Give your business assurance cover a healthy boost with Discovery Life's Vitality Fund

Businesses have needs, and so do their owners. For many business owners, their organisation is their legacy. To best guard it, they must protect their own quality of life too.

"Discovery's Business Life Plan is all about protecting the financial wellness of an organisation through market-leading benefits, holistic cover plans, as well as significant rewards when, as a business owner, you proactively take care of your own health," says Discovery Life Deputy Chief Executive, Gareth Friedlander.

"Cover is also dynamic and flexible, making it ideal for tailorable plans that best suit the different needs of businesses and their owners. As a client, you can select cover for disability, severe illness and death among other benefits."

"Now, business owners have the power to bolster their protective cover even further with the Double Business Vitality Fund offer," he adds.

What is Discovery Life's Business Vitality Fund?

Friedlander explains, "Discovery Life's Business Vitality Fund essentially uses the health and wellness surplus you generate as a client as a way to bolster cover for the duration of your policy with us. It's a fantastic way to encourage healthier lifestyles so that if an unforeseen life event happens, the cover that kicks in is not only sufficient but also incredibly comprehensive for whatever those needs turn out to be."

The Discovery Life Business Vitality Fund is available for policies that have the Business and Financial Integrator, and provides you as a client with additional life and disability (if applicable) cover at no additional initial premium.

Here's how it works:

• Years 1-3: The Business Vitality Fund provides an immediate 20% boost to your base life and disability cover at no additional initial premium.
• Years 4-6: After three years, this additional cover can be purchased at a discount of up to 15%, based on the life assured's Vitality status each year for the first three years. Purchasing the initial Business Vitality Fund unlocks a further 20% base life and disability cover free of underwriting, and at no additional premium for the following three years.
• After year 6: You can select to maintain the second portion of additional life and disability (if applicable) cover at a discount of up to 15% of new business rates, based on the life assured's Vitality status each year for the previous three years.

"This ensures upfront affordability for a policy owner, without compromising on the comprehensiveness of your policy," says Friedlander. "It also helps to guarantee insurability to a business, which is an important factor when you consider that the value of a business may grow at a rate that is faster than the annual benefit increase selected on the policy," he adds further.

So, how does the Double Business Vitality Fund offer work?

Qualifying plans can now get a 40% boost to life and disability cover for the first three years of the policy at no additional premium.

Here's how it works:

• Years 1-3: The Double Business Vitality Fund offer increases the initial Business Vitality Fund to provide a total of 40% additional life and disability (if applicable) cover at no additional initial premium for the first three years of the policy. This contributes to a much more efficient premium when compared to the market.
• Years 4-6: At the end of the first three years, you have the option to purchase half of the Business Vitality Fund cover. This can be done at a discount of up to 15% on new business rates depending on your Vitality status over the first three years. If you choose to purchase the cover, it will unlock the normal second portion of the Business Vitality Fund cover which provides an additional 20% life and disability (if applicable) cover free of underwriting and at no additional initial premium for the following three years.
• After year 6: You can select to maintain the second portion of additional life and disability (if applicable) cover at a discount of up to 15% of new business rates, based on the life assured's Vitality status each year for the previous three years.

When is the Double Business Vitality Fund offer available?

"Between 1 April 2022 and 30 September 2022, as a Business Life Plan client, you can qualify for the Double Business Vitality Fund and unlock up to 40% additional life and disability cover during the first three years of your policy," explains Friedlander. "The initial Business Vitality Fund offering of 20% is effectively increased by a further 20%."

"This limited offer is a great way for business owners to really give their business assurance plans an incredibly valuable boost - simply for integrating their policies with other Discovery products. As a client, you can then enhance this value over time by managing your overall health and wellness well."

"This is in addition to the other mechanisms available which unlock significant value already once you integrate your policy. One of these mechanisms is the upfront and ongoing premium discounts of up to 42% which adjust over time based on how well you maintain your health and wellness."

"And then of course, there are the PayBacks that reward healthy behaviours and return up to 50% of Business Life Plan premiums with a minimum guaranteed amount of up to 15%. So, as a new Business Life Plan client you can really benefit from all-round Shared value in an enhanced way with this new offer," he concludes.

Learn more about Discovery's Business Vitality Fund offer here or speak to your financial adviser.

Discovery Life Limited, registration number 1966/003901/06, is a licensed life insurer, and an authorised financial services and registered credit provider, NCR registration number NCRCP3555. Product rules, terms and conditions apply.