5 Reasons to consider offshore life insurance

“Discovery Life offers an authentic offshore life insurance product which takes into account trends like increased globalisation and an appetite for more diversified financial portfolios,” says Discovery Life Deputy Chief Executive, Gareth Friedlander.

He adds that Discovery Life International caters for this kind of accessibility and optionality, providing South Africans with the ability to receive world-class risk protection benefits in a comprehensively designed, unique life plan that pays out in US dollars – the world’s reserve currency.

Five advantages of Discovery’s Dollar Life Plan

1. The LifeTime Capital Disability Benefit

“Clients with disabilities can benefit from being able to access medical devices such as artificial hearts, Exosuits, wearable robotics and cutting-edge tech for the blind – all of which can come at a significant cost. This benefit helps to cover this cost,” says Friedlander.

• The Severe Illness Benefit

This comprehensive, protective benefit covers all major body systems (including the nervous, respiratory, gastrointestinal, heart and artery, endocrine, and musculoskeletal systems). This benefit also includes COVID-19 specific protection under a market-first Multi-Organ Benefit.

“The Severe Illness Benefit is also tailorable,” explains Friedlander. “Clients can opt for the Comprehensive benefit which pays out a lump sum based on the severity of a diagnosed illness, or the LifeTime Severe Illness Benefit. This option offers a minimum pay out of up to 100% of an insured amount for qualifying heart attacks, strokes or cancers. It also pays out up to 215% of the insured amount based on the long-term impact of severe illnesses.”

• The Dollar Global Education Protector

“The Dollar Global Education Protector funds all of your child’s education needs (from crèche to college) if you are unable to due to death, disability or illness. Even if your child doesn’t go to college, the benefit pays out the maximum eligible sum in dollars to the beneficiary.”

• Vitality Exchange Rate Protector

The Vitality Exchange Rate Protector fixes the Dollar cost of premiums for up to nine years, with discounts of up to 21% of the prevailing exchange rate. This essentially provides exchange rate certainty on premiums during this period.

• The power of integration and how it can reward engagement in health and wellness

Clients can link their Discovery products across the group to unlock benefits and features, and when they improve their fitness, health and financial states, they can improve the value of their integrated cover.

Policyholders can enjoy initial premium discounts of up to 42%, which can also be maintained over time as they manage their overall health and financial wellness. Clients who are engaged in health and wellness will also benefit from PayBacks every five years which returns as much as 50% of their premiums to them.  

The Discovery Dollar Life Plan is issued by Discovery Life International, the Guernsey branch of Discovery Life Limited (South Africa), licensed by the Guernsey Financial Services Commission under the Insurance Business (Bailiwick of Guernsey) Law 2002 to carry on long-term insurance business. The Discovery Dollar Life Plan is also subject to the South African Long-term Insurance Act of 1998. Discovery Life Limited, registration number 1966/003901/06, is a licensed insurer, and an authorised financial services and registered credit provider, NCR Reg No. NCRCP3555. Product rules, terms and conditions apply.