The Dollar Life Plan Protection in the most widely used global currency - Discovery
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
The Dollar Life Plan Protection in the most widely used global currency DISCOV E RY L I F E | 2 02 0
HOME
Offshore doesn’t have to mean miles away
DISC O V E RY LI FE
CLASSIC
The movement of goods, services, technology and capital across international borders has led to the world’s economy becoming integrated and PLAN
interdependent, making it increasingly difficult to predict where your commitments will lie in the future. Protect yourself and your family against
this uncertainty with the Dollar Life Plan.
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
EXCHANGE
RATE
PROTECTOR
HEALTH AND
WELLNESS
REWARDS
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
01 DO L L A R L I E F P LAN | 2 0 2 0
HOME
Giving you global risk protection
DISC O V E RY LI FE
CLASSIC
Discovery Life International PLAN
Discovery offers a collection of customisable benefits covering the full range of possible life-changing events from death and disability to severe illness, loss of income,
and much more. It is a comprehensive offering that ensures no matter which stage of life you find yourself in, you will be covered, rewarded, and financially secure.
One of the biggest advantages of being a Discovery life insurance policyholder is having access to a benefit structure that rewards you throughout your policy term for DOLLAR
leading a healthy lifestyle. GLOBAL
EDUCATION
PROTECTOR
T HRE E REA SON S WHY A N OFFSHOR E L I F E I NS U R A NC E P O L I C Y M A K E S S E NS E T HE D O L L AR L IFE PL AN O FFERS T HE
FO L L O WING FEAT URES :
SOUND LO N G -TE R M FI N A N CI A L PLA NNI NG
Risk protection in dollar, which is insured and
EXCHANGE
By taking out an offshore life insurance policy denominated in the most widely used global currency, paid internationally. RATE
the US dollar, you are protected against the financial impact of a life-changing event – no matter where PROTECTOR
you and your family may find yourselves in the future. The ability to fix the rand–dollar exchange rate
applied to your dollar-denominated premium
MA T C HIN G LI A B I LI TI E S for three years.
If you have, or could in the future have, offshore liabilities such as a bond, children’s education costs or The opportunity to supplement your retirement HEALTH AND
estate duty in a foreign country, risk protection denominated in dollar is critical to ensure that your liabilities WELLNESS
savings offshore.
REWARDS
are fully matched. In addition, we are all impacted by a weaker rand on a daily basis, which typically results in
an increase in the cost of goods and services available locally. Significant financial rewards for managing your
health and wellness.
DIVE RSIFICA TI ON
RETIREMENT
Discovery provides an efficient vehicle for you to supplement and diversify your retirement savings into
OPTIMISER
offshore markets by allowing you to convert your future health and wellness into a tangible offshore financial
asset in the form of the Dollar PayBack Fund. You can further supplement your retirement savings in dollar
through the Buy-up Cash Conversion Benefit.
HOW THE
PREMIUMS
WORK
02 DO L L A R L I E F P LAN | 2 0 2 0
HOME
Choose your cover
DISC O V E RY LI FE
CLASSIC
The Dollar Life Plan consists of a Life Fund that we pay on the death of the insured person or if the insured person becomes disabled or suffers PLAN
a severe illness, if selected.
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
EXCHANGE
RATE
PROTECTOR
HEALTH AND
The Life Fund can be increased at a discount to normal rates WELLNESS
by adding the Cover Integrator and Financial Integrator Funds. REWARDS
These Integrator Funds provide you with the opportunity to earn
additional cover, free of underwriting and at no additional cost,
by managing your health and wellness.
You can also select the Minimum Protected Fund. With this benefit,
RETIREMENT
the Life Fund will never drop below a specified minimum dollar OPTIMISER
amount – no matter how many Capital Disability or Severe Illness
Benefit payouts you receive or what the value of the payout is,
subject to a 14-day survival period.
Your benefits will increase yearly in line with US inflation.
HOW THE
PREMIUMS
WORK
03 DO L L A R L I E F P LAN | 2 0 2 0
The
HOME Ca
a lump
Cover for disability
DISC O V E RY LI FE
CLASSIC
The Capital Disability Benefit offers cover that ensures the financial security PLAN
of your family through a lump-sum payout if you become disabled.
When choosing your level of cover, you should consider any outstanding debt and
other financial responsibilities you would have to settle if you were to become disabled. DOLLAR
It is also important to consider the cost of modifications or lifestyle changes that would GLOBAL
be required as a result of becoming disabled. EDUCATION
PROTECTOR
T A ILOR Y OUR B E N E FI T TO SUI T YOUR NE E D S
YOU CAN CHOOSE B E TWE E N :
EXCHANGE
The Core benefit, which covers Category A and D disabilities; RATE
PROTECTOR
The Comprehensive Plus benefit, which covers Category A, B and D
disabilities; or
The LifeTime Capital Disability Benefit. While current disability products in
the market focus on the clinical severity of an injury or disability, a key factor HEALTH AND
overlooked is providing you with a benefit that helps to regain as much of your WELLNESS
REWARDS
lifestyle and independence as possible after a life-changing event. Through
clinical and technological research conducted by a panel of medical experts,
the LifeTime Benefit has been designed to provide you with additional upfront
and ongoing payouts that take into account the significant upfront costs, as
well as the ongoing maintenance and upgrade costs of the latest medical
technology associated with certain disability events and conditions. RETIREMENT
OPTIMISER
You can select the LifeTime 300 or LifeTime 200 Capital Disability Benefits,
which provide additional payouts for a total payout of up to 300% and
200% respectively.
HOW THE
PREMIUMS
WORK
04 DO L L A R L I E F P LAN | 2 0 2 0
HOME
How we assess your claim
DISC O V E RY LI FE
CLASSIC
PLAN
MedTech Booster Benefit
DOLLAR
GLOBAL
MEDTECH MEDTECH EDUCATION
200% 300%
PROTECTOR
Group 1 100% 200% The MedTech Booster Benefit on the LifeTime Capital Disability Benefit provides additional upfront and ongoing payouts
to assist in accessing cutting-edge assistive medical devices on complete or partial permanent disability.
Group 2 75% 150%
Group 3 50% 100%
EXCHANGE
Group 4 25% 50% RATE
+ + PROTECTOR
A
Category A 100%: Pays out 100% if the disability meets the objective medical or Activities of Daily Living criteria.
100% These disabilities can now also qualify for additional payouts through the MedTech Booster Benefit.
Category B: Pays out 50% on a partial permanent disability, where the disability meets the objective medical or Activities
50% of Daily Living criteria. Automatically includes a Category B upgrade to 100% on the LifeTime Benefit as well as the ability
to receive further payouts through the MedTech Booster Benefit.
B HEALTH AND
WELLNESS
REWARDS
Inability to perform your nominated occupation: Pays out 100% of the insured amount if you are unable to perform your
100%
nominated occupation due to injury or illness. D
RETIREMENT
Capital Disability Benefit options OPTIMISER
Core Comprehensive Plus LifeTime
A D A B D A B D
HOW THE
PREMIUMS
WORK
05 DO L L A R L I E F P LAN | 2 0 2 0
HOME
The Severe Illness Benefit
DISC O V E RY LI FE
CLASSIC
PLAN
Protect yourself against the impact of severe illnesses
1
The Severe Illness Benefit pays out a lump sum if you become severely ill.
Discovery’s Severe Illness Benefit covers all major body systems and automatically covers you for multiple claims. You can choose to have your cover until the age of 65,
or for your entire lifetime. A certain level of automatic cover for your children and parents is also included on the Classic Life Plan at no additional cost. DOLLAR
GLOBAL
EDUCATION
T A I L O R Y O U R B E NEFIT T O S UIT YO UR NEED S PROTECTOR
2
Y O U C A N C H O O S E BET WEEN:
Nervous system Eye The Comprehensive Benefit, which pays out a lump sum based on the severity
of the illness. EXCHANGE
Ear, nose and throat RATE
3
Discovery’s LifeTime Severe Illness Benefit, which provides you with a minimum PROTECTOR
Cancer
payout of 100% of your insured amount for all qualifying heart attacks, cancers
Heart and artery system and strokes, and will pay up to 215% of the insured amount based on the long-term
impact of the illness and your family composition at point of claim.
Respiratory system
Gastrointestinal
Endocrine You can add the Plus versions of these benefits, which provide cover at earlier HEALTH AND
stages of an illness. WELLNESS
Urogenital tract Connective REWARDS
and kidney tissue diseases
Advanced AIDS/HIV
Musculoskeletal RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
06 DO L L A R L I E F P LAN | 2 0 2 0
HOME
How we assess your claim
DISC O V E RY LI FE
You can be sure of comprehensive lifestyle protection for you and your family since
CLASSIC
we’ve calculated benefit payouts to relieve any financial burden. If you need to claim PLAN
against your Severe Illness Benefit, depending on your benefit option, your payout
will be based on the severity level of your illness as shown in the following table:
1
Severity A B C D E F G
DOLLAR
Percentage payable 100% 75% 50% 25% 15% 10% 5% GLOBAL
EDUCATION
PROTECTOR
2
Comprehensive Benefit
Comprehensive Plus Benefit
EXCHANGE
3 RATE
Severity A B C D E F G PROTECTOR
Up to Up to Up to Up to
Percentage payable 15% 10% 5%
215% 190% 175% 100%
HEALTH AND
LifeTime Benefit WELLNESS
REWARDS
LifeTime Plus Benefit
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
07 DO L L A R L I E F P LAN | 2 0 2 0
HOME
Additional benefits to provide you with further lifestyle protection
DISC O V E RY LI FE
T HE G LOB A L TR E A TM E N T B E N EF I T C A NC E R R EL APS E BENEFIT
CLASSIC
PLAN
Covers you for international healthcare procedures and gives you access to The Cancer Relapse Benefit automatically forms part of the LifeTime and
expert medical practitioners and facilities around the world. It also provides LifeTime Plus Severe Illness Benefits. On recurrence of a cancer after a
you with an additional amount to assist with travel, accommodation and one-year remission period, you will receive an additional payout of 50%
1
living expenses you may incur for illnesses treated with qualifying treatments or 100% of your insured amount, based on the LifeTime Maximum
overseas. This effectively allows you to receive up to 250% of your Severe selected. The Cancer Relapse Benefit will be paid in addition to the normal
Illness Benefit insured amount if you require treatment overseas. progressive cancer payouts, allowing you to receive up to 365% of your DOLLAR
GLOBAL
insured amount for a sequence of related cancers.
EDUCATION
UNL I M I TE D M ULTI PLE CLA I M S PROTECTOR
2 T H E E A R L Y CANCER BENEFIT
The most comprehensive multiple claims facility on the market offers
you the ability to claim in excess of the benefit amount for multiple related Provides a payout of up to $16 000 for an extensive list of cancers if they
non-progressive claims, regardless of whether a subsequent claim is of a are detected early. This benefit is automatically included as part of the
higher, lower or the same severity as the previous claim. Comprehensive Plus and LifeTime Plus Severe Illness Benefits. EXCHANGE
3 RATE
T HE I N TE N S I V E CA R E B E N E FI T T H E C A NC E R EXO ME S EQ UENCING BENEFIT PROTECTOR
Cover for intensive care unit (ICU) admissions for diseases and trauma Provides a payout to assist in funding the costs of sequencing of certain
events is provided through the Intensive Care Benefit at no additional high-risk tumours to determine the optimal treatment regime.
premium.
HEALTH AND
WELLNESS
REWARDS
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
08 DO L L A R L I E F P LAN | 2 0 2 0
HOME
The Dollar Global Education Protector
DISC O V E RY LI FE
T he Global Education Protector covers the actual costs of your children’s education, from crèche through to college, if you pass away or suffer a severe illness GLOBAL RISK
or disability. If you actively manage your health and wellness, we will fund up to 100% of your children’s college tuition fees, even if you have not experienced PROTECTION
a life-changing event like a death or severe illness.
1
Funding all of your children’s education needs if you are unable to
2 COVE RING TUI TI ON A N D COLLE G E R E S I D E NC E F E E S A NNU A L L U M P S UM PRO VID ES HO L IS T IC PRO T ECT IO N
The Dollar Global Education Protector provides true global education protection Ensuring that your children have all the necessary resources they need to excel in
for your children, at any international education institution, from crèche until their education is key in our ever-competitive world. To assist them in reaching their
they graduate from college. You can choose whether you want to be covered goals, Discovery Life’s Discretionary Lump-sum Benefit provides a yearly lump sum
EXCHANGE
for disability, severe illness and death, for severe illness and disability only or to assist in funding the costs of: RATE
only for death. PROTECTOR
Uniforms
The actual tuition and residence fees (at tertiary level) will always be paid at the Stationery and textbooks
maximum amount set per phase of education no matter the cost of the education
Technology (such as laptops and iPads)
facility attended. The additional amount that is not used to cover the education
costs after the fees have been paid, will be paid offshore either into a trust or your Tutoring and extra lessons
HEALTH AND
selected offshore bank account, and can be used at your discretion. Transport costs WELLNESS
School trips. REWARDS
Stage of education Number of years covered
Crèche Three years
Pre-primary Two years Rewarding achievements
RETIREMENT
OPTIMISER
Primary school Seven years If your children receive a bursary after a claim has been made under your
Secondary school Five years Dollar Global Education Protector, the Bursary CashBack Benefit provides
an additional payout to reward your children for excelling.
An undergraduate degree, or
College education
recognised diploma or certificate
HOW THE
PREMIUMS
WORK
09 DO L L A R L I E F P LAN | 2 0 2 0HOME
Fund up to 100% of your children’s college education, even if you don’t claim
DISC O V E RY LI FE
Over the years we’ve gained an in-depth understanding of the impact that health and wellness have on insurance risk. With our greater understanding of these
relationships, we can reward you for improving and managing health and wellness with a financial asset that can help to fund your children’s college tuition fees: GLOBAL RISK
the College Funder Benefit. PROTECTION
1
REWA RDIN G YOUR I M PR OV E D HE A LT H A ND W E L L NE S S B Y F U ND I NG Y O U R C H I L D R E N’ S C O L LEG E ED UCAT IO N
We will automatically fund 10% of your children’s college tuition fees at the start of At the beginning of the year that your child first attends a qualifying tertiary
your policy. By engaging with Vitality each year, you can increase the percentage of education institution, we will calculate the accumulated percentage earned to
2 your children’s college tuition fees that is funded to up to 100% of their actual tuition date, and then fund that percentage of your child’s fees up to a specified maximum.
fees. The yearly College Funder Benefit amounts that you can earn are displayed in The number of years of their education that we will fund is based on the age of your
the following table: child on the start date of this benefit as shown in the table below:
Vitality status Age of your child on policy EXCHANGE
Number of years covered RATE
start date PROTECTOR
Dollar Global Below the age of 5 Three years
Blue Bronze Silver Gold Diamond
Education Protector
Between the ages of 5 and 9 Two years
Annual College
Between the ages of 10 and 12 One year HEALTH AND
Funder Benefit 0.5% 1.5% 3% 4% 5%
WELLNESS
adjustments Older than age 12 Zero years REWARDS
If your child does not attend college (or a qualifying tertiary education institution),
we will make a once-off payout equal to 50% of your accumulated percentage earned
to date, multiplied by the relevant yearly College Funder Benefit maximum.
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
10 DOL L A R L I E F P LAN | 2 0 2 0HOME
Exchange Rate Protector
DISC O V E RY LI FE
Get certainty by fixing the rand–dollar exchange rate GLOBAL RISK
PROTECTION
The Exchange Rate Protector enables you to have additional premium certainty
by fixing the rand–dollar exchange rate applied to your dollar-denominated
premium for three years.
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
For three years, the rand–dollar exchange rate used for premium collection on your
Dollar Life Plan will be fixed at a 20% discount to the monthly exchange rate as at
the time of taking out this benefit. This fixed exchange rate applies provided that it
doesn’t exceed a specified maximum rate.
To further increase certainty, if the actual exchange rate exceeds the maximum
allowable exchange rate for the Exchange Rate Protector in the first three years,
a 20% discount on the prevailing exchange rate will apply during this time.
HEALTH AND
WELLNESS
REWARDS
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
11 DOL L A R L I E F P LAN | 2 0 2 0HOME
Health and wellness rewards
DISC O V E RY LI FE
With Discovery, you get significant value by linking your Life Plan to your other Discovery products through Integration. By using the information we GLOBAL RISK
PROTECTION
collect across the Discovery businesses, we have a better understanding of the steps you take to improve your fitness, and manage your health and
finances. You will enjoy an initial premium discount, which will adjust over time, based on how well you manage your health and wellness. You will
also receive a Dollar PayBack Fund, provided that the sum of the Cover and Financial Integrators is equal to 60% of your Life Fund.
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
EXCHANGE
RATE
PROTECTOR
CLASSIC
PLAN
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
12 DO L L A R L I E F P LAN | 2 0 2 0HOME
Upfront
DISC O V E RY LI FE
Vitality
and
Up to Up to Up to Active
20% 17.5% 15%
OR OR
GLOBAL RISK
discount discount discount PROTECTION
ongoing If you have a Life Plan, are a Vitality If you have a Life Plan and are a Vitality If you have a Life Plan and Vitality
premium
1 member and have a qualifying member, you qualify for the Vitality Active, you qualify for the Active
health plan from a medical scheme Integrator, which provides an initial Integrator, which provides an initial DOLLAR
administered by Discovery Health, you premium discount of up to 17.5%. This premium discount of up to 15%. This GLOBAL
EDUCATION
discounts
qualify for the Health Integrator, which means that, as a member of Vitality, means that, as a member of Vitality
PROTECTOR
provides an initial premium discount you can receive a total initial premium Active, you can receive a total initial
2 of up to 20%. This means that, as a discount of up to 40% when combined premium discount of up to 33% when
of up to
member of a qualifying Health Plan with your Vitality Rating and Bank combined with your Vitality Rating and
and Vitality, you can receive a total Integrator discounts. Bank Integrator discounts.
initial premium discount of up to 42%
EXCHANGE
42%
when combined with your Vitality
RATE
Rating and Bank Integrator discounts. PROTECTOR
+ +
Through Integration you can
receive an initial premium
Vitality
discount, with the ability Up to
Health
Up to
Discovery CLASSIC
Check Bank PLAN
to control future premium
adjustments by improving and 15% discount
15%
discount
managing your health and
financial wellness. As a member
RETIREMENT
of Vitality or Vitality Active, or as Through Vitality Rating, qualifying clients If you are the principal or secondary cardholder of
OPTIMISER
a member of a medical scheme automatically receive a premium discount of up a qualifying Discovery Bank account (or if you are the
administered by Discovery to 15% on qualifying benefits. This discount can be main insured person with a Discovery Card, excluding
maintained based on the results of your key health Blue Discovery Cards), you qualify for an initial premium
Health, or as a qualifying
metrics (body mass index [BMI], cholesterol, blood discount of up to 15%. This means that you can receive
Discovery Bank client, you could pressure and blood glucose), which are measured a total initial premium discount of up to 42% when
HOW THE
qualify for the following upfront at the start of your policy. combined with other Integrator discounts and the
PREMIUMS
premium discounts: Vitality Rating discount. WORK
13 DO L L A R L I E F P LAN | 2 0 2 0HOME
MA NAGING YOUR PR E M I UM P R O T E C T I NG Y O UR PREMIUM
DISC O V E RY LI FE
Each year, we consider your Vitality status and your qualifying health plan claims Discovery provides you with premium certainty through the Maximum Protected
(if Health Integrated), as well as your Vitality Money status and your average Premium, and will stop any Integrator adjustments after you undergo a qualifying
monthly qualifying Discovery Bank account spend (if Bank Integrated) over the claim event. This ensures your life insurance premiums remain affordable, GLOBAL RISK
previous policy year to gradually adjust the premium discounts. regardless of your health. PROTECTION
1
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
2
EXCHANGE
RATE
PROTECTOR
CLASSIC
PLAN
RETIREMENT
OPTIMISER
HOW THE
PREMIUMS
WORK
14 DO L L A R L I E F P LAN | 2 0 2 0HOME
Health and wellness supplementing
DISC O V E RY LI FE
your retirement GLOBAL RISK
PROTECTION
T HE DOLLA R PA YB A CK FUN D If, for example, your life cover premium is $250 with a Comprehensive Health
Integrated Dollar Life Plan, you will receive a Dollar PayBack Fund to the value of
In addition to upfront premium discounts of up to 42%, you can qualify $87 500 ($250 x 335). Assuming you were 35 years old when you first qualified for DOLLAR
the Dollar PayBack Fund, the payout made at age 65 will be as follows: GLOBAL
for the Dollar PayBack Fund. The Dollar PayBack Fund provides a powerful
EDUCATION
mechanism to convert your health and wellness management into a
PROTECTOR
significant financial asset to supplement your offshore retirement savings. Vitality status Dollar amount Equivalent rand amount
Blue $101 061 R1 414 854
HOW TH E DOLLA R PA YB A CK FU ND W O R K S
Silver $148 727 R2 082 178
You will receive a Dollar PayBack Fund, provided that the sum of the Cover EXCHANGE
and Financial Integrators is equal to 60% of your Life Fund. Diamond $183 932 R2 575 048 RATE
PROTECTOR
Your Dollar PayBack Fund is equal to 335, on the Comprehensive Integrator
Assuming a rand–dollar exchange rate of R14/$, US inflation of 2% and R3 000 annual qualifying health
and 170 on the Core Integrator, times your initial monthly life cover
claims (main member only on the Discovery Health Medical Scheme’s Comprehensive Health Plan), 40%
premium. Cover Integrator and 20% Financial Integrator.
Your Dollar PayBack Fund will grow every year in line with US inflation, plus
The Dollar PayBack Fund is an automatic benefit and no additional premium will
an additional factor (positive or negative) based on how well you manage
be charged for it. CLASSIC
your health and wellness. PLAN
At age 65 or 20 years after qualifying for the Dollar PayBack Fund,
T H E B U Y - U P C A S H CO NVERS IO N BENEFIT
whichever is later, 100% of the Dollar PayBack Fund will be paid into your
offshore or local bank account.
With the Buy-up Cash Conversion Benefit, available through the Cover and
Financial Integrators, you can choose to receive 25% or 50% of the Cover RETIREMENT
or Financial Integrator Funds as a tax-free lump sum. This is paid in dollar at OPTIMISER
age 65 and will not reduce the value of your Life Fund. This benefit is available
at an additional premium.
Please note that the Buy-up Cash Conversion Benefit is not an investment product, but is a risk benefit,
therefore no lapse or surrender value will be provided before the payout become due.
HOW THE
PREMIUMS
WORK
15 DO L L A R L I E F P LAN | 2 0 2 0HOME
The Dollar Discovery Retirement Optimiser
DISC O V E RY LI FE
The Dollar Discovery Retirement Optimiser allows you to save for your retirement each month through an offshore endowment policy denominated in GLOBAL RISK
US dollar. You can invest in a range of funds according to your risk profile. PROTECTION
1
DOLLAR
GLOBAL
EDUCATION
PROTECTOR
By taking advantage of the efficiencies created through the Dollar Life Plan, you can also qualify for the Dollar Retirement Investment Integrator and the Dollar Life Plan
2
Optimiser. Certain qualifying criteria and terms and conditions apply for the Dollar Discovery Retirement Optimiser, the Dollar Retirement Investment Integrator and the
Dollar Life Plan Optimiser.
The Dollar Discovery Retirement Optimiser offers cost-effective fees while allowing you to maximise your returns. EXCHANGE
RATE
PROTECTOR
Additional benefits available on the Dollar Discovery Retirement Optimiser
T HE DOLLA R R E TI R E M E N T I N V E S TM E N T I NT E G R A T O R H O W T H E D O L L A R RET IREMENT INVES T MENT INT EG RAT O R WO RK S
HEALTH AND
Through the Dollar Retirement Investment Integrator you can reduce your Discovery Your Dollar Life Plan premium is $150 and you invest $800 in the Dollar Discovery WELLNESS
REWARDS
Invest yearly administration fees, commission recoupment charges and asset Retirement Optimiser each month. You qualify for a Dollar Retirement Investment
management fees by between 20% and 80%. Your discount will apply to your chosen Integrator discount of 45.06%, up to the age of 65, as calculated below:
funds each month until you reach the age of 65, according to the following table:
(( $215 X 20% ) + ( $215 X 35% ) + ( $215 X 55% ) + ( $155 X 80% )) / $800
Dollar Retirement Investment
Integrator discount CLASSIC
PLAN
Monthly Dollar
First Next Next More than
Discovery Retirement
$215* $215* $215* $645*
Optimiser contribution
Discount 20% 35% 55% 80% HOW THE
PREMIUMS
This table will be updated each year by Discovery Invest. The discounts will not apply after age 65. *Effective WORK
from January 2019.
16 DO L L A R L I E F P LAN | 2 0 2 0HOME
T HE DOLLA R LI FE PLA N OPTI M I SE R
DISC O V E RY LI FE
You can receive a tax-free boost to your Dollar Discovery Retirement Optimiser
endowment policy of up to 40% at age 65 through the Dollar Life Plan Optimiser.
This boost is based on the term of your policy from the policy start date to age 65. GLOBAL RISK
PROTECTION
The Dollar Life Plan Optimiser boost is paid out in 10 yearly, tax-free instalments into
your offshore endowment policy.
This amount will increase each year in line with US inflation (if applicable), from age 65.
1
The yearly boost instalments will reduce your Dollar Life Fund as and when they are paid.
DOLLAR
GLOBAL
The Dollar Life Plan Optimiser boost EDUCATION
PROTECTOR
Term to age 65
0 – 119 120 – 149 150 – 179 180 – 209 210 – 239 240 – 269 270 – 299 300 +
2 (in months)
Boost at age
0% 5% 10% 15% 20% 30% 35% 40%
65 EXCHANGE
RATE
PROTECTOR
HOW T HE DOLLA R LI FE PLA N OPTI M I S E R W O R K S
If you take out a Dollar Discovery Retirement Optimiser at age 50, the boost percentage
will be 15%. Assume that at age 65 the value of your Dollar Discovery Retirement Optimiser HEALTH AND
endowment policy is $500 000. WELLNESS
REWARDS
The Dollar Life Plan Optimiser will be:
15% X $500 000 = $75 000
In addition to your endowment policy value of $500 000, you will receive an annual Dollar
Life Plan Optimiser instalment, for a period of 10 years, of $7 500 ($75 000/10), increasing
CLASSIC
each year in line with US inflation.
PLAN
HOW MUCH YOU CA N I N V E ST I N TH E D O L L A R D I S C O VE R Y R E T I R E M E NT
OPT IMISER
The Dollar Discovery Retirement Optimiser is available for monthly contributions only.
HOW THE
The minimum monthly contribution is $60 (as at October 2018). PREMIUMS
WORK
17 DO L L A R L I E F P LAN | 2 0 2 0HOME
The fees charged on your Dollar
DISC O V E RY LI FE
Discovery Retirement Optimiser GLOBAL RISK
PROTECTION
DOLLAR
GLOBAL
EDUCATION
Summary of fees PROTECTOR
The Dollar Life Plan is offered by Discovery Life and the Dollar Discovery Retirement Optimiser is offered by Discovery Invest. If the client owns a Dollar Life Plan
and links their Dollar Discovery Retirement Optimiser to the Dollar Life Plan, Discovery Invest will not charge initial fees.
EXCHANGE
RATE
A NNUA L FE E S CH A R G E D T R A NS A C T I O N F E E S PROTECTOR
B Y DISCO V E R Y I N V E ST SWITCH FEES
You will be charged an annual fee of 1.5% of your You will be charged a switch fee of 0.25% of the amount switched (up to a maximum of $50) for each switch made.
investment value. A part of this fee goes towards HEALTH AND
WELLNESS
paying your financial adviser an upfront fee at the EARLY EXIT FEES
REWARDS
start of your investment as well as ongoing additional
payments. This fee is divided by 12 and deducted Discovery Invest charges an early exit fee if your policy is paid up, or if you make a withdrawal from your Dollar
monthly by selling units from your policy. Discovery Retirement Optimiser within the first five years of your policy start date. This early exit fee will be up to
15% of your investment value, and will reduce linearly to 0% over a five-year period. Because the Dollar Discovery
B Y T HE FUN D M A N A G E R Retirement Optimiser is an endowment policy, only one withdrawal will be allowed during the first five years from
your policy start date. The maximum withdrawal is restricted to your contributions plus 5% interest, compounded CLASSIC
PLAN
You will be charged a yearly fund manager’s fee for each year.
investing in their funds.
Discovery Invest also charges an early exit fee if you reduce the contributions to your Dollar Discovery Retirement
This fee is priced within the unit price of the fund. Optimiser within five years from your policy start date. The early exit fee charged will be in proportion to your
Your financial adviser can advise on the fees for the contribution reduction.
different funds. HOW THE
All fees quoted may be reviewed by Discovery Invest from time to time. Discovery Invest will inform you in writing
PREMIUMS
if this happens. WORK
18 DO L L A R L I E F P LAN | 2 0 2 0HOME
How the premiums work
DISC O V E RY LI FE
GLOBAL RISK
T HE DOLLA R LI FE PLA N R E P O R T I NG A ND EXCHANG E CO NT RO L IMPL ICAT IO NS PROTECTION
Premiums and contributions will be denominated in dollars and will fluctuate Discovery Life will facilitate an automatic, seamless reporting process to the South
monthly in rand terms with the prevailing exchange rate unless you select the African Reserve Bank on your behalf. The Dollar Life Plan and the Dollar Discovery
Exchange Rate Protector (as discussed on page 10). Your Dollar Life Plan premium Retirement Optimiser are offered on the premise that you use your R1 million single
will increase each year in line with US inflation, plus an additional age-related factor. discretionary allowance to pay the premiums. It is your responsibility to make sure DOLLAR
GLOBAL
You can influence this increase through Integration and by effectively managing your you comply with exchange control regulations. Discovery Life will not accept any
EDUCATION
health and wellness. The minimum monthly Dollar Life Plan premium is $50. legal responsibility if you fail to meet your exchange control obligations. PROTECTOR
T HE DOLLA R D I S COV E R Y R E TI R E M E N T O P T I M I S E R I N T H E E VE NT O F A CL AIM
Certain qualifying criteria, and terms and conditions apply for the Dollar Discovery Claim and benefit proceeds will be paid in dollar into an offshore or local
Retirement Optimiser, the Dollar Retirement Investment Integrator and the Dollar bank account. EXCHANGE
Life Plan Optimiser. RATE
PROTECTOR
You must keep your Dollar Life Plan premium above the required minimum
level to qualify for the Dollar Life Plan Optimiser and Dollar Retirement
Investment Integrator.
HEALTH AND
If you reduce your monthly contributions, make a withdrawal, or make your Dollar
WELLNESS
Discovery Retirement Optimiser paid up, you may forfeit a part or all of your Life
REWARDS
Plan Optimiser and your Dollar Retirement Investment Integrator.
Discovery Invest may update the list of funds that qualify for the Dollar Retirement
Investment Integrator from time to time.
RETIREMENT
OPTIMISER
CLASSIC
PLAN
19 DO L L A R L I E F P LAN | 2 0 2 0DISC O V E RY LI FE
This brochure is a summary of the Dollar
Life Plan offered by Discovery Life. Speak
to your financial adviser about the full
range of Discovery Life products. For more
information refer to the Discovery Dollar
Life Plan Guide or visit www.discovery.co.za
Speak to your financial adviser about the range of Discovery Life products to suit your individual, personal or business needs.
The Dollar Life Plan and Dollar Discovery Retirement Optimiser are issued by Discovery Life Limited 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 Dollar Life Plan and the Dollar Discovery Retirement Optimiser are also subject to the South
African Long-term Insurance Act of 1998.
Discovery Life Limited is a registered long-term insurer and an authorised financial services provider. Registration number 1966/003901/06. Discovery Life Investment Services Pty (Ltd) branded as Discovery Invest is an
authorised financial services provider. Registration number 2007/005969/07.
The Dollar Discovery Retirement Optimiser is administered by Discovery Invest, a subsidiary of Discovery Limited.
The trustee appointed by the Branch must hold the licensed insurer’s assets representing at least 90% of policyholder liabilities in trust as imposed by a standard condition on the licence of the Insurer under section 12 of
the Insurance Business (Bailiwick of Guernsey) Law, 2002 (as amended).
The information given in this document is based on Discovery’s understanding of current law and practice in South Africa and Guernsey.
No liability will be accepted for the effect of any future legislative or regulatory changes. Product rules, terms and conditions apply.
RCK_75214DL_07/08/2020_V1You can also read
