Ensure you get extra cover when you need it
As we go through life’s stages, we often need more life insurance. But, what if your health deteriorates and you cannot get more life insurance?
With Myriad's future insurability cover, you can get extra cover when you need it.
What is future insurability cover?
Future insurability or guaranteed insurability is insurance that allows you to buy further life, disability or impairment cover without proof of health, except for a negative HIV test result.
Why you need it
There is no guarantee you will get life insurance. Life insurers can decline your cover if you are not in good health or they can increase your premium and exclude certain conditions.
A future insurability benefit guarantees that you will be able to get extra cover at your various life stages, such as:
- Getting a salary increase
- Getting married
- Having children
- Starting a new business
Myriad offers a range of future insurability benefits, referred to as Future Cover Benefits. You can get the option to purchase additional life cover, disability benefits or both. We also offer unique future cover benefits to students and home owners. And, all Myriad's income disability benefits automatically include a guaranteed insurability benefit.
Myriad's Future Cover Benefits allow you to take out additional life cover and disability cover on a wide range of life events.
Events we cover:
- Benefit anniversary
- Death of a spouse
- Birth of a child or legally adopted child
- Dependent child suffering from a severe impairment requiring full time assistance
- Mortgage bond registration or increase in existing mortgage bond
- Purchase of a vehicle
- Starting employment in chosen field of study for the first time
- Starting a new business venture or obtaining a share in a business venture
- Enter into a professional partnership
- Salary increase of more than 10% (salaried insured lives only)
With Myriad, you can buy up to R5 million future cover for a term of up to 15 years.
It depends on your needs and at what stage of your life you are. Generally, younger people need more cover than older people. If you are young and expect high salary increases, it is best to buy as much future cover as you can afford.