Discovery Life Policy HUGE premium increases

waynehooper

Well-Known Member
Joined
Sep 4, 2008
Messages
495
#1
Just had my anniversary letter from Discovery for my Life/Disability/Dread Disease Policy, and nearly had a heart attack. They increased my premium by 16.9%. A huge portion was due to my Vitality level (blue) and low spend (R0) on my discovery card.

I cancelled my Discovery Card during the year as the FNB card gives me better benefits, and my Vitality stays on Blue as I just do not have the time to jump through their hoops (and not a fitness fanatic). I have had the policy for 18 years, and they are making it unaffordable as you get older.

I would seriously suggest looking elsewhere for your life/disability/dread disease unless you are prepared to maintain your Vitality status to be as high as possible (fitness fanatic) all the way until you retire.
 

beefymoocow

Well-Known Member
Joined
Jun 19, 2006
Messages
370
#2
Isn't the increase stated in the policy? I have a policy with them and it states the increases without integration till 2038
 

waynehooper

Well-Known Member
Joined
Sep 4, 2008
Messages
495
#3
From what I can see it's CPI+CPI+ the integrated cover adjustment - in the past the increases were not too bad, but his year it's over R1000 per month. Am going to speak to my broker to sort it out.

Isn't the increase stated in the policy? I have a policy with them and it states the increases without integration till 2038
 

beefymoocow

Well-Known Member
Joined
Jun 19, 2006
Messages
370
#6
From what I can see it's CPI+CPI+ the integrated cover adjustment - in the past the increases were not too bad, but his year it's over R1000 per month. Am going to speak to my broker to sort it out.
Mine says cpi + risk. And if you read further it talks about Extr premium increases if you on blue and you will also forfeit annual discount decreases if you on blue. And maybe since you stop the credit card you probably stop getting the initial discount. a portion of the 16% is probably once off. Depending on your age I think it might sound about right. Oh btw it's quite easy to get to gold. No need to be a fitness freak. Your assessments alone should put you pass silver.

I'm happy with my life cover for now. Not sure about your policy but all the increases is in my policy. So there's no hidden surprises. I'm more worried about my car insurance with them because it doesn't really state the increases although there's a nice feat that if I drive well and don't get into an accident my premium will never increase.
 

Fcon_Vpro

Senior Member
Joined
Oct 9, 2007
Messages
836
#10
Mine says cpi + risk. And if you read further it talks about Extr premium increases if you on blue and you will also forfeit annual discount decreases if you on blue. And maybe since you stop the credit card you probably stop getting the initial discount. a portion of the 16% is probably once off. Depending on your age I think it might sound about right. Oh btw it's quite easy to get to gold. No need to be a fitness freak. Your assessments alone should put you pass silver.

I'm happy with my life cover for now. Not sure about your policy but all the increases is in my policy. So there's no hidden surprises. I'm more worried about my car insurance with them because it doesn't really state the increases although there's a nice feat that if I drive well and don't get into an accident my premium will never increase.
I did all the assessments and only made it to bronze. You have to be healthy and fit to maximize the points to hit silver on just assessments. You basically need full marks to get it right.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
7,209
#11
I did all the assessments and only made it to bronze. You have to be healthy and fit to maximize the points to hit silver on just assessments. You basically need full marks to get it right.
Can also do a few park runs during the year for 300 points a week. No need to pay for a gym. It's not that difficult to get points. You can also get 50/100 points when you do 5k/10k steps in a day. Even just once a week, over a year those days will add up.

If a person is on Blue it means they're very inactive and haven't even done the assessments. So they are a higher risk hence premiums will be increased.
 
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waynehooper

Well-Known Member
Joined
Sep 4, 2008
Messages
495
#12
If a person is on Blue it means they're very inactive and haven't even done the assessments. So they are a higher risk hence premiums will be increased.
When you are running your own business, it means finding the time to go and do the assessments, and jumping through Discovery’s hoops. Between professional CPD and dealing with SARS etc etc etc there are enough organizations demanding that I entertain their every whim.

Spare time is scarce and I prefer to spend it on what matters to me, not Discovery. I do walk and exercise, but it’s not in their controlled environment.

Personally I think my broker sold me the incorrect policy, and it’s up to him to sort the mess. Otherwise it’s time to find one who will.
 

SaiyanZ

Executive Member
Joined
Jun 5, 2008
Messages
7,209
#13
If you are walking then you should be getting points with steps. The assessments take a few minutes a year. You are a high risk confirmed even more by your busy schedule.

Doing this stuff is supposed to be for your benefit as well. You make it seem like they've done something wrong.
 

waynehooper

Well-Known Member
Joined
Sep 4, 2008
Messages
495
#14
If you are walking then you should be getting points with steps. The assessments take a few minutes a year. You are a high risk confirmed even more by your busy schedule.

Doing this stuff is supposed to be for your benefit as well. You make it seem like they've done something wrong.
A 17% premium increase is just wrong!!
 

Craig

Honorary Master
Joined
Feb 22, 2016
Messages
11,063
#19
I don't have all of this vitality and cards and other things on my policy, straight life policy with annual adjustments specified for many years into the future, and they have increased over the past 5 years exactly as specified.
 

Gaz{M}

Expert Member
Joined
Feb 9, 2005
Messages
4,004
#20
Just go to Old Mutual, double the benefits for the same premium and none of that Vitality nonsense. I'm switching as soon as my No claims bonus pays out.
 
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