FutureChoice Life Cover

futurechoice-life-cover


Provides your loved ones with financial security when you pass away

Your loved ones depend on you to provide for them financially. Have you considered who will take care of them when you no longer can?

Life cover helps to ensure that your loved ones will be financially stable if you pass away.

Metropolitan FutureChoice Life Cover offers the following three options:
  • Accidental Death: Term cover that pays out a lump sum only on death caused by an accident.
  • All Causes: Whole life or term cover that pays out a lump sum on all causes of death.
  • All Causes (Decreasing): Term cover suitable for home loans and pays out a lump sum benefit that decreases as your home loan decreases. The death benefit will not necessarily be equal to the home loan balance. You only pay premiums for 70% of the benefit term, for example for a 10-year term you only pay for seven years.

The amount of cover you can apply for depends on your individual needs. With life cover, a family can use the pay out, for example, to settle debt or provide an income while the deceased’s estate is frozen.

For more information,
call the Metropolitan Call Centre on 0860 724 724.



 

Who can take out the policy?


You can take out a FutureChoice Life Cover policy for yourself or you can make the payments on your loved one’s life cover policy.


How much will it cost?


The monthly payment for FutureChoice Life Cover starts from R100. The actual premium depends on your specific circumstances.


What are the benefits and features?


Benefits included


Flexi-premiums
If you experience financial difficulty, the Flexi-premium benefit allows you to decrease your cover that in turn reduces your payment to a more affordable level. When you are in a better financial position, you can increase your life cover and payments again. If this is done within six months, only a declaration of health is needed to increase the cover again.

Terminal Illness benefit
Metropolitan could pay up to 100% of the benefit amount if you are terminally ill and your life expectancy is less than 12 months. This benefit is only available on Life Cover (All Causes).


Optional benefits


Premium relief

Free January benefit
Allows you to skip your January payment and make up for it by paying slightly higher monthly payments during the rest of the year.

Premium waiver on disability
Will pay your monthly payments, for the rest of the premium waiver benefit term, if you become disabled.

Premium waiver on retrenchment
Will pay your payments for 12 months in the event that you are retrenched.

Premium waiver on death
Will pay your monthly payments if the premium payer passes away. The premium waiver on death is only available if you (the life insured) are not the premium payer.

The Funeral and Immediate Needs benefit
The Funeral and Immediate Needs benefit is only available on Life Cover (All Causes). It covers you and your life partner for funeral or other immediate expenses and provides a pay out to a maximum of R50 000 each, within 48 hours.

CashBack benefit
Will give you a cash payout every five years, if your life cover is still active and all monthly payments have been made.

Escalation options
Allow you to increase your benefit and premium amount to keep up with inflation (the rising costs of living).

Monthly Support Payout benefit
Allows your beneficiaries to spread the payout over time. Instead of a once-off payout, they may receive a monthly payout for up to 60 months.


What are the rules?


Entry age
Anyone between the age of 15 and 60 years old can apply for the Life Cover (Accidental Death).
Anyone between the age of 15 and 65 years old can apply for the Life Cover (All Causes) Decreasing.
Anyone between the age of 15 and 75 years old can apply for the Life Cover (All Causes).

Term benefit
The minimum term is five years.
For the Life Cover (All Causes) there is the option of a Whole life benefit term until you are 90 years old.

Cooling off period
You have the right to cancel the life cover within 30 days of receipt of the policy summary. You will receive a refund of any payments you made less the cost of any cover enjoyed before you cancelled the policy.

Waiting period
There is no waiting period for life cover. This means that a claim will be considered as soon as the policy starts.

Cessions
The life cover policy can be ceded and used as security for a loan.

Underwriting requirements
An AIDS test is required for Life Cover (All Causes). Metropolitan may require further medical tests depending on your circumstances. A medical and lifestyle questionnaire also needs to be completed.


Get financial advice

We will call you back.

Or call us on 0860 724 724

life


Need to claim?

Call us on 0860 724 724

or visit your nearest Client Service Office