Momentum Myriad takes longevity to a whole new level
As part of the recent Momentum DNA of financial wellness partnership forums that kicked-off on 21 July in Polokwane, Momentum Myriad, as the market leading life insurance product, was profiled because of its unique approach to risk protection.
George Kolbe, manager of the risk business development team, highlighted the fact that people living to the age of 100 years or more is becoming a common occurrence in societies if one reflect on the previous century when there were about 100 centenarians living in the UK compared to approximately 10 000 centenarians that live in the UK today. In fact, people living longer than 100 years have increased all over the world to the point where a new description was created specifically for them and they are now referred to as "super-centenarians".
George also stated that because many people will live longer, they have a high probability of suffering a critical illness that will require medical treatment. Unfortunately, the likelihood of suffering from a critical illness becomes higher the older people get, for example the number one risk factor for cancer is age. In effect, the probability of being diagnosed with a type of cancer increases from 1 in 10 by age 65, to 1 in 2 by age 85.
Though the incidence rate of many critical illnesses has increased dramatically worldwide, George indicated that as a result of the major advances made on the medical front, critical illnesses are often diagnosed much earlier in life and treated more effectively.
He then emphasised that as a result of people suffering from these critical illnesses and being treated with advanced medication to live longer lives, the costs associated with these circumstances could be exorbitant. Even with a medical aid in place, the cost might be significantly out of reach for most people to cover unless they made provision for the unthinkable happening.
A classic example of a lifetime cost that might be incurred, and that is not covered by a medical aid, is living with Alzheimer's disease. There is currently no cure for the disease and the estimated cost for full-time care and medication could reach R1milion.
George advised that all is not lost and a very effective way to cater for these very likely future expenses includes opting for critical Illness cover, early on in life. This should form part of a client’s financial portfolio by way of proper financial advice from a registered financial adviser.
Momentum Myriad provides a number of different options for critical illness cover that can be appropriate for different needs and budgets. Kolbe added that Momentum Myriad's unique Critical Illness Longevity cover provides for critical illness cover that never runs out. In addition to the normal critical illness pay-out, the critical illness Longevity Protector provides a 5 yearly pay-out of 10% of the critical illness cover that was in place at the time of claim, for the life of the insured person, however long that might be.
He also mentioned that "if a client was healthy and reached age 80 without having claimed previously, they will receive 20% of the Momentum Myriad critical illness cover that they had in place at that time, as a lump sum payment".
George concludes by saying that "further good news includes that more and more critical illnesses are or will be treatable in future through advances in medical technology and that many, if not most of us, will be able to live long lives. The great news is that if we plan ahead, implement proper lifestyle adjustments and insure ourselves against the financial consequences of these conditions, we may live happy long lives and experience the wonders that the future has in store for us".
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