LIFE BOLD SIMPLE DIFFERENT. A personal approach to life cover LIFE

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1 LIFE SIMPLE BOLD DIFFERENT A personal approach to life cover LIFE

2 ALEXANDER FORBES LIFE Protecting your wealth to secure your financial well-being Flexible, to change as often as life does. You can change all benefit features on your policy, from lives assured to sums assured and from benefits to premium patterns. In the first ten years, at specified life events like marriage or the birth of a child, you can increase your cover with up to 100% of the original benefit without medical tests. You can choose to insure many people under one policy in your name. That includes your children and life partner on a personal policy or all your business partners on a business policy. You can choose unique benefits for each life assured. One policy fits all, because it s flexible enough to accommodate all. You don t have to be the one paying the premiums or receiving the benefit. Each policy can have a premium payer, a policyholder and multiple lives assured. We will make sure your claim is assessed fairly and settled quickly. Alexander Forbes Life will pay all valid claims that meet the terms and conditions in the policy document. 2

3 Cover, simplified Alexander Forbes Life Alexander Forbes Life offers you simple and sophisticated personal or business insurance. 1 Life In the event of your death, we ll pay the benefit to your nominated beneficiaries. We can pay up to 10% of the benefit within 48 hours to help you pay for immediate expenses. 2 Disability If you become disabled, impaired or unable to work, we ll pay you the benefit you selected: Income as a monthly benefit Lump sum as a once-off benefit Business continuity to cover business expenses for up to 24 months 3 Critical illness If you re diagnosed with a listed critical illness, we ll pay the benefit. 4 Children s trust If you become disabled or in the event of your death, Alexander Forbes Trust & Beneficiary Fund Services will manage the benefit to look after your children s needs. 5 Premium waiver If the person paying the premiums becomes disabled, we ll pay the premiums until they recover or retire, whichever happens first. 3

4 Life 4

5 Draw-down revenue from your policy Life The life benefit provides your family with financial security in the event of your death. The right amount of cover will help them maintain their lifestyle, even when you re not there. You can also protect your business against financial loss associated with the death of a key person, partners in a buy-and-sell agreement, or for any contingent liability. Life cover or Terminal illness or cover 10% immediate access 90% remaining benefit Access to full benefit Benefit after age % every month from age 70 We will pay 10% of the benefit, up to R within 48 hours, to help pay for immediate expenses or funeral costs. The benefit does not end at any age it is available to you throughout your life. On the policy anniversary date of the year you reach age 70, we can pay 0.5% of the benefit at that date, every month, for the rest of your life or until the benefit runs out, whichever happens first. Any amount left after your death will go to your nominated beneficiaries as a once-off payment. 5

6 Disability 6

7 Comprehensive, not complicated Disability benefit Income Includes once-off payments for specified hospital treatments. Capital Receive a benefit while we assess if you re permanently disabled. Business continuity Cover your business overhead expenses while you re disabled. Temporary or permanent disability benefit if you can t work or you can t look after yourself Monthly payments Retrenchment Pays for up to 6 months After retirement age the benefit reduces to 50% Pays out if you can t get to work Once-off payment for: Childcare Fractures Lump sum payment Once temporary disability is confirmed, pays 1% of the benefit for up to 6 months while being assessed for permanence After retirement age the benefit reduces to 50% Business continuity payments Up to 90% of the monthly business operating expenses Pays out for up to 24 months 7

8 Comprehensive, not complicated Disability benefit Income We will pay the benefit amount if you become: Temporarily or totally and permanently disabled and can t do your own job any more. Functionally impaired and can t perform normal daily activities. If you are able to work, but unable to get to work because of a disability, we can offer a simple solution. For example, if you break your leg and can t drive, we ll give you an amount to pay for alternative transport to get to work. This benefit includes a once-off payment if you are hospitalised for a minimum period, suffer a fracture, or if your child suffers from a serious illness which prevents you from working. If you take a sabbatical, you will still be covered for up to 12 months for salaried employees or up to 3 months if you re self-employed. You can choose to keep this benefit for your entire life, with your insured amount and premiums lowered to 50% after retirement age. In the event of your death while receiving the disability benefit, we will continue paying the benefit to your beneficiary for 3 months. You can also protect yourself financially, as a salaried employee, from the effects of retrenchment for up to 6 months or until you find work again. Lump sum We will pay the benefit if you become: Totally and permanently disabled and can t do your own job any more. Functionally impaired and can t perform normal daily activities. We will pay 1% of the benefit after 3 months from the date of confirming temporary disability until permanent disability is confirmed (up to 6 months), when we will then pay the rest of the benefit. You can choose to keep this benefit for your entire life, with your insured amount and premiums lowered to 50% after retirement age. You can tie this benefit to your life benefit, or take it out on its own. Business continuity We will pay a monthly benefit of up to 90% of the business s monthly operating expenses, to a maximum of R , if a business owner becomes disabled or impaired and unable to work, either permanently or temporarily. We will pay the benefit for up to 24 months, after a one-month waiting period. 8

9 Critical illness 9

10 Up to 125% for related illnesses Critical illness We will pay 25% or 100% of the benefit if you are diagnosed with a critical illness listed in our policy, depending on the severity of the illness. If you claim the 25% and the illness progresses to a more severe level, we will then pay you another full 100% benefit. If your critical illness benefit is not tied to your life policy, you can reinstate the benefit for any unrelated illness. For related illnesses, we will pay up to 125% of the benefit. If the benefit is tied to your life benefit, a full claim of 100% will reduce your life benefit and any other benefit tied to it. Whether your critical illness benefit is tied to your life benefit or not, you can make multiple claims for 25% payouts for unrelated illnesses. These payouts will not affect any other benefit amount. Your children will automatically be covered for all listed illnesses at 15% of your benefit, up to a maximum of R , until the age of 21. If we pay this amount, it will have no effect on your benefit. 100% 25% 15% If you qualify for the full benefit, we ll pay it. If your illness is less severe, we ll pay 25% of the benefit. For early cancers, we ll pay 25% capped at R If your children get any of the listed illnesses, we ll cover them automatically. Loss of independence If you satisfy the severe activities of daily living (ADL) definition as a result of an illness, we will pay 100% of the benefit, even if the illness is not specified in the list. Catch-all 10

11 System 100% 25% Cancer Specified severity (Standard Critical Illness Definitions Project (SCIDEP) A to D) all stages Aplastic anaemia Ductal or lobular carcinoma in situ of the breast Prostate cancer (early stage) Other carcinoma in situ (excluding skin and premalignant tumours) capped at R Autoimmune disorders Systemic lupus erythematosus Rheumatoid arthritis (100%) Sarcoidosis Wegener s granulomatosis Polyarteritis nodosa Scleroderma Rheumatoid arthritis (25%) Infectious diseases Bacterial meningitis Full-blown AIDS Cerebral malaria Accidental HIV infection Nervous system Alzheimer s disease and dementia Motor neurone disease Multiple sclerosis Parkinson s disease Major organs (disease or surgery) 100% 25% Brain Benign brain tumour Coma Stroke Hydrocephalus Lesser severity benign brain tumour (including cysts) Cerebral aneurysm Hydrocephalus (Lesser severity) Heart (including circulatory) Lungs Kidneys Heart attack (SCIDEP A,B,C) Heart surgery (including coronary artery bypass surgery) Heart disease Respiratory failure or severe lung disease Pneumonectomy Idiopathic pulmonary arterial hypertension Kidney transplant or kidney failure Heart attack (SCIDEP D) Heart surgery (lesser severity) Pulmonary artery surgery Removal of one or more lobes of the lung Other kidney disease Liver Liver transplant or liver failure Partial hepatectomy or other liver disease Gastrointestinal Pancreatic failure that requires a transplant Crohn s disease Ulcerative colitis Anorectal impairment Chronic pancreatitis Senses Sight Hearing Speech Blindness Deafness Loss of speech 100% 25% Partial loss of sight Partial loss of hearing Musculoskeletal Trauma Loss of limbs (more than one) Paralysis Muscular dystrophy Loss of at least one leg, foot, arm or hand Burns Traumatic head injury ICU with assisted ventilation 10 days ICU with assisted ventilation 5 days 11

12 Children s trust 12

13 Managed by trustees Children s trust In the event of your death or disability, we will pay towards your children s living and education costs. 100% of the benefit You can choose the amount we pay, specific to each child. The amount will not change over time. Alexander Forbes Trust & Beneficiary Fund Services will manage all payments to secure your children s financial well-being. Monthly payments The payments will continue until your child turns 24. If any amount remains in the benefit, we will pay it to them. School fees Living expenses Extracurricular 70% 20% 10% You choose how much to pay, per child, over time. 13

14 Premium waiver 14

15 Pays until retirement or recovery Premium waiver If the person paying the premiums becomes disabled or impaired and can t pay the premiums any more, we will cover the premiums for all lives assured under the policy. We will start paying the premiums after a six-month waiting period, until recovery or retirement. Before retirement, you can make multiple claims for the premium waiver benefit. 15

16 Contact us Alexander Forbes head office 115 West Street Sandown 2196 The information in this brochure is intended for general marketing purposes only and is not intended as advice. Instead, get advice from a qualified financial adviser about your specific needs and circumstances. The policy document will always apply if there s a difference between the information in this brochure or the policy document. The information in this document belongs to Alexander Forbes. You may not copy, distribute or modify any part of this document without the express written permission of Alexander Forbes. Alexander Forbes Life is a licensed financial services provider (FSP 1178). Written and designed by Alexander Forbes Communications Photos: istockphotos and Thinkstockphotos. 16