Future Protector

What are the benefits of the Liberty Life Future Protector?

We don't know what the future holds. While you may be in good health today that may not be the case tomorrow. The Future Protector gives you the option to purchase cover in the future without further underwriting (other than a negative HIV test) as follows:

A combination of Life Cover, Lifestyle Protection and Loss of Income Protection cover may be purchased subject to the maximum option amount.

Future Protector provides protection against lower cover in real terms in future due to inflation. The benefit also provides you protection against not being able to obtain cover in future due to your becoming uninsurable. Life cover becomes more difficult to obtain with age and failing health.

The Future Protector is also ideal for business assurance purposes, as it allows your cover to grow alongside your business. Both you and your business associates are able to enjoy a sense of financial security if the business appreciates in value and a key person or partner in the partnership has become uninsurable.

Are there any restrictions on what type of cover I can select?

The application for the Future Protector will be fully underwritten. You will not be able to exercise an option under the Lifestyle Protection Option or the Loss of Income Protection Option if you are declined at the underwriting stage for these options.

Under the Loss of Income Protection benefit, Liberty Life reserves the right to refuse an application for the exercise of an Own Occupation Disability option, and to offer you the Own or Reasonable Occupation Disability option instead.

You may not exercise an option for a Lifestyle Protection benefit or a Loss of Income Protection benefit if you have ever claimed for this particular benefit. For example, if you have claimed under your Living Lifestyle benefit you will not be able to increase your cover under this benefit. However, you are allowed to increase your cover under the Life Cover and Loss of Income Protection benefits.

How can I purchase the additional cover?

The Future Protector is flexible. If you choose to exercise your option, you can:

• Increase your existing benefits on your contract
• Take out new benefits on your contract and/or
• Take out a new contract.

How much cover can I select?

You select an Initial Nominated Portfolio at inception of the contract. The level of the Initial Nominated Portfolio determines how much total cover you will be able to purchase on an annual basis in future.

On the first contract anniversary you can exercise options of up to 30% of the value of the Initial Nominated Portfolio. The amount of the option you can exercise increases annually at a compound rate of 20% p.a. The minimum option amount that can be exercised is R100 000. You cannot exercise total options of more than the Initial Nominated Portfolio.

You need not take up the full amount of cover. However, if only a portion of the option is exercised the balance does NOT accumulate to the next year.

When does the benefit cease?

• The option must be exercised at least once every three years otherwise the option ceases
• The benefit ceases once the total value of options exercised equals the Initial Nominated Portfolio
• The Loss of Income Protection option ceases when you claim under one of these benefits
• The Lifestyle Protection option ceases when you claim under one of these benefits
• The Life Cover option ceases at the contract anniversary prior to your 65th birthday
• The Loss of Income Protection option and the Lifestyle Protection option cease on the contract anniversary prior to your 60th birthday