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Who can be a beneficiary of my life cover ?
Because MyLegacy Cover™ is an extender benefit of the Legacy Protection Plan™, you can nominate either an individual, a trust or your estate as the Beneficiary without incurring any executor’s fees....Do I pay Executor’s fees on MyCover™?
No. Because MyCover™ is an extender benefit of the Legacy Protection Plan™, all your executor fees are indemnified regardless of who the nominated beneficiary is. If your life cover from another provider pays to an individual, it wouldn’t attract ...Does my life cover form part of my estate?
Your life cover only forms part of your estate if you nominate your estate as the beneficiary on the life cover beneficiary nomination form. However, should your nominated beneficiary pre-decease you, the benefit could be paid to your estate ...Can minor children be beneficiaries of life cover?
Technically, yes. However, this is not best practice, as minor children's finances still fall under the curatorship of their guardian. If you have minor children, you should consider the use of a testamentary trust as a vehicle to protect ...Do my monthly premiums increase annually?
MyCover™ premiums increase by the higher of 4% or CPI plus an age factor....Does my MyCover™ cover increase annually?
Yes. MyCover™ cover amount, excluding the Cash Back BeneFactor™ portion, increases by the higher of 4% or CPI....