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Double the money in your pocket with Discovery Life’s PayBack benefit

Earn up to 100% of your life insurance premiums back in cash when you take out a Discovery Life policy

20 January 2021 - 07:32
All the policies in Discovery Life’s insurance portfolio are structured to be relevant to a person’s life.
All the policies in Discovery Life’s insurance portfolio are structured to be relevant to a person’s life.
Image: Supplied/Discovery Life

With Discovery Life’s Double PayBack benefit, you could earn additional cash rewards through your life insurance plan. How does getting up to 100% of your premiums back in cash sound? 

The PayBack benefit is built into the Discovery Life shared-value insurance business model, where a percentage of your life insurance premiums are paid back to you at set periods of time. That’s extra money in your pocket, simply for living a healthy lifestyle.

Life insurance that rewards you for living well

Life insurance provides people with the means to create a financial security net that benefits their loved ones should they be hit by tragic or difficult circumstances. In the event of death, disability, severe illness or even loss of income, life insurance sees to it that those closest to you can continue living a productive, fruitful and healthy life.

“The beauty of the Discovery Life’s insurance portfolio is that all the policies are structured to be relevant to a person’s life — both in the immediate future and down the line,” says Discovery certified financial adviser Claire van Wyk.

“Packed with comprehensive benefits, a policy can be adapted at any stage should your needs change. The Discovery Life plans are flexible enough to accommodate changing needs and still remain comprehensive,” she says.

“What makes the Discovery Life plans worthwhile is that they offer policyholders more value,” says van Wyk. “We all want to get the most out of life and lead healthy lifestyles: our policies encourage that with a rewards-based programme. When you live well and manage your money better, life becomes that much ‘richer’.”

The PayBack Benefit that offers you a little more

Discovery Life is ramping up their much-loved PayBack benefit, offering you the ability to earn up to 100% of your life insurance premiums back in cash when you take out a Discovery Life policy.

By simply selecting the Double PayBack option and choosing to receive your PayBack five years later, you are able to double the PayBack that you receive, earning up to 100% of your qualifying premiums.

New to the PayBack benefit? Here’s how it works

Once you have a comprehensive Discovery Classic or Purple Life Plan in place, you can link it to various other Discovery products for added value. As a Discovery Health and Vitality member or Discovery Bank client, linking your products allows you to benefit from receiving upfront premium discounts as well as the PayBack benefit.

Additional cash payouts through your policy

With Discovery’s PayBack you can get substantial cash back throughout your policy term by managing your health and wellness.

1. Annual guaranteed PayBack of up to 10% back for the first 10 years of a policy.

By adding the financial integrator to your Comprehensively Integrated Classic or Purple Life Plan, you can receive a guaranteed percentage of your premiums paid back in cash each year for the first 10 years.

2. Five-yearly PayBack of up to 50% back

In addition, you can get up to 50% of your premiums back every five years up to age 65.

“PayBacks are a way to share value with our clients,” says van Wyk. “Policyholders who live healthily stand to benefit from rewards generated throughout their policy term. These types of rewards can really add value to a person’s quality of life — I see this in what I do almost every day.”

This article was paid for by Discovery Life.