why? this is how GREENLIGHT sees it DEATH BENEFIT LIFE COVER

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LIFE COVER

DEATH BENEFIT

why?

To provide an income and financial security for the client’s family when the client no longer can.

Proceeds can be used to repay debt, any outstanding bonds, estate duty and other costs when the client passes away.

this is how

GREENLIGHT sees it

You may think life cover, is life cover, is life cover, but GREENLIGHT offers some great features which set it apart from the competitors:

Underwriting credit – more cover is available

within the first 12 months with no extra medical

tests.

A Terminal Illness Benefit built in – paying

100% of cover.

Scheduled Annual Cover Increases can be linked

to a foreign exchange rate which have a South

African CPI underpin.

A Life Covered can enable family members

access to cover with little/no underwriting. Other important features that GREENLIGHT offers

on all benefits:

Full cover before first premium paid!

A range of options for an initial premium level.

Competitive and robust premium rates, Priced For Life.

how…

GREENLIGHT Death Benefit pays a lump sum in

the event of death of the Life Covered.

It’s a stand-alone lump sum benefit that pays

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Underwriting Credit (UWC) – more cover with no

medical tests

Underwriting Credit (UWC) allows clients who have

an existing Death Benefit, to increase their cover by taking out a new Death Benefit within a year of the

original cover having been underwritten.

No medical underwriting will be requested, including no HIV test. Only an Underwriting Credit Declaration of Health (UWC DoH) is required.

Where deemed necessary, additional financial evidence

might be requested.

Only fully underwritten, standard (i.e. non-loaded) lives, where no exclusions have been imposed, qualify for an UWC.

Cover is limited to the lesser of:

• Cover on the Death Benefit that provided the UWC. • The difference between the top of the underwriting

band (at the time of writing the Death Benefit) and the cover on the Death Benefit that provided the

UWC.

• R2.5 million.

The minimum UWC that will be created will be R100 000.

The UWC must be exercised within 12 months of the

Underwriting Acceptance Date on the Death Benefit

that provided the UWC.

The Life Covered on the UWC benefit must be the

same as the Life Covered on the benefit that provided the UWC. The Contracting Party and Beneficiaries do not have to be the same as on the underlying benefit.

R1m

Jan 09 May 09 Nov 09 Dec 09

Death Benefit

R700k

Death Benefit UWC1

R300k

Death Benefit UWC1 UWC2

In January 2009, Jane took out a fully underwritten Death Benefit with cover of R1m. She qualifies for R1m Underwriting Credit. She then decided that she needed more cover, so in May 2009, she used her Underwriting Credit to take out another Death Benefit with cover of R700 000. In November of the same year, Jane took out another Death Benefit using the remaining Underwriting credit of R300 000 with

no extra medical testing.

DEATH BENEFIT

more info…

Terminal Illness Benefit – paying 100% of cover

If the Life Covered is diagnosed with a medical condition which, according to Old Mutual’s Chief Medical Officer, will

result in death within 12 months, the Contracting Party may request the payment of a Terminal Illness Benefit. The amount of the Terminal Illness Benefit is the full Cover Amount of the Death Benefit, payment of which will result

in the Death Benefit ceasing.

It is not available in the last year of a term benefit.

Life Covered can enable family access to cover with little/no underwriting.

Any Life Covered of a GREENLIGHT Death Benefit is automatically a Sponsor.

A Sponsor is someone who can take out one or more of the GREENLIGHT Final Expense Family Benefits for family

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ACCIDENTAL DEATH BENEFIT

why?

To cover clients who are medically uninsurable.

To provide protection against death resulting from accidents, crime and violence.

To provide protection for clients who are at a high risk of accidents – e.g. where a lot of travelling is required.

this is how

GREENLIGHT sees it

Our definition of accidental death is broad and comprehensive. This is important since road accidents remain a key risk in South Africa and are covered.

Other great features are:

No time limits exist between the accident and death

A few exclusions apply and they are well defined

No medical and HIV testing is required. This benefit provides cover for a wide range of risks not relating to a person’s health.

You can get maximum cover of R2 million to the age of 65.

how…

The GREENLIGHT Accidental Death Benefit – a stand-alone lump sum benefit that pays out if clients die as a result of an accident.

An “accident” is an external, unexpected event that is not traceable, even indirectly, to the Life Covered’s state of mental or physical health before the event.

more info…

Payout promises that can be relied on

Because the definition of “accident” is so clearly defined, and because the exclusions are so clearly laid out, payout promises can be relied on.

23% of GREENLIGHT’s total death claims are as a result of accidents and a further 7% are as a result of murder

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No time limitation between accident and death

Provided the death was as a result of an accident, the claim will be paid – no matter the time between the accident and the death.

ExAmPLE:

The Life Covered was involved in a car accident and ended up in a coma. 3 years later, the Life Covered died due to complications resulting from the coma. The Accidental Death Benefit will pay out the full Cover Amount because the death was as a result of the car accident.

accident

hospitalised with coma

3 years

death

Exclusions are clearly defined

In addition to the standard exclusions, the following activities are excluded from the Accidental Death Benefit:

Extreme climbing (soloing) Ice climbing

Extreme altitude climbing – above 6 000m Cave diving

Internal exploration of wrecks Diving at depths greater than 30m Motorised racing (speed contests) Boxing (including kick boxing) Base jumping

Sky surfing Aerobatic flying Parasailing (land)

Employment as a mine-blaster

Causes of Accidental Death Claims

Motor vehicle accident 72.9% Crime and violence 13.6% Shot 3.2% Other 8.5% Drowning 1.0% Gassed 0.2% Accidental poisoning 0.2% Machinery accident 0.2% Railway accident 0.2%

more info…

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FINAL ExPENSES BENEFIT

why?

Instant cash on the death of the client to provide cover for: A dignified funeral.

Ready cash if the client’s estate is inaccessible – capital to tide the family over. ■

Repayment of credit card and short-term debts. ■

Finances which can be used for family members travelling from abroad. ■

this is how

GREENLIGHT sees it

Your family needs good liquidity that is structured separately from other benefits yet within your GREENLIGHT plan, giving you maximum protection and flexibility.

Other great features are:

Quick cash – within 48 hours of requirements ■

being met.

Generous cover – maximum Cover Amount ■

R100 000.

Stand-alone protection leaves other risk cover ■

untouched at claim stage.

A Life Covered can enable family access to ■

cover with little/no underwriting.

Flexibility – the beneficiary can choose how to ■

spend the payout.

how…

GREENLIGHT Final Expenses Benefit pays ■

a lump sum in the event of death of the Life Covered.

It’s a stand-alone lump sum benefit that pays ■

out 100% AND aims for payment within 48 hours of all requirements being met.

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more info…

Quick cash – within 48 hours of requirements being met

Old Mutual aims to pay within 48 hours of claims requirements having been met. We recognise ■

that funerals are often required to be held soon after death.

Generous cover – maximum cover amount R100 000

A dignified funeral is accommodated, as well as generous provision for other costs. ■

Stand-alone protection leaves other risk cover untouched at claim

This is a stand-alone benefit. A claim on this benefit will not affect other risk benefits that the Life ■

Covered may have taken out to protect his/her family.

Life Covered can enable family access to cover with little/no underwriting

Any Life Covered of a GREENLIGHT Death Benefit or a Final Expense Benefit is automatically a ■

Sponsor.

The Sponsor can take out one or more of the GREENLIGHT Final Expense Family Benefits for ■

family members – partner, children and extended family.

FINAL ExPENSES BENEFIT

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FAmILY FINAL ExPENSES BENEFITS

FINAL EXPENSES (The Sponsor’s Partner) BENEFIT FINAL EXPENSES (Child) BENEFIT

FINAL EXPENSES (Nominated Child) BENEFIT FINAL EXPENSES (Extended Family) BENEFIT

why?

Instant cash on the death of family members to provide cover for: A dignified funeral.

Ready cash to tide the family over while the estate is inaccessible. ■

Repayment of credit card and short-term debts. ■

Finances which can be used for family members travelling from abroad. ■

this is how

GREENLIGHT sees it

We know that a funeral needs to happen as soon as arrangements can be made. This is why Old Mutual aims to pay within 48 hours of the claims requirements having been met.

As the sponsor, you have done all the medical tests to be underwritten, that’s why the family can get cover for a lot less than those who had not been underwritten. There is also an extra, by adding as little as R50 pm for a Savings Benefit you will have sufficient provision for other costs to use as you need it.

Some of the great features are:

Little/no underwriting – NO HIV testing required. ■

LOW, LOW price. ■

You can preserve the family’s cover on disability/ ■

death of the Sponsor.

Cover the WHOLE family and more. ■

Stand-alone protection leaves other cover ■

untouched at claim stage.

Generous cover easily accessible through a ■

Sponsor.

how…

GREENLIGHT Final Expenses Family Benefits ■

pay a lump sum in the event of death of the Life Covered.

They are stand-alone lump sum benefits that ■

pay out 100% AND aim for payment within 48 hours of all requirements being met.

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OMMS 06.2010 T1266

Little/no underwriting – NO HIV testing required

Final Expenses (Partner) Benefit – the Partner must ■

answer underwriting questions.

Final Expenses (Child) Benefit & Final Expenses ■

(Nominated Child) Benefit – the Sponsor must answer underwriting questions on behalf of the Child or Nominated Child.

Final Expenses (Extended Family) Benefit – NO medical ■

underwriting applies to the Extended Family members. NO MEDICAL TESTING is required for any of these ■

benefits.

Preserve the family’s cover on disability/death

of the Sponsor

Each benefit is a stand-alone benefit – but if the Sponsor ■

is the premium payer for all of them, use the Premium Protection (Death) and Premium Protection (Disability) Benefits to preserve the family’s cover should the Sponsor die or become disabled.

Cover for the WHOLE family and more

Any Life Covered under a GREENLIGHT Death Benefit or a Final Expense Benefit is automatically a Sponsor. The Sponsor can take out one or more of the GREENLIGHT Final Expenses Family Benefits for family members – partner, children and extended family.

The

■ Sponsor’s Partner – person in a marriage-like relationship with the Sponsor (same sex or heterosexual).

Child. ■

Nominated Child – child living with and dependent on ■

the Sponsor.

Extended Family – a wide range of relationships are ■ eligible. - Mother/father or mother-/father-in-law. - Aunt/uncle. - Brother/sister or brother-/sister-in-law. - Son/daughter or son-/daughter-in-law. - Grandfather/-mother. - Grandson/-daughter. - Stepfather/-mother. - Stepson/-daughter. - Niece/Nephew.

FAmILY FINAL ExPENSES BENEFITS

more info…

One Partner P B B B N N Nominated Children SPONSOR

Biological Children Extended Family

Medical questions only by partner

Max 1 at a time per Sponsor R5k - R30k cover

Entry ages 15 - 75 next birthday

Whole Life/Term Cover

Medical questions only by Sponsor

Unlimited biological/legally adopted children by Sponsor R5k - R30k cover

Entry ages 1 - 18 next birthday. Ceases at age 25 next birthday

Continuous Cover available

Medical questions only by Sponsor

Max 2 nominated children by Sponsor

R5k - R30k cover Entry ages 1 - 18 next birthday. Ceases at age 25 next birthday

Continuous Cover available

No Medical questions

Max 4 ever per Sponsor R5k - R15k cover Entry ages 15 - 75 next birthday

Whole Life/Term Cover 1 year accident only waiting

E E

Stand-alone protection leaves other cover untouched at claim stage

Each benefit is a stand-alone benefit. A claim on a benefit does not affect other risk cover in the GREENLIGHT plan. ■

Continuous cover for children

Apply for an “Extended Family” benefit 3 months before

■ “Child” or “Nominated Child” benefits cease – for the same Cover

Figure

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References

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