Instead of penalizing their customers with high premiums for being unhealthy, Discovery Life has changed the way life insurance companies view their clients by rewarding them for healthy living. The Discovery Life Vitality wellness programme integrates with the Discovery Life Plan to decrease premiums, cash back and exclusive discounts to a range of health and wellness facilities.
Discovery Life integrates with Discovery Health to offer more than just life cover, but severe illness cover as well. Their life insurance product includes a disability benefit as well, retirement option and education protector. Discovery life plans cater for individuals and families by combining the following benefits.
Discovery Life capital disability
Like most life insurers, Discovery provides a disability benefit with their life cover. This benefit pays out a lump sum in the event that the insured becomes disabled and unable to earn a living. This lump sum enables the policyholder to remain financially secure.
Discovery Life severe illness benefit
Similar to the disability benefit, the severe illness benefit pays out a lump sum in the event that the insured is diagnosed with a severe illness which affects any of the major body systems such as cardiovascular or nervous systems. A specific list of diseases are covered in the policy, while it makes room for cover for other diseases which prevent Activities of Daily Living.
Activities of Daily livening are those functions that people perform on a daily basis, namely eating, bathing, dressing, transferring (walking), going to the bathroom and continence.
Discovery Life income continuation benefit
If injury or death leaves the policyholder unable to earn an income, the Discovery Life Plan includes an income protection benefit which pays out monthly installments to enable the policyholder to maintain his or her standard of living. If the policyholder runs a business, then the Overhead Expenses Benefit pays out for the monthly expenses of that business.
Discovery Life health protector
More than just a health protector which pays out for medical procedures for the policyholder and his or her family outside of South Africa, the Health Plan Protector pays the medical contributions of the policyholders family for up to 10 years after the his or her death. The Discovery Life Plan also includes an education protector and retirement plan.