switching life insurance

[Boeta B]

hi,

my parents took out a life policy for me at Old M almost 10 years ago before i started working and i took over the monthly payments since i started working. The policy payout when something "happens" seams very weak in comparison to what the other companies are offering me. i mean, for the same premium I can get up to 4 times more cover for more or less the same benefits.

the reason why i'm still in 2 minds about this is because there is a bit of sentimental value attached (because of my parents) and that's why why i find it difficult to make the switch.

the best offer i got was from Discovery, basically tripled the benefits for the same premium and if i take with it the vitality i get cash back. they are all about fitness blah blah(cause this is where your build up points etc.) but that doesnt bother me cause this wont change my life style cause i'm already living as healthy as possible. i just like the way they want to reward you and give something back where as with Old M i've been paying them for 8years and the premiums just rise every year without any rewards etc. The discovery one also rewards you a portion of you total premiums as a cash injection when you retire into your retirement plan without affecting premiums/benifits.

any advice be appreciated.

 

[F1 Fan]

Old Mutual's life cover is one of the best out there. They pay something like 99% of their claims. Think it's called greenlight right?
Not saying the others are crap, just that Old Mutual has a good product. Also, you won't be underwritten again if you claim for disability.

 

[AlmightyBender]

I'm very sure that your parents would only be proud of you for doing your own investigation and taking care of yourself properly and I can only imagine they would heartily approve of you updating the policy to get a better deal. Sounds like great parents to do this type of thing for you in the first place. I say go for it.

 

[Boeta B]

I'm very sure that your parents would only be proud of you for doing your own investigation and taking care of yourself properly and I can only imagine they would heartily approve of you updating the policy to get a better deal. Sounds like great parents to do this type of thing for you in the first place. I say go for it.

yes, been doing some research for a couple of weeks now. the person who wrote out the Old M policy for me is a bit old school. he only likes to work with Sanlam and Old M. in his opinion also the better option when you want a stable no nonsence policy, but with now cashback benefits. i think it's more rewarding.

 

[Venomous]

yes, been doing some research for a couple of weeks now. the person who wrote out the Old M policy for me is a bit old school. he only likes to work with Sanlam and Old M. in his opinion also the better option when you want a stable no nonsence policy, but with now cashback benefits. i think it's more rewarding.

Have you asked old mutual to quote on your current risk profile?

At 18/19, the world would have been yours to take on.
10 years later your profile has changed.


caahback is paid for, by you, in one format or another.

life insurance, car insurance - whether the values differ or not are all calculated using your current risk profile.

I recently changed car insurance. The premiums are now 55% less than when I had an outbonus. The monthly saving(added together) is FAR greater than the anual outbonus I got, and yes I asked that insurer to requote coz else I will move.
Agents insisted (more than 1 call) that premiums are not going to change for the better.
I got quote and called them, said I can get X, will you match it.
They said no.

I left it for 2 days, coz I was buying another car. Then standing at the dealer I called to cancel, and suddenly they wanted to negotiate. I gave them a chance, even gave them other qoutes.
I now pay R400 less for house content, and 2 cars, combined, than outsurance wanted to charge for just the more expensive car.

 

[Boeta B]

Have you asked old mutual to quote on your current risk profile?

At 18/19, the world would have been yours to take on.
10 years later your profile has changed.


caahback is paid for, by you, in one format or another.

life insurance, car insurance - whether the values differ or not are all calculated using your current risk profile.

I recently changed car insurance. The premiums are now 55% less than when I had an outbonus. The monthly saving(added together) is FAR greater than the anual outbonus I got, and yes I asked that insurer to requote coz else I will move.
Agents insisted (more than 1 call) that premiums are not going to change for the better.
I got quote and called them, said I can get X, will you match it.
They said no.

I left it for 2 days, coz I was buying another car. Then standing at the dealer I called to cancel, and suddenly they wanted to negotiate. I gave them a chance, even gave them other qoutes.
I now pay R400 less for house content, and 2 cars, combined, than outsurance wanted to charge for just the more expensive car.

yes i asked OM to quote me on my current risk profile, but still failed to match and is R300k less for the same premium

 

[Boeta B]

Have you asked old mutual to quote on your current risk profile?

At 18/19, the world would have been yours to take on.
10 years later your profile has changed.


caahback is paid for, by you, in one format or another.

life insurance, car insurance - whether the values differ or not are all calculated using your current risk profile.

I recently changed car insurance. The premiums are now 55% less than when I had an outbonus. The monthly saving(added together) is FAR greater than the anual outbonus I got, and yes I asked that insurer to requote coz else I will move.
Agents insisted (more than 1 call) that premiums are not going to change for the better.
I got quote and called them, said I can get X, will you match it.
They said no.

I left it for 2 days, coz I was buying another car. Then standing at the dealer I called to cancel, and suddenly they wanted to negotiate. I gave them a chance, even gave them other qoutes.
I now pay R400 less for house content, and 2 cars, combined, than outsurance wanted to charge for just the more expensive car.

did the same with my previous car + househ insurer, got a another good deal for a 3rd of the premium, with no outbonus and much lower excess. previous insurer only gave me about R1200 cash back/year but that was not worth it for R10000 i would save with the new insurer, so i switched

 

[Venomous]

yes i asked OM to quote me on my current risk profile, but still failed to match and is R300k less for the same premium

request a list of exclusions/no-payment from both insurers.

see which has the better benefits for you / least exclusions.


There is no point in having life insurance that excludes payout if say you wear glasses, and someone applies a hammer to said glasses....
Yes, there are many stupid exclusions.

 

[Gaz{M}]

I have Discovery Life. That is the most complicated, convoluted piece of crap policy I have ever seen. Every year I am penalised because I don't go to gym or spend enough money on my credit card. My increases always exceed 10% per year. The initially "cheap" premium is now no longer competitive.

I suggest stay away from Discovery Life. My wife has OM and it is never a surprise what her increases will be as it is stated up front and fixed at CPI+x. OM also seems to give you a combined Life and Disability lump sum that you can claim for either event in full which is nice.

Get some more quotes from other providers and just check out the "exclusions" and the T&C's regarding disability etc.

 

[member2204]

Discovery tends to integrate their products. I'm also with Discovery LIFE and two things, among others, that affects the annual LIFE policy increase is your Medical Savings spend and your vitality status.

 

[Boeta B]

Discovery tends to integrate their products. I'm also with Discovery LIFE and two things, among others, that affects the annual LIFE policy increase is your Medical Savings spend and your vitality status.

yes, they are very integrated. they offered some other stuff but i'm not interested. they wanted to offer me car insurance with some cashback thingy but all worth when you are a responsible driver and doesnt drive after 11pm. basically you score on driving good but when you break the rules they deduct points. they fit your car with tracker. this is not gonna work for me. i drive a highperformance turbo car and is usually a couple of bus lengths infront of all the other cars when pulling off from robot so i said no thanks, ill never win

 

[Venomous]

yes, they are very integrated. they offered some other stuff but i'm not interested. they wanted to offer me car insurance with some cashback thingy but all worth when you are a responsible driver and doesnt drive after 11pm. basically you score on driving good but when you break the rules they deduct points. they fit your car with tracker. this is not gonna work for me. i drive a highperformance turbo car and is usually a couple of bus lengths infront of all the other cars when pulling off from robot so i said no thanks, ill never win

Then I am glad I never looked at them.
I just had a quick look online about the tracking. Apparently they will even phone you if you come to a sudden (think accident), and ask you why.
LOL I don't want a nanny state, woulda moved to Aus if I wanted that.

I am out after 11PM, at least once a week.

High performance car - the car needs to start moving when I require it to, so not gonna drive a 1.4.
No I don't drive above speed limit, but consider a responsive car safer than a slug.

 

[Boeta B]

Then I am glad I never looked at them.
I just had a quick look online about the tracking. Apparently they will even phone you if you come to a sudden (think accident), and ask you why.
LOL I don't want a nanny state, woulda moved to Aus if I wanted that.

I am out after 11PM, at least once a week.

High performance car - the car needs to start moving when I require it to, so not gonna drive a 1.4.
No I don't drive above speed limit, but consider a responsive car safer than a slug.

i dont trust insurance that requires tracker to be installed. they always try and buy you over with the fact that it will bring down premiums. true maybe, but i think it is just a clever way of catching you out when when you're in an accident and you need to claim and then they look into your tracker for your driving history so that they can find a reason not to payout. and what if you have an hospital emergency and its after 11pm?