Discovery Life versus Old Mutual Greenlight

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1 Discovery Life versus Old Mutual Greenlight The Discovery LIFE PLAN is designed to offer you flexible personal and business financial protection against death, disability and severe illness at a cost effective premium to suit your needs. Our life insurance goes beyond the norm: its intelligent design means that your insurance can remain cost effective while adapting to your changing circumstances WE HAVE ALSO RECEIVED NUMEROUS AWARDS AND RECOGNITIONS INCLUDING: Discovery Life was voted the top life assurer in the most recent Sunday Times Top Brands Survey. Discovery Life won awards from 2007 to 2013 in the Financial Intermediaries Association of South Africa (FIA) Awards. PricewaterhouseCoopers surveyed the CEOs of South Africa s leading long-term insurers who agreed that Discovery is the market leader in life risk products and innovation. Discovery Life s Capital Disability Benefit is a market-leading product with comprehensive cover, a powerful loss-ofincome underpin and unique features, such as comprehensive multiple claims and the Dynamic Spend Protector. Clients can also choose the LifeTime Capital Disability Benefit, which can increase payouts to up to 200% of a client s sum assured. Our Capital Disability product has been further enhanced through the BenefitBooster, which can boost payouts of the accelerated Spouse Capital Disability Benefit by up to 40% at no additional premium. With this competitor analysis we aim to provide you with a better understanding of our Discovery Life Capital Disability Benefit as compared to Old Mutual.

2 DISCOVERY LIFE USES SUPERIOR CLAIMS ASSESSMENT CRITERIA Discovery Life s Capital Disability Benefit provides extensive whole body coverage through the use of comprehensive claims definitions, including objective medical criteria, Activities of Daily Living, loss of income and ability to perform one s nominated occupation. Simultaneously assessing clients claims based on multiple criteria ensures certainty at time of claim and provides unmatched breadth of coverage for permanent, partial and temporary disability. Discovery s claims criteria fall within four claims levels: Category A: Pays out 100% of the benefit amount if according to the objective medical criteria or Activities of Daily Living, the disability is total and permanent. Category B: Pays out 50% of the benefit amount if according to the objective medical criteria or Activities of Daily Living, you have a partial permanent disability. Category C: While waiting for permanence of your condition to be established you will receive a payout of 2.5% of your sum assured at the end of every four months if you suffer a loss of between 80% and 100% of your income (only available on the Classic LIFE PLAN). Category D: Pays out 100% of the benefit amount if you are permanently unable to perform your nominated occupation because of an injury or illness Old Mutual does not offer clients all of these claims criteria and even the claims criteria they do offer have a number of short falls. Old Mutual does has not have a loss of income claim underpin The ability to receive payments while permanence of the condition is being established is unique to Discovery Life s Capital Disability Benefit. In 2012, 1 in 4 of our Capital Disability Benefit claims was under the Category C underpin. In other words, 25% of our claims would not have been paid at Old Mutual. Case study The value of the Category C underpin can be seen from an actual claim experienced by a client. This client suffered chemical and thermal burns and qualified for three Category C payments of R per payment before being diagnosed as permanently unable to perform his nominated occupation. During the time taken to determine that the disability was permanent, the client received R from Discovery but wouldn t have received any payments from Old Mutual. These payments can be incredibly valuable to clients as they are typically experiencing higher than normal expenses and can also be losing income while they are disabled. Old Mutual s objective medical criteria are less comprehensive Objective medical criteria are the primary means of assessing the extent and permanence of disabilities. Discovery s list of objective medical criteria is far broader than Old Mutual s. For example, under the Nervous system category, Discovery covers complete destruction of both optic nerves, profound short-term memory loss and paralysis of two limbs with loss of bowel or bladder function, none of which Old Mutual covers. In most instances, where Old Mutual covers a condition, there is only one criterion for a claim to qualify, whereas with Discovery there are multiple criteria for a claim to qualify on. For example, Old Mutual only covers visual impairment where there is bilateral visual impairment of 70% and at least one of four other criteria being met. Discovery covers visual impairment under complete destruction of both optic nerves, less than 20/200 Snellen rating bilaterally or 70% visual acuity impairment.

3 Another example is that the loss of or loss of use of one limb could result in a 100% claim with Discovery, whereas at Old Mutual this will only generate a 75% claim. A 100% payment requires two limbs to be involved. Old Mutual s criteria are often much more strict than Discovery s. For example, to claim for cancer with Old Mutual, a client must be diagnosed with at least a stage III cancer and be unable to perform a specified number of Activities of Daily Living. With Discovery, if the client is diagnosed with one of a specified list of cancers, they qualify for a claim immediately. Another example is cauda equina syndrome. Having Cauda equina syndrome will result in a 100% payment at Discovery. Old Mutual will only make a 100% payment if there is radiculopathy and clinical signs of neurological impairment, inability to perform a specified number of ADLs and evidence of a cauda equine abnormality. Discovery offers higher payouts There are also many conditions where Discovery Life will pay more than Old Mutual. Examples include hernias where Discovery will pay 100% of the sum assured and Old Mutual will pay 50% and either hemianopia or complete loss of sight in one eye, either of which Discovery will pay 50% for whereas Old Mutual will pay 25% for. Discovery uses comprehensive Activities of Daily Living Discovery Life makes use of the internationally recognised Activities of Daily Living (ADL s) to assess disabilities where there is a significant impact on the client s ability to live a normal life, but these disabilities are not explicitly covered under the medical definitions. This system assesses the client s ability to perform various tasks that occur during daily life. If they are unable to perform a specified number of ADL s, they can qualify for a payment. Discovery Life s ADL s cover a wide range of activities and enable a comprehensive assessment of a client s ability to lead a normal life. Old Mutual uses ADL s within their claims criteria as additional claims critieria, i.e. the client must meet a medical definition and fail a specified number of ADL s to qualify for a claim. Old Mutual only cover 11 distinct tasks in two categories, whereas Discovery covers 35 tasks in six categories. ADLs such as memory, concentration, problem solving, judgement and reasoning and executive function including planning, initiation, organising and error monitoring) are particularly suitable in assessing mental disorders. Old Mutual s ADLs only cover these functions to a very limited degree. Maintaining relevant cover for whole of life With increasing life expectancy, many people will be forced to work longer to ensure sufficient retirement savings. With Discovery Life, clients can choose a benefit expiry age of 65 or 70. In addition, the Capital Disability Benefit automatically converts to the Severe Illness Benefit (Severity A and B) at benefit expiry age, without medical underwriting. This automatic conversion gives clients protection against the risk of not being able to obtain severe illness cover at retirement. This highlights how the benefits of the LIFE PLAN change to reflect clients changing needs. In 2012, Discovery Life converted R182 million of Capital Disability cover into Severe Illness cover, which highlights the value of this automatic conversion.

4 With Old Mutual, clients can choose a benefit expiry age of 65, 70 or whole of life. On the whole of life benefit expiry age option, the occupational underpin falls away at the earlier of the client retiring or the benefit anniversary following their 69 th birthday, while only the Functional Impairment definitions remain. DISCOVERY LIFE HAS BENEFITS THAT ALLOW FOR THE LONG-TERM IMPACT OF DISABILITY The LifeTime Capital Disability Benefit assesses the impact that a disability has on an individual s loss of future income in order to boost the Capital Disability payout that a client receives by up to 200% of the sum assured. Claims assessment is based on a transparent clinical model that objectively measures the long-term financial impact of the disability. The average LifeTime boost in 2012 was 140%. Old Mutual has no comparable benefit. The highest payout clients can receive is 100% of the sum assured. The Dynamic Spend Protector dynamically protects the client against the cost of living increases. In the event of becoming disabled, it will increase the DiscoveryCard partner discounts according to your actual expenses. Through this benefit you can receive discounts of up to 50% on your fuel spend through the DiscoveryMotor card and at partner stores such as Pick 'n Pay. Case Study Mr. Crawford (aged 40 next) has R Capital Disability Benefit cover. He is involved in a motor vehicle accident and becomes a paraplegic (a Category A disability). His average DiscoveryCard partner spend at partners before disability was R4 000 per month. Present value of the additional payments received as a result of the Dynamic Spend Protector as a percentage of his lump sum Capital Disability payment INFLATION VITALITY STATUS Blue Bronze Silver Gold Diamond Low 10% 18% 29% 41% 58% High 18% 27% 45% 63% 89% Discount rate = 9% p.a.; Low inflation = 6% p.a.; High inflation = 10% p.a. Assuming high inflation, the present value of the discounts received through the Dynamic Spend Protector could be up to R , in addition to the R he received upon becoming permanently disabled. This benefit of Integration is unique to Discovery. DISCOVERY LIFE HAS A SUPERIOR MULTIPLE CLAIMS FACILITY This feature allows the client to enjoy continued protection after a claim. The unique structure of the LIFE PLAN allows clients to claim multiple times for disabilities, providing that there is still LIFE FUND available. It protects them against the risk of receiving significant loadings or exclusions on subsequent lump sum disability cover, or becoming completely uninsurable. With Old Mutual you will only receive a payout for a subsequent claim in the same category if it is of a higher severity, regardless of whether it is a progression or not. This payout will be based on the remaining cover after the first claim, and the benefit will cease as soon as the full cover amount has been paid out. Discovery's accelerated benefit allows you to receive more than your selected sum assured.

5 Monthly disability premium Case Study Mrs Joubert has a LIFE FUND of R2 million and Capital Disability cover at 50% of the LIFE FUND. She suffers from a brain disease causing complete aphasia, which qualifies for a 100% payout worth R1 million. A few years later she is involved in a car accident which leaves her paralysed. She qualifies for a full payout based on the reduced LIFE FUND, i.e. R She receives a total payout of R1.5 million. After these two claims Mrs Joubert will still have R Capital Disability cover with Discovery. If she had this cover with Old Mutual, the first incident would also have resulted in a R1 million payout. However, she will receive nothing for the second claim since Old Mutual's benefit ceases once a full payout has been made. COMPARING PREMIUMS R 180 R 160 R 140 R 120 R 100 R 80 R 60 R 40 R 20 R 0 Greenlight Extensive Disability (Own) Benefit Discovery Comprehensive PLUS Capital Disability Benefit Non-Integrated Discovery Integrated Discovery Integrated with LifeTime PLUS (high earnings) Assumptions: 40-year old male non-smoker on Essential LIFE PLAN; R1 million life cover, R1 million accelerated capital disability to 65; Standard / Level funding pattern. Integration includes 40% Cover Integrator, 20% Financial Integrator and Personal Health Integration. Therefore for a cheaper premium, this client can receive significantly higher payouts with Discovery by Integrating and purchasing the LifeTime Benefit. Below are examples of the higher payments they could receive: Discovery Old Mutual Paraplegia 180% 100% Stage IV Cancer 125% 100% Loss of use of hand 165% 50% Severity A heart attack 125% 100%

6 SUMMARY OF UNIQUE FEATURES Discovery Life Old Mutual Benefits based on objective medical criteria Comprehensive cover through the use of ADLs ½ Nominated occupation underpin (If selected) Cover while permanence is being established (Category C) (Classic LIFE PLAN) Cover up to age 70 Automatic conversion to the Severe Illness Benefit at benefit expiry age Ability to boost payments to up to 200% Affordability of basic living through the Dynamic Spend Protector (If LifeTime Benefit selected) (Classic LIFE PLAN) ½ (functional impairment cover if whole of life option selected) Extensive multiple claims facility (Classic LIFE PLAN) ½ Full cover throughout the benefit term (no tapering) Up to 40% additional Spouse Capital Disability Benefit cover at no additional premium through BenefitBooster Disclaimer: In formulating the information in this document, Discovery Life has taken care to make sure that the views and opinions are based on information that is relevant and accurate. The executive summary is an illustrative tool only. The information in this document can change without notice. If there is a conflict between provisions of this executive summary and the provisions of the policy contract, the provisions of the policy contract will be followed. While every care is taken before opinions and views are given, no representation, warranty or undertaking (expressed or implied) is given and Discovery Life accepts no responsibility for the accuracy of the information in this document. Any recommendations made must take into account your clients specific needs and personal circumstances. Any legal, technical or product information in this document is not to be taken as advice by Discovery Life. The product features described above vary by whether the policyholder selects a Classic or Essential LIFE PLAN and by the benefit options selected. 01/02/2014

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