Discovery Classic Life

[Dolby]

Many years ago I took one of these out and forgot about. Still in my 20s, I wasn’t aware of what I was taking or signing for - but it wasn’t that much of disposable income anyway.

Today things are different and I’ve done some financially shuffling over the last few years.

So, this plan, my understanding was that this is what my beneficiaries receive after my death?

If so, why does the app tell me ‘X amount of days until payment due’? What happens on the date if I’m alive?

 

[GrootVoet]

In x days they sending the assassins out after you. Better stay low.

 

[Matt91]

Hear me out, maybe it means they're going to pay you out in ‘X amount of days' for making it up to a ripe old age in SA? Like a weird squid game thing.

 

[Dolby]

Hear me out, maybe it means they're going to pay you out in ‘X amount of days' for making it up to a ripe old age in SA? Like a weird squid game thing.

I've asked my broker.

As I say, I thought I don't see a cent - even if I live to the age of 90. I need to pass away 1st

 

[Dolby]

Here's something else I don't get , checking the advert below :

I pay R330m - but something happens next week, is it R3m to my family ?
or is that up to R3m only - and then at what date ? If something happens in 50 years - still R3m?

 

[Pho3nix]

Here's something else I don't get , checking the advert below :

I pay R330m - but something happens next week, is it R3m to my family ?
or is that up to R3m only - and then at what date ? If something happens in 50 years - still R3m?

View attachment 1396055

On your policy they usually include CPI increases to the premium and the cover. So in 50 years it could be 10mil or whatever

 

[Dolby]

On your policy they usually include CPI increases to the premium and the cover. So in 50 years it could be 10mil or whatever

I do see that on mine - so what's the R3m on the advert ?
Where / how do they get the figure ?
The lowest amount ?

 

[Pho3nix]

I do see that on mine - so what's the R3m on the advert ?
Where / how do they get the figure ?
The lowest amount ?

It’s just an ad to attract peeps to take the service. The 3 mil is if you get hit by a bus in the next 2 years.
Remember most life insurance only covers you from the second year

 

[Pho3nix]

Dupe

 

[Dolby]

Thanks !

 

[Pho3nix]

Dupe

 

[Pak Fa Fui]

There was a way to find out about life policies on your name, I dont remember which company to contact but they will explain all the pay outs for you

 

[Dolby]

If so, why does the app tell me ‘X amount of days until payment due’? What happens on the date if I’m alive?

Ok so already got this answer :

This is actually a free benefit called the Cash Conversion – they convert a portion (normally between 10% to 5%) of your life cover at age 65 into cash and pay it out tax-free. Think of it as a long-term incentive to maintain the policy. However, you end up getting more if you have a better Vitality status (so they incentivize you to get to Gold each year)

 

[beefymoocow]

Ok so already got this answer :

This is actually a free benefit called the Cash Conversion – they convert a portion (normally between 10% to 5%) of your life cover at age 65 into cash and pay it out tax-free. Think of it as a long-term incentive to maintain the policy. However, you end up getting more if you have a better Vitality status (so they incentivize you to get to Gold each year)

Yep it’s basically like a bonus when you retire at the age of 55/65.

I have it too.

 

[Pak Fa Fui]

Yep it’s basically like a bonus when you retire at the age of 55/65.

I have it too.

You going to keep that diamond status for another 32 years

 

[beefymoocow]

You going to keep that diamond status for another 32 years

Hopefully. To get diamond isn’t too hard. Been on it since I started discovery for 8 years. Crazy thing is that the cash conversion is one of the benefit. There are similar to better benefits attached to being diamond.

 

[Pho3nix]

Yep it’s basically like a bonus when you retire at the age of 55/65.

I have it too.

They’re gonna give you 7bar in 30 years?

 

[beefymoocow]

They’re gonna give you 7bar in 30 years?

Yea if I meet their diamond status. It’s probably 2 bar in today value. But I upgraded my cash conversion from 5% to 100% for about 80 bucks a month.

And in 30 years time. They don’t give you full access to the amount. It’s spread over 10 years.

 

[Pho3nix]

Yea if I meet their diamond status. It’s probably 2 bar in today value. But I upgraded my cash conversion from 5% to 100% for about 80 bucks a month.

And in 30 years time. They don’t give you full access to the amount. It’s spread over 10 years.

So it becomes a annuity of sorts paying you out?
Think I’d prefer the 7 Bar.

Sister and brother with Discovery. I’ll ask them to get a quote