Considering dropping life cover (Discovery Life) after 7 years of paying ...

[sonxEr77]

Hi guys, tough decision here but thinking its better now than later? I've been paying for discovery life which will be reaching its 7 year anniversary in September. But, since i work for Sanlam, i took on their cheaper and better offer. Whats making my decision difficult is that the value of this policy is now standing at about 1.4M, and i will be losing all of that, but the escalating premium now sitting at R550 feels like a waste of money. Basically the only rational for having this is because i have vitality (No discovery medical aid), so lapsing this will also disqualify my Vitality which i have maintained gold (diamond) for over 5 years now. I only have one beneficiary (my niece), am single no kids... My question is, would you advice dropping this and lose all that money now which i payed over 7 years plus the vitality benefit and perhaps put that R550 elsewhere? I have my niece + mom on the other life policy...

 

[AlmightyBender]

Why not take a different Discovery product to keep Vitality? Like something from their investment division. I think the minimum is R300 per month for any product to qualify. So do a tiny RA or something.

 

[LazyLion]

Hi guys, tough decision here but thinking its better now than later? I've been paying for discovery life which will be reaching its 7 year anniversary in September. But, since i work for Sanlam, i took on their cheaper and better offer. Whats making my decision difficult is that the value of this policy is now standing at about 1.4M, and i will be losing all of that, but the escalating premium now sitting at R550 feels like a waste of money. Basically the only rational for having this is because i have vitality (No discovery medical aid), so lapsing this will also disqualify my Vitality which i have maintained gold (diamond) for over 5 years now. I only have one beneficiary (my niece), am single no kids... My question is, would you advice dropping this and lose all that money now which i payed over 7 years plus the vitality benefit and perhaps put that R550 elsewhere? I have my niece + mom on the other life policy...

No, I don't think you should drop it, unless you are planning on taking up another life policy somewhere else.
One should always have at least one life policy and R550,00 is not a bad amount for R1.4M cover.

 

[sonxEr77]

Why not take a different Discovery product to keep Vitality? Like something from their investment division. I think the minimum is R300 per month for any product to qualify. So do a tiny RA or something.

I believe only Life & Health cover allows you vitality, nothing else...

 

[sonxEr77]

No, I don't think you should drop it, unless you are planning on taking up another life policy somewhere else.
One should always have at least one life policy and R550,00 is not a bad amount for R1.4M cover.

Have one with Sanlam, part of he reason am dropping

 

[ionam]

Goodness dont do that! I work for Discovery Lifes' marketing department I must confess - because you have a Vitality you qualify for annual PayBack which means that on a yearly basis you can get up to about 20% of you premiums back on Gold status. You just need to link the two products - that is if you have a Classic LIFE PLAN. You also get a premium discount.

Discovery also recently launched a short term business which will give even more discounts if and benefits through your life and Vitality products. Let me know if you want me to put you in contact with a financial adviser.

 

[ichigo]

If it is anything like the Liberty Life policy cancel it now, since my dad had a life policy on me from 1988 and when he died they were suppose to pay us out, but they never did and keep making excuses that the person is sick or on leave . There is is a 20k payout which would pay for my new laptop if they do.

Hopefully its not the same with other companies.

 

[sonxEr77]

Goodness dont do that! I work for Discovery Lifes' marketing department I must confess - because you have a Vitality you qualify for annual PayBack which means that on a yearly basis you can get up to about 20% of you premiums back on Gold status. You just need to link the two products - that is if you have a Classic LIFE PLAN. You also get a premium discount.

Discovery also recently launched a short term business which will give even more discounts if and benefits through your life and Vitality products. Let me know if you want me to put you in contact with a financial adviser.

Thanks for the offer ionam, i already have FA. But will consider keeping this for sometime ... And yes i have the two linked and get payback every 5th year ... I also have integrator which play some confusing role ...

 

[sonxEr77]

Goodness dont do that! I work for Discovery Lifes' marketing department I must confess - because you have a Vitality you qualify for annual PayBack which means that on a yearly basis you can get up to about 20% of you premiums back on Gold status. You just need to link the two products - that is if you have a Classic LIFE PLAN. You also get a premium discount.

Discovery also recently launched a short term business which will give even more discounts if and benefits through your life and Vitality products. Let me know if you want me to put you in contact with a financial adviser.

To share from their rules ...

4.3. Who qualifies as a main member
To be a main member of Vitality, you must make a monthly payment (or consent to a third party
making the payment on your behalf) to Vitality for the Vitality programme and be one of the
following:

A principle member of a medical scheme administered by Discovery Health; or

A policyholder of a Discovery Life policy paying a minimum premium of at least R350; or

An employee of an employer who has taken out Discovery
Life Group Risk cover. At least
50%
of the Group Risk LIFE PLAN policy holders must also be members of a Medical
Scheme administered by Discovery Health.
You are only allowed one Vitality policy, irrespective of whether you have taken out more than
one of the above products.

 

[Nerfherder]

Just reduce the contribution... its worth it just for vitality.

 

[sonxEr77]

Just reduce the contribution... its worth it just for vitality.

I have ebucks, but i agree .. Vitality is worth it

 

[Hosehead]

Even if you have the same policy with Sanlam and cheaper its what 1.5/ 1.4 mil? What the Fark is that going to buy in 5 years time?
So with disco you have an extra policy for a combined amount of 3 m coverage.
I was offered a disco plan for 5M with 1600 contribution pm I'm still shopping around because all the prodding and jabbing and blood work freaks me the hell out

 

[bromster]

Diamond vitality is quite valuable. Just e-mail Discovery and request a call back regarding termination of your policy. They will probably try to keep your business by offering a better price.

 

[brianj74]

Will you keep your samlam policy when you are not working there?