product-terminology

Discovery Life Product Terminology

We here at IHS want you to understand what the different terminology used in your life insurance means and what it means to you and your life cover. Below are a list of terms that are consistently used in both Discovery and none discovery life insurance products. We hope that you find them useful…

Disability Insurance

Disability insurance on the other hand pays out if you are no longer able to continue to work.

Impairment Insurance

Impairment insurance will pay out if you succumb to certain predefined medical conditions.

Discovery Life Insurance Integration Models Terminology

Discovery Life Insurance offers 5 integration models that help to tie in all of their products including Discovery insurance, health, vitality, and car insurance.

Below we have provided a summary of the different Discovery integration models:

Health Integration (with Pay-Back)

This gives you an initial discount on your life insurance premiums and allows for cash back every five years if you have integrated your life and Discovery Health plans.

Cover Integration

This allows you to get the most out of your life cover for the least amount of cost. It literally gives you up to an extra 40% of your life fund at a substantially reduced rate. It also pays a large component of your life cover at age 65 and even into retirement.

Vitality Integration (with Pay-Back)

This is the integration of Discovery Vitality into the life cover option for members who are not also Discovery Health members. This offers you an initial discount on your premiums plus money back every five years (as per the pay-back option in the health integration above)

VitalityDrive Integration

This integration is a further mechanism to reduce one’s life premiums. By having a Discovery Insure Policy with VitalityDrive you are also able to enjoy up to 50% refund of monthly BP fuel spend.

Financial Integration

This allows you to receive the Annual Guaranteed Paybacks for the 1st 10 years of your policy and further pays large amounts of your life cover after 15 years of your policy starting up into retirement.