Momentum Myriad Life Insurance | Product Review


Bank extra Momentum Life Cover while you’re healthy & only activate it down the line.

We’ve started a series of product reviews on our blog because more and more of you have been asking for a breakdown of rather technical insurance information. It’s a great idea because as far as we know, nobody is taking the time (not even insurance companies or financial planners) to talk about this stuff in layman’s terms. The only time you are likely to hear about product benefits it is when someone is trying to sell you a policy!

Here is a perfect example. If we mentioned the words ‘Future Insurability Benefit’ what would that mean to you? Not much. You might hazard a guess that it could mean something about “insuring your life down the line.” In fact, if that was your guess, you wouldn’t be far off.

Before we get into what ‘Future Insurability’ means, let’s start with an introduction to Myriad.

Myriad is Momentum’s flagship risk product. And by that we mean an insurance policy which allows you to choose from the following benefits:
  • Life cover
  • Disability cover
  • Critical Illness cover
  • Income Protection cover
Over the next few months, we will be looking a little closer at what makes Myriad different from the other life insurance offerings in the market.

Why should you be interested in the ‘Future Insurability Benefit’? That’s the topic of this post, so let’s get straight into it. Life insurance is generally purchased when a “life event” is triggered. If you have life insurance in place, try and cast your mind back to when you took out the cover. It certainly wasn’t in your carefree, University partying days, was it? It’s when responsibilities started creeping into your life and Castle Lager bottles were replaced by baby bottles 🙂

The likely scenario is that you took out a life policy when:

  • You tied the knot
  • You bought a house
  • You had a child
  • You entered into a business relationship

All major life events, wouldn’t you agree?

Now imagine for a second you had the opportunity to take out the life cover you need today, and exercise the option to activate further cover, for use down the line, without having to go for extra medicals. Future insurability or guaranteed insurability is insurance that allows you to buy further life, disability or impairment cover without proof of health, except for a negative HIV test result.

Why is that handy?

For one reason only.

What if you wanted life cover down the line, but couldn’t qualify for it? Imagine your health took a turn for the worse and you couldn’t get life cover while your R3 000 000 bond was being approved at the bank.

This type of thing happens far more regularly than you think.

Myriad’s Future Cover Benefits allow you to take out additional life cover and disability cover on a wide range of life events:

Events that are covered include:

  • Marriage
  • Death of a spouse
  • Divorce
  • Birth of a child or legally adopted child
  • A dependent child suffering from a server impairment requiring full-time assistance
  • Mortgage bond registration or an increase in existing mortgage bond
  • Purchase of a vehicle
  • Starting employment in the chosen field of study for the first time
  • Starting a new business venture or obtaining a share in a business venture
  • Entering into a professional partnership
  • A salary increase of more than 10% (salaried insured lives only)

So how much cover can you take out?

With Myriad, you can buy up to R5 million future cover for a term of up to 15 years.

That’s it.

You never know what is around the corner when it comes to your health. The idea of having life cover banked, that you can use down the line (regardless of your health circumstances at that time) is a very neat benefit and worth a mention on our blog.

If you are interested in more information & or a quote, simply enter your details below & we will contact you.

If you would like further information, submit your details below & we will contact you.