side Triarc is not a broker. We are a Life Insurance Provider and we sell our own products that we designed and developed from scratch.

For Medical Aid Triarc is a broker and registered with Discovery Health, Momentum Health, Medihelp and Dental Risk.

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Get access to a team of experienced people who will go out of their way to make your life as easy as possible, and your Medical Aid experience as headache free as possible.

We help you every step of the way with Queries, Authorizations and Claims and advise you on the best options for your needs.

With our guidance and support you also stand a much better chance to earn points, discounts and cash-backs.

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Gap cover pays the potential shortfall that arises when your Medical Aid does not pay your medical bills in full.

The benefits from a Gap Cover policy will typically include various co-payments and charges of attending practitioners that exceed the limits of your Medical Aid.

There are many different options available so care should be taken to properly match up the benefits on your Gap Cover policy to the limits of your Medical Aid.

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There are Gap Cover providers that do allow you to have a Gap Cover policy without Medical Aid. In this case they will use their own internal tariffs to calculate what a typical Medical Aid would have paid out for the treatment you received, and they will then pay you the balance, or excess, over and above that.

For most Gap Cover providers getting a Gap Cover policy without Medical Aid would be meaningless, in fact, most will not allow you to take out a Gap Cover policy without providing your Medical Aid membership number first.

Your Gap Cover is not a Medical Aid and will only pay shortfalls or gaps that your Medical Aid does not cover. Typically if your Medical Aid rejects a claim outright, your Gap Cover policy will also not pay anything because it only pays shortfalls, not an entire medical claim.

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Medical aid premiums increase year on year to compensate for the rising cost of medical care.

Some of the drivers behind this rising cost include:

• More advanced molecules being manufactured into expensive medicine to fight disease
• New technologically advanced medical procedures are being invented but at a high cost
• An aging population puts more pressure on Medical Aids
• Fraudulent claims cost Medical Aid millions every year
• Young and healthy people join medical aids too late in life when they begin to need more medical care themselves.

There is however good news!

Medical Schemes and Rewards programmes make it possible to reduce the cost of Medical Aid and even put some money back in your pocket. Click here to submit your details and let us help you save!

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It is really a no brainer when you consider that you get the expertise and the time and effort the broker puts in at absolutely no cost to you!

Medical Aid options are often complex to understand and unless you are working with it every day you are likely to miss a few things when you make a decision about which option to take.

If you choose Triarc as your Medical Aid Broker you will not only get the combined expertise of the team, but also help with queries, claims and authorizations at zero cost to you!

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South Africans can now invest in tax free savings accounts (TFSA). These simple and easy-to-understand products were introduced last year. They offer full disclosure on fees and have no penalties on cash-out. These are great for all of us and will hopefully create a culture of savings and attract first-time investors.

The TFSA can house different investment types, from guaranteed and secure bank deposits to unit trust and exchange traded funds holding equities.

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The Long Term Insurance Act 52 of 1998 deals with the conduct of Insurance Providers and their finances and is enforced by the Financial Services Board, (the FSB).

The FSB ensures that Insurance Providers maintain the necessary Capital Reserves to honour their obligations to policy holders. Triarc is registered with the FSB, (FSP45009), and have to comply to all Capital Adequacy Requirements as required by law.

Triarc is also underwritten by Guardrisk Life, (part of the MMI Group), who is ultimately responsible to honour policies and pay claims in the event that Triarc is unable to do so. Read more about this here.

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Triarc officially opened its doors in March 2014 after the team worked tirelessly for about 5 years to secure the right partners, develop the products and business plan, and to register with all the necessary legal bodies in South Africa.

Read our story here!

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Triarc is underwritten by Guardrisk Life Limited, the highest rated specialist insurers in South Africa and part of the MMI group.

The responsibilities of Guardrisk Life is governed by the Long Term Insurance Act 52 of 1998, and includes amongst various things the ultimate responsibility to ensure that policies are honoured and claims are paid, even in the event that Triarc is not able to do so for whatever reason or does no longer exist.

Triarc is however wholly owned by the shareholders of Triarc and remain an independent Insurance Provider

1 people found this faq useful.

On the Life Insurance side Triarc is not a broker. We are a Life Insurance Provider and we sell our own products that we designed and developed from scratch.

For Medical Aid Triarc is a broker and registered with Discovery Health, Momentum Health, Medihelp and Dental Risk.

1 people found this faq useful.

Get access to a team of experienced people who will go out of their way to make your life as easy as possible, and your Medical Aid experience as headache free as possible.

We help you every step of the way with Queries, Authorizations and Claims and advise you on the best options for your needs.

With our guidance and support you also stand a much better chance to earn points, discounts and cash-backs.

Be the first person to like this faq.