What is the Premium Protector?
The Premium Protector ensures the continuation of contribution payments on the contract in the event of your death, disability or retrenchment. Both you and your spouse can purchase the Premium Protector on the same contract.
The contributions you pay for this cover are invested into one of the five portfolios managed by Liberty Life on your behalf. Your investment builds up value over time and can be used if you are unable to pay the contributions for your risk benefits. And if you never need to access the funds to your contributions, you can use your investment savings for whatever you choose.
In the event of either one of you dying, being disabled or being retrenchmed, the Premium Protector will pay the following contributions:
- The policy fee under the Lifestyle Protector contract.
- The contributions for the risk benefits of the surviving spouse, excluding any future benefit and contribution increases selected.
- The Financial Protector contribution, until the selected maturity date of the Financial Protector benefit, excluding any future contribution increases.
- The contributions payable under the Child Living Lifestyle and the proportion of the Hospitalisation Lifestyle Enhancer contribution that relates to a Child Life Assured on the contract, excluding any future benefit and contribution increases.
All automatic benefit and contribution increases cease when the Premium Protector commences. Cover will remain at the same level as at the time of your death, disability or retrenchment. The surviving spouse’s Premium Protector is cancelled on your death, as the benefit is no longer required.
The Premium Protector is available in the following options:
Premium Protector – Death
Ensures the continuation of contribution payments on the contract in the event of the death of the life assured
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Entry Ages:
- Min: 15 next birthday, 20 for Age Rated
- Max: 65 next birthday
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Benefits:
The following contributions are waived:
- Contract fee for the Lifestyle Protector contract
- Spouse’s risk contributions, excluding any future benefit and ACI’s.
- Financial Protector contribution, excluding ACI’s.
- Child Living Lifestyle contributions, excluding any future benefit and ACI’s.
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Premium Protector – Disability
Ensures the continuation of contribution payments in the event of the life assured becoming disabled.
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Entry Ages:
- Min: 15 next birthday, 20 for Age Rated
- Max: 60 next birthday
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Benefits:
The following contributions are waived:
- Contract fee for the Lifestyle Protector contract.
- Contributions for remaining risk benefits, excluding any future benefits and ACI’s.
- Spouse’s risk contributions, excluding any future benefit and ACI’s.
- Financial Protector contribution, excluding ACI’s.
- Child Living Lifestyle contributions, excluding any future benefit and ACI’s.
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Premium Protector - Retrenchment
This benefit waives the entire Lifestyle Protector contribution, and is payable in the event of the retrenchment of the life assured. This benefit is only available at policy inception.