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How does accelerator payment affect MyCover™?
MyAbility Cover™ forms a part of your total MyCover™ value. If you claim against your MyAbility Cover™ benefit it will automatically reduce your total MyCover™ value by the amount that you have claimed. Once you have claimed against your MyAbility ...What is BeneFactor™?
BeneFactor™ is the built-in feature of MyCover™ that gives you three different ways to structure your life cover benefit. You can choose the option that best suits you and you can change whenever you want.MORE BENEFIT - Secure more ...How does BeneFactor™ work?
Through BeneFactor™ there are three different ways to structure your life cover: You can opt to secure more life insurance cover at cost. What this means is that based on your personal demographic and health profile we can secure cover ...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 ...