Alternative risk indeed, Altrisk stand out in the life insurance market as the insurer who is prepared to cover those clients who cannot get life cover elsewhere. Even thought they’re underwritten by Hollard, their policies are available to insureds who have been denied life cover by other insurance companies because of severe medical impairments or HIV.
What’s more, Altrisk cover clients working in high-risk countries too, and have introduced a suicide exclusion that recognizes previous periods of cover. Their current client base is over 90 000, each with a portfolio comprised of some of Altrisk’s 21 life insurance products. These include critical illness cover, disability cover, death and impairment benefits as well as income replacement.
Altrisk life cover
The range of policies on offer by Altrisk includes life cover, death income and accidental death. (Note: the difference between accidental death and life cover is that accidental death only covers the insured against death that results from accident, and thus does not require a medical exam to opt into. Accidental death cover is available even to those clients who could not qualify for life cover.)
The range Altrisk life insurance policies comes with the added benefits of guaranteed insuranbility (which increases the cover with little underwriting), crisis waiver, which waives the premiums of life cover in the event of a crisis for a specified number of months and flexibility which allows insureds to increase or decrease cover at any time.
Altrisk critical illness cover
The Altrisk critical illness benefit is comprised of three benefits, namely the basic critical illness, core critical illness and comprehensive critical illness products. As each product caters for more perils than the previous, the premiums increase. The cheapest critical illness, basic critical illness, cover caters for four main conditions, namely heart attack, stroke, cancer and coronary artery bypass graft. The core critical illness and comprehensive critical illness covers 33 and 54 conditions respectively.
As with most insurance companies’ critical illness cover, Altrisk pay out in the event that you are diagnosed with a critical illness.
Altrisk disability cover
The four disability benefits offered by Altrisk are comprised of accidental disability, disability, comprehensive disability and disability plus. The sum insured ranges from R5 million to R10 million depending on the type of benefit.
For more information on Altrisk life insurance policies, visit their site. Alternatively, fill in our online form and a Life.co.za representative will provide you with a range of life, critical illness and disability insurance options.