Your future is global, protect it! Discovery Life International
Authentic offshore risk protection in the most widely used global currency
The movement of goods, services and capital across national borders has led to the world's economy becoming integrated and interdependent. This makes it increasingly difficult to predict where your commitments will lie in the future. Protect yourself and your family with the Dollar Life Plan.
Discovery Life International has established itself as the only life insurance provider to offer an authentic offshore life insurance policy denominated in the most widely used global currency - the US dollar. This is based on the principle that all clients should have access to authentic global cover to diversify their risk protection and cater to a wider range of financial needs and circumstances. Since its introduction in 2014, the Dollar Life Plan has evolved into a world-leading life insurance policy. It gives you access to our full suite of innovative risk benefits and financial rewards, payable in dollars almost anywhere in the world.
Offshore cover in a next-generation life insurance policy. The Dollar Life Plan enables the personalisation of life insurance with enhanced shared value that can be experienced in real time, giving you a simplified view of your cover and financial rewards on your smart device.
Market-leading benefits on the Dollar Life Plan
LIFE COVER THAT PAYS OUT IN DOLLARS
The Dollar Life Plan consists of life cover that is paid out in dollars on your death. With direct payouts in dollars, this helps to eliminate the hurdles of currency conversion and the risks around exchange rate fluctuations.
MARKET-LEADING SEVERE ILLNESS PROTECTION
The Dollar Life Plan offers you the market-leading LifeTime Max 200% and 100% benefits. In 2017, these benefits were selected as the two best Severe Illness Benefits for financial cover for cancer in the market by the Independent Clinical Oncology Network. The Severe Illness Benefit also includes the Global Treatment Benefit and the Cancer Exome Sequencing Benefit.
CASH CONVERSION BENEFIT
You can receive up to 50% of the value of your Life Fund when you add the Cash Conversion benefit* to your Dollar Life Plan. This allows you to monetise your health and wellness management and supplement your retirement funding offshore in dollars without reducing your cover.
The value of the Cash Conversion benefit is determined as a percentage of your Life Fund, with 25% and 50% options. The value is determined at age 65 and paid out in 10 equal yearly payouts from age 65 to 74.
* The Cash Conversion benefit is a risk benefit, not an investment product, and has no lapse or surrender value before the payouts become due.
THE DOLLAR CAPITAL DISABILITY BENEFIT
Discovery Life's Dollar Capital Disability Benefit provides a lump-sum payout in dollars if you become disabled. You can select from a range of options, including the flagship LifeTime Capital Disability Benefit with the MedTech Booster feature.
DOLLAR GLOBAL EDUCATION PROTECTOR
The Dollar Global Education Protector covers the education costs of your children, from crèche through to tertiary education, in the event of your death, severe illness or disability. By managing your health and wellness, you can fund up to 100% of your children's tertiary tuition fees, even if you don't claim.
PAYBACKS ON THE DOLLAR LIFE PLAN
The PayBack benefit is a shared-value benefit that returns your personal health asset that you have created throughout your life insurance policy. Through the PayBack benefit on the Dollar Life Plan, the PayBacks are paid out in dollars and into an offshore bank account.
- PayBacks of up to 50%: You can receive up to 50% of your qualifying premiums in PayBacks on your Dollar Life Plan, paid out every five years.
- Guaranteed PayBack: Get a guaranteed PayBack accrual of up to 15% for the first 10 years.
- Retirement PayBack option: You can opt to defer your PayBacks and have them paid out in one lump sum at age 65. Where this option is selected, the PayBacks will grow at US CPI.
New and enhanced features on the Dollar Life Plan
This includes features that provide additional premium certainty, and that give you the flexibility to structure your global cover to suit your needs.
WHOLE-OF-LIFE EXCHANGE RATE PROTECTION
Extending certainty by providing locked-in rates over your lifetime.
With the Exchange Rate Protector, you receive discounted, locked-in exchange rates every three years for the first nine years. Each locked-in exchange rate has a 15% discount at the beginning of the three-year period, resulting in discounts of up to 29% on the rand premiums paid in each locked-in period as exchange rates change.
After nine years, you will continue to receive locked-in exchange rates every three years based on the exchange rate at the time. So, you can get whole-of-life exchange rate protection, providing ongoing sustainability and additional premium certainty.
FUNDING PATTERNS AND SUSTAINABILTY
The Dollar Life Plan funding pattern and Annual Benefit Increase options introduce a world of opportunities for you to structure your global cover to suit your needs. You have the flexibility of selecting cover and premium increase options to match your needs and cashflow circumstances. This allows you to balance upfront affordability and long-term sustainability.
VITALITY PREMIUM LEVELLER
The Vitality Premium Leveller gives you additional sustainability in retirement. It converts your health asset built up before retirement to reduce your age-related premium increases after age 65. This allows you to control the future sustainability of your premiums through improving your health and wellness.
*This benefit applies from age 65, based on a rolling 20 years of Vitality engagement.
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