R2mil Life Cover
From R150 pm
R3mil Death Cover
From R155 pm
R2mil Death Cover
From R262 pm
R3mil Death Cover
From R193 pm
The main reasons you would want to add Life Cover in your financial planning are:
Essentially Life Cover is not for you but for the people you care about. For this reason you always have to state a beneficiary when you take out a Life Cover policy.
You can spend at least some of the money on yourself... well sort of. Your Triarc Life Cover will have a funeral cover benefit attached to it. This means that a portion of your cover will be paid out to your beneficiary within 48 hours of the death certificate being submitted.
100% of the Life Cover amount will be paid out to you if you are diagnosed with a terminal illness and your life expectancy is less than 12 months.
The best advice here is to get a financial planner to work out the amounts you need for Life Insurance policies. (our Financial Advisers will assist you with this). You would need to provide detail on assets and liabilities, what you would want to achieve etc.
To make your Life Cover policy more affordable when you take it out you can opt to pay a reduced premium in the first few years and a have the premium increased annually by a fixed percentage. This is referred to as a Premium Pattern and will not affect your cover. If you want to also increase your cover over time see Benefit Growth below.
If you don't need the reduced premium when you take out the policy you can select a Level Premium. Selecting a Premium Pattern is a good option if you are financially stretched currently and feel that the elevated premium you will pay in later years outweigh the benefit of having the policy now.
Once you have selected a Premium Pattern the annual increase is compulsory.
When you take out the policy you can elect that the benefit grows annually to keep up with inflation or your needs. Your premium will then be increased annually to match the increase in benefit. This is typically voluntary so you can choose to stop it at any point.
A premium guarantee on your Life Cover policy means that your premium cannot be increased during that time (over and above the premium pattern and benefit growth you chose).
If you opt out of a premium guarantee your Life Cover quote will be cheaper, but your premium may increase annually based on the experience of the insurer.
Life Cover can be taken as a stand alone policy if that is all you need or can afford right now.
When you combine policies, your first consideration is whether to "accelerate" the benefits from the different policies or not.
The main advantage of accelerating benefits is that it makes it more affordable to get cover for a greater variety of things while still paying a relatively low premium.
The main disadvantage is that if you claim on one type of cover, the remaining benefit on your Life Cover is reduced.
As an example, if you take out accelerated Life and Disability policies and at some stage of your life become permanently or temporarily disabled and put in a claim, your Life Cover will be reduced by the amount that you claimed against Disability Cover.
This could mean that at the time of your death, you may have little or no Life Cover remaining to pay for the things you intended it for.