If you know anything about insurance, you know that the guys at Discovery Life have a habit of doing things a little differently. Their life insurance product is probably the best example of that. It’s got really cool benefits other life insurers don’t have, but it can get a little complicated. If you don’t know the ins and outs of Discovery’s life insurance offering you might find it more than a little difficult to get to grips with.
But don’t worry, my mission over the next several months is to break the Discovery life insurance product down into bite size pieces you can comfortably digest. Why? Because it’s a great product (especially if you are loyal to the Discovery brand and already have their other insurance offerings in your arsenal).
First things first! Discovery’s life insurance policy is called a Discovery Life Plan. Don’t read too much into that. It’s just a cool marketing spin in my opinion. “Let’s stay away from calling it a life insurance policy (that’s too old school).”
A Life Plan sounds so much cooler right? And it does…
So what makes the Discovery Life Plan so very different to other life insurance policies? It’s a number of things really. Far too many to mention in one particular blog post and that’s why I’ve got to really take you through it step by step. One blog post at a time.
Today we start with the core benefits you can include in your Discovery Life Plan. Simple stuff to start with.
The Discovery Life Plan is made up of several mainstay benefits (much like the other life insurers in the market place).
- The Life Fund – Which is your life cover benefit
- Capital Disability – Which is your lump sum disability benefit
- Income Continuation – Get disabled and you can’t generate income? This benefit pays out
- Severe Illness – The benefit covers you against a list of chronic illnesses like cancer
- Global Education Protector – Pays your kid’s education costs when you suffer a life changing event (death, disability, critical illness)
And these are the other benefits that make their product offering unique. (I’ll be going through them all in much more detail in the weeks and months to come)
- Health Plan Protector – Pays your medical aid premiums for ten years when you suffer a life changing event.
- Global Health Protector – Provides you with access to the most advanced international healthcare.
- Supplementary Cancer Protector – Provides income if you are diagnosed with cancer.
- Philanthropy Fund – Make a contribution to a charity of your choice.
And then you get the 5 integration models of the Discovery life insurance offering which makes it appealing if you go “all in”. And by that I mean tie yourself into the entire Discovery insurance, health, vitality, and car insurance model to get maximum benefits and discounts.
You see, It’s the ability to “integrate” your life insurance policy with other Discovery offerings which makes their offering so very unique.
What type of integration are we talking about?
Here is a summary.
1. Health Integration With Pay-Back – Get an initial discount on your life insurance premiums and cash back every five years if you integrate your life policy with your Discovery Health plan.
2. Cover Integration – Maximize your life cover at the lowest possible price. Get up to 40% of your life insurance benefit at a 50% of the price.
3. Vitality Integration With Pay-Back – It’s integration for Vitality Members who aren’t Discovery Health members. You get an initial discount on your premiums plus money back every five years.
4. Discovery Card Integration – Increase your discounts when you swipe your DiscoveryCard.
5. Financial Integration – Protect your assets against devaluation. Protect yourself against interest rate fluctuations that affect your debt instalments. Protect yourself against currency fluctuation.
The Discovery life insurance product is pretty unique in the market place. You can get big discounts and great value but understanding the product is the tricky bit.
Until next time when I start looking specifically at the life cover benefit.
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Until next time.
The InsuranceFundi Team