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.
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.
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.
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.
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.
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!
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.
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.
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.
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.
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
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
