What is Policy Protection and why do I need it?
The primary reason for taking out any insurance contract is to cover risk and to make sure that your family’s financial future will be secure if anything happens to you. If, for any reason, you stop paying your contributions, your contract will lapse and you will lose your cover and benefits.
If your circumstances suddenly changed and you experienced a loss of income following retrenchment or disability and could no longer pay your insurance contributions, you would risk losing all the protection you have taken out against death, disability, impairment and dread disease.
A further risk is that you may not be able to take out a new contract in the future due to change in your health – you may have become uninsurable, be subject to exclusions or have to pay substantially higher contributions.
To avoid losing your insurance cover in the event of temporary financial difficulty, you should consider taking out a Policy Protection benefit. This benefit will pay your contribution when you cannot – keeping your cover and benefits in place – and protecting you against life changing events.
There are a number of options of Policy Protection offered designed to suit your particular needs:
Financial Protector
This benefit offers a savings benefit that can be used to protect your contract in periods of temporary financial difficulty. The contributions you pau for this cover into one of the invevstment portfolios managed by Liberty Life on your behalf. This investment will be used when you experience financial difficulty and are unable to pay for your contributions.
Financial Protector cover
Premium Protector
This benefit ensures that you and your family remain covered if anything happens to you, with Liberty Life effectively paying the relevant contribution. Premium protector covers you and your spouse against death, disability and retrenchment.
Premium Protector cover
Future Protector
This benefit ensures that you will not be denied cover in the future – by giving you the option now to choose the amount of cover you may require in the future, without having to undergo any further medical examinations (excluding HIV).
Future Protector cover