Term Life Products – life insurance, disability, severe illness/critical illness, funeral

By: Term Life  11-11-2011
Keywords: Disability

Summary

Term Life provides life assurance policies onto which you can add disability, severe illness and funeral cover. The term of the policy can be anything from 5 to 30 years or whole of life. The policies are pure risk policies with no investment component making them ideal for people wanting to pay the lowest amount possible for their life cover.

The minimum cover amount is R100,000 and for life cover there is no maximum whilst the maximum cover amount is R15m for disability cover and R3,5m for severe illness cover. Term Life's disability benefit is a combination of Occupational Disability and Impairment Disability making it one of the most comprehensive disability benefits available, something which should be taken into account when comparing premium rates across different provides.

Term Life's funeral benefit is R15,000 (lower for younger children) with up to 3 spouses, 8 children and 4 parents covered under this benefit.

All policies are paid for monthly in advance via debit order. Term Life offers three premium patterns/options, namely no annual increase, fixed 5% annual escalation or age based premium increases where the annual increase depends on the policyholders age at the time of the increase.

Activities of Daily Living Definitions

Definition of Activities of Daily Living as defined by SCIDEP:

  1. Basic activities of Daily Living
    • Bowel Status
    • Bladder Status
    • Grooming
    • Toileting
    • Feeding
    • Transfers from chair to bed
    • Indoor mobility
    • Dressing
    • Stairs
    • Bathing

  2. Advanced activities of Daily Living
    • Driving a car
    • Medical care: prepares and takes correct medications
    • Money management
    • Communicative activities: use of phone, writing checks, writing letters
    • Shopping: lifting or carrying groceries
    • Food preparation
    • Housework
    • Community ambulation with or without assistive device, but not requiring a mobility device
    • Moderate activities: moving table, pushing vacuum cleaner, bowling, golf
    • Vigorous activities: running, heavy lifting, sports

To be used for the assessment of: Stroke, Benign Brain Tumour, Coma, Parkinson's Disease, Alzheimer's Disease, Major Head Trauma, Muscular Dystrophy

Keywords: Disability