Life insurance that supplements your retirement funding with cash payouts!
Living longer requires additional savings to sustain yourself when you are no longer earning a salary. Discovery Life's insurance plans give you the option to add the Cash Conversion Benefit. This benefit pays out a proportion of your life insurance cover to supplement your retirement savings, without reducing your cover.
People are living longer and spending more years in retirement than before. Living longer requires additional savings to sustain yourself when you are no longer earning a salary.
Discovery Life's insurance plans give you the option to add the Cash Conversion Benefit. This benefit pays out a proportion of your life insurance cover to supplement your retirement savings, without reducing your cover. For a limited time, we are giving all new clients a discount of up to 100% on our Discovery Life Cash Conversion Benefit.
People are living longer due to medical advances and better lifestyle choices. This increased longevity means people are spending more years in retirement today than in the 20th century, or even a few decades ago.
According to internal data, Gold and Diamond status Vitality clients are expected to live 22 years longer than the average insured South African. But extended longevity means every generation will need additional retirement savings to fund this gap.
How does the Cash Conversion Benefit work?
Discovery Life recognised the needs and financial demands confronting its clients when transitioning to retirement. We introduced the unique Cash Conversion Benefit, which is available for an additional premium. It allows clients to use their engagement with Vitality and management of their health claims to supplement their retirement income.
The Cash Conversion benefit is available on the Classic, Essential and Purple Life Plans and the payout is linked to the value of your life insurance. This grows over time, depending on the benefit increase option you select. In addition, the more you engage with Vitality and improve your health and wellness, the faster your cover grows. As a result, your Cash Conversion Benefit, which is calculated as a proportion of your cover, increases with your healthy behaviours. When you reach age 65, it pays out 10 equal tax-free yearly instalments.
Get an automatic discount of up to 100% on your Cash Conversion Benefit premium for three years
For a limited time, Discovery Life is automatically giving new qualifying clients a discount on the Cash Conversion Benefit through the Auto Cash Conversion offer. The Auto Cash Conversion offer gives qualifying clients the 25% Cash Conversion Benefit option at no premium for the first three years.
If you choose to take out the 50% or 100% option, you will receive a discount on those premiums equivalent to the premium for the 25% option for the first three years. For the 50% and 100% benefit options, this translates to a 50% and 25% discount respectively on your Cash Conversion Benefit premiums.
To learn more about how the Auto Cash Conversion limited offer can work for you, speak to a financial adviser.
Learn more about the Cash Conversion Benefit here.
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.
The Cash Conversion Benefit is not an investment product, but a risk benefit. Therefore, this benefit does not have any lapse or surrender value before the payouts become due. This means we will not owe you any money or benefits if you cancel your policy before your payout is due.
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Discovery offers you and your family flexible personal financial protection at a cost-effective premium and we reward you for living a healthy life and managing your finances.