Flexibility, peace of mind, convenience and unbeatable value

Transcription

1 life insurance Why Myriad? Flexibility, peace of mind, convenience and unbeatable value Myriad is Momentum s market-leading life insurance product, covering hundreds of thousands of South Africans. With its advanced design, unbeatable flexibility, robust protection and discounts of up to 60%, it is time to think differently about life insurance. Since its inception in 2002, Myriad has provided cover to more than lives during this period. We are a stable, financially secure life insurer that protects our clients and their families during life-changing events and this is evident in the R28.7 billion risk claims that were paid to our valued clients since then. Like other life insurance products, Myriad protects its clients and their families against the risk of dying, becoming disabled or critically ill. However, Myriad offers your clients a range of unique benefits that makes it stand out from the rest. 1 4 Not all clients have similar needs, so Myriad embraces a building block approach as opposed to a one size fits all risk solution. Every Myriad benefit is a separate building block with its own benefit rules and features. This exceptional level of flexibility enables you to package appropriate and unique solutions for your clients to offer a tailor-made risk plan to suit your clients unique needs. Myriad is a flexible risk solution for life, a product that evolves over time to serve clients needs, today and in the future. We keep existing client benefits up-todate with the latest enhancements, either automatically, free of charge or through easy policy alterations. Flexible, contemporary, living product solution Building block flexibility 2 Accurate pricing Myriad is the only product that applies personal risk rating, which uses individual criteria to rate insured lives. Personal risk rating is a more appropriate way to determine your clients premium, in line with their individual risk profile. Momentum Interactive is a refinement of personal risk rating. It is an innovative approach to underwriting that reward clients if they follow a healthy lifestyle based on factors such as body mass index (BMI), cholesterol and blood pressure. To date a total of R700 million in Momentum Interactive discounts have been awarded. This living product strategy allows Momentum to embrace risk innovation while simultaneously ensuring that existing client solutions stay contemporary and your advice appropriate. Best of breed solutions 3 Momentum Myriad is in the business of paying claims and makes every effort to ensure our benefit definitions are as comprehensive and objective as possible. We believe in responsible innovation and build solutions to meet your clients needs.

2 We pay clients for living Myriad does something that no other life insurer does. We cover your clients if they stay alive. No one wants to be a burden on their family if they run out of money. With Myriad s unique longevity benefits we provide your clients with on-going funds if they survive a moderate to severe critical illness or disability or we pay them a lump sum at age 80, if they never claimed. Real protection for your clients - in sickness and in health! Boost retirement savings By keeping their Myriad policy and qualifying Momentum retirement annuity to retirement, your clients can get up to 15% of their premiums back through the unique Retirement Booster. When linked to a Longevity Protector, they can get as much as 30% to 45% of their premiums back at retirement. Disability benefits with build in functional impairment Your clients can choose from a range of lump sum disability benefits, with build in functional impairment that pays a taxfree lump sum if they become permanently disabled. By adding Myriad s Longevity Protector to one of our disability benefits, your clients will receive regular top-up payments to help them provide for a long life, where medical advances are keeping them alive despite their disability. New generation income protection At Myriad, your clients do not have to choose between a loss of income or sickness benefit approach. Our income protection solution incorporates the best of sickness and loss of income benefits as well as additional claim categories, ensuring the most robust claim definitions available. By attaching Myriad s Longevity Protector to one of our income protection benefits, your clients can receive 50% more cover at an unbelievable 12.5% additional premium. By combining Myriad s disability benefits (lump sum and income protection) with our Longevity Protectors, clients can insure up to 150% of their income. Comprehensive critical illness benefits cover that never runs out! Myriad offers a range of comprehensive critical illness benefits. Your clients can choose between an affordable severity-based benefit and a benefit that pays 100%, even for lower severity conditions. They are also covered for more critical illnesses on Myriad than any other product in the market.

3 By adding Myriad s Longevity Protector to one of Myriad s critical illness benefits, your clients cover will never run out, no matter how long they live. A safeguard against impairment Impairment benefits can protect your clients against the financial impact of permanent illnesses or injuries. The Functional Protector will pay them a monthly amount for the rest of their life if they become severely impaired. The Functional Impairment Benefit pays a tax-free lump sum if they become moderately or severely impaired. Save up to 60% on risk premiums Myriad policyholders who are also Multiply members and actively use this rewards programme, can save up to 60% of their Myriad premiums every month. Their guaranteed discount starts at 10% at Bronze Multiply status and can go up to 50% if they are on Private Club status. In addition, they can qualify for a 10% fitness discount while qualifying for other incredible savings at a range of Multiply partners, such as Mango, Dis-Chem, Virgin Active, Apple, Samsung, Protea Hotels, Virgin Atlantic, and many more! Get an additional 60% of premiums back every 10 years Myriad s premium payback option pays 20% of your clients premiums back every 10 years on stand-alone critical illness and lump sum disability benefits. When linked to their Multiply status, the value for clients are even more compelling. In addition to the monthly premium discount of up to 60%, Private Club status members can get 60% of their premiums back every 10 years! Protect their children Under the critical illness benefits, your clients automatically get 10% (up to R ) free cover for their children. If they have the Education Protector and die or become disabled, they will be paid out a cash lump sum for their children s education. If they don t claim, they will get a refund on all their premiums. With Myriad, estate duty is sorted The Last Survivor Death Benefit is unique in the market. It is the most cost-effective way for the insured life to provide funds to cover estate duty. The benefit pays on the last of the two spouse s death, while waiving the premiums on the death of the first spouse.

4 We offer an ideal solution for your client s premiums to remain affordable throughout their lives Due to Myriad s flexibility, clients have the option to select premium patters attached to each benefit that will ensure a tailor made, cost effective solution. For example, short term needs, such as homeloan protection can be accommodated through the lowest possible premium which will allow your client to afford suitable cover for their long-term needs such as critical illness cover after retirement. Premium guarantee term extender The free premium guarantee term extender extends the standard premium guarantee term by one year for every two qualifying premium or benefit amount increases. It nearly doubles the initial guarantee term. This results in Myriad offering the longest premium guarantees in the market. Designing the right solution The new expert system called Myriad Designer navigates you through the many choices on offer and assists you to compile quotes for your client with expert guidance in just a few clicks. In addition, the system designs optimal risk solutions and also records the advice you give your clients automatically. We look for reasons to pay claims We want your business as quickly as possible Convenience, speed and efficiency were top of mind when we designed our business submission processes which allows for business submissions in a variety of ways. In every risk we look for opportunity Our underwriting process is upfront and straightforward. We aim to underwrite at the new business stage with the goal in mind of paying claims. This involves considering applications for cover on an individual basis to determine if the requested cover should be granted as well as what terms could be offered. We understand that timeous and quality feedback is vital to your business operations and therefore aim to provide underwriting requirements or feedback within eight working hours from when the submission was made. We protect your business We are proactive in safeguarding your business by constantly monitoring industry activities and providing you with timeous feedback. We understand that business retention is vital to accumulate and sustain an income stream for your business. Due to our vigilant retention approach, we saved a total of R50 million in financial advisor commission during the last financial year. It s not about life insurance; it s about insuring your clients financial wellness! When it comes to claims, your clients are in the safest possible hands. Since the inception of Myriad in 2002, we only ever had one Ombudsman ruling against us. The statistics speak for themselves. During 2012 we paid over R1.5bn of death claims and more than R2.2 billion across all benefit types. We repudiated less than 0.4% of death claims during 2012; this is 60% lower than the industry average. Terms and conditions apply. Momentum, a division of the MMI Group Limited, is an authorised financial services and credit provider. Reg. No. 1904/002186/06 October 2013

5 Ten reasons to choose Myriad On a like-for-like basis, Myriad offers the most competitive rates in the market 1 If the premium of a competitor product is cheaper, it is more than likely because apples are not being compared with apples. For example, the premiums may increase at a steeper rate or the benefits may have lower payout levels. Our market-leading method of calculating premiums (Momentum Interactive and personal risk rating) means you do not subsidise higher risk clients and you enjoy the benefits of a healthy risk pool: lower premiums now and in the future. Myriad has a win-only philosophy for clients unconditional value with no hidden downside 2 While Myriad s rates are already competitive, health-conscious clients can pay even less by receiving discounts of up to 60%. Discounts can increase or decrease, but there are guarantees in place for you to always retain a portion of your discount irrespective of your health, and you are guaranteed to never pay more than the contractual premium. Myriad offers an ideal solution for your premiums to remain affordable throughout your life 3 With Myriad, you can select a different premium pattern for each of your benefits, ensuring an optimal solution. You get the lowest possible premium for benefits addressing shorter term needs, such as homeloan protection, while ensuring that you can still afford cover for longer term needs such as critical illness cover after retirement.

6 Ten reasons to choose Myriad Myriad offers a unique and hassle-free way for you to increase your cover People s needs constantly change and chances are you may need to increase your cover from time to time. 4 Myriad offers a unique spare cover feature that removes the hassle of underwriting when you apply for extra cover. Unbeatable flexibility allows you to get the most comprehensive cover at the lowest possible cost With Myriad s building block approach you get a solution that meets your needs exactly and you only pay for what you need. Here is how: 5 You can select for your full cover to remain intact after a critical illness claim ( stand-alone option) so that you can claim multiple times, and importantly, to prevent your claims from reducing your life and disability cover. On the other hand, you can choose a permanent disability claim to reduce your life cover ( ancillary option), for the most cost-effective way to settle your debt on the first of death and disability. You can tailor the optimal combination between income and lump sum disability benefits for the lowest premium and most comprehensive protection. You have a choice between 100% and tiered critical illness cover and an option to cover lower severities. You can increase your lifestyle protection in an affordable way by combining functional impairment and critical illness benefits.

7 Ten reasons to choose Myriad Myriad covers more events than any competitor, giving you the best possible protection 6 All Myriad s lump sum disability benefits also cover functional impairment, while our income disability benefits cover disability, functional impairment and critical illness in one benefit, maximising your protection. Myriad s critical illness benefits offer comprehensive cover for high- and low incidence illnesses. This is because we recognise that lower incidence illnesses can have the same lifestyle impact as the more common major illnesses. Many life companies focus mainly on the high incidence illnesses with poor or no cover for other illnesses. On a like-for-like basis, Myriad s critical illness benefits offer the highest payout levels in the market 7 The payout levels of Myriad s tiered benefits are unsurpassed when compared to other tiered benefits. Most tiered benefits would for instance pay 50% for moderate heart attacks, while Myriad pays 100%. Payout levels under the elevated benefits match traditional, 100%-only benefits, while covering many more conditions. Myriad generally pays out earlier and has less strict criteria, making it easier to qualify for a claim Myriad s income disability benefits do not require proof of loss of income to claim for the first one to two years. 8 Our critical illness and functional impairment definitions generally have less strict measurement values than competitor s benefits. Our critical illness benefits pay out upon meeting the medical criteria, unlike many competitors who follow an outcomes-based approach with certain illnesses. They require that the illness to be so advanced that your ability to do self-care activities of daily living must be affected before a payout is made, which could take years.

8 Ten reasons to choose Myriad Myriad s benefits come standard with market-leading features to best cater for your needs Myriad s income disability benefits come standard with: guaranteed insurability, escalation in claim (if benefit increases have been selected), 9 a unique partial claim upgrade which can pay 100% even on partial disability, and a unique claim increase booster for young professionals, paying up to 50% more than other benefits. Other powerful features of Myriad include: disability benefits that can be converted to whole life impairment cover, critical illness benefits that include automatic reinstatement (on stand-alone benefits) and cover for children, free of charge, a Retirement Booster that gives back a portion of your risk premiums at retirement, and a premium guarantee term extender, which can virtually double your initial premium guarantee term. Myriad s unique living product philosophy means your benefits are constantly updated 10 Life insurance products are continuously evolving and improving. With Myriad, enhancements are automatically included on existing benefits whenever possible, at no extra cost. When you choose Myriad, you essentially enjoy a market guarantee your benefits will continue to be at the forefront of the latest and best in the market.