Momentum Life Insurance

The conversation surrounding losing income due to death or disability is unpleasant but necessary. It becomes vital if you belong to a household that depends on multiple streams of revenue to survive.

While you can’t prepare your loved ones emotionally or mentally for these things, Life insurance gives you a practical way to protect them from the economic effects.

How life insurance benefits you in the long run

The simplest interpretation is that it's an agreement between you and the provider that you’ll pay a monthly fee for a specified term towards a savings plan of sorts. In return, if you should die or become permanently disabled, they’ll pay out the policy amount to your beneficiary.

Each policy can be customised in different ways depending on your requirements. This money can be used to pay off debts, cover the costs of funeral and estate management, or for keeping the household afloat until your family can adjust to new financial circumstances.

Plan for an uncertain future

Since opening its doors in 1966, Momentum has been building its brand and staying at the forefront of innovations in the financial sector.

By offering comprehensive and affordable products to businesses and private individuals, they’ve become one of South Africa’s favourite insurance providers.

They’re dedicated to helping you move in the right direction by giving you expert financial advice, offering insurance that suits your lifestyle, and helping you invest. Momentum is passionate about helping you plan for a bright future.

Get up to 35% off your premium

As part of Myriad's accurate pricing values, the LifeReturns rewards program gives you access to discounts of up to 35% each year on your life insurance payment.

By combining a few quick questions with a biometric facial scan, the app will determine what percentage you qualify for.

The 5 factors taken into consideration

• Body mass index
• Blood pressure
• Fitness level
• Regular debit orders
• Medical aid membership

Once they have the required information, Momentum will notify you via the app and an SMS. If you agree to the terms of their offer, you’ll need to complete this process once a year to update your discount rates.

Momentum offers three tiers of life insurance, namely the essential, extended, and comprehensive packages.

Life and disability cover is provided across the board, but the latter options offer more benefits.

The ins and outs of life and disability cover

At Momentum, you can choose life cover of between R100,000 and R5 Million with a term of between 5 and 20 years. For an additional fee, you can also get the estate provider benefit to cover the following:

• Paying the execution of your will
• Outstanding taxes
• Funeral costs
• Any administration fees linked to finalising your estate

You’ll also get disability cover of between R100,000 and R25 Million. It pays out directly to you as a lump sum, monthly instalments, or a combination of both if you become permanently disabled.

By choosing the longevity protector addon, you’ll receive 10% of the lumpsum amount every 5 years until age 70. And 20% of the total if you haven’t claimed by age 80.

Get the added benefits with the extended package

This add-on doesn’t replace medical aid; instead, critical illness cover is the perfect companion to even the most comprehensive medical plan. It covers treatments and medications for a wide range of acute or life-threatening conditions, including cancer, Alzheimer's, type one diabetes, or kidney failure.

You can choose a cover amount of between R100,000 and R500,000 for a term of your choice until you turn 65 or for the rest of your life. BoBiologicalnd legally adopted children are included in your policy from birth until their 18th birthday.  

The benefits of income protection

The comprehensive package unlocks access to everything mentioned above, including income protection. Much like disability cover, this feature pays out if you can’t work due to permanent or temporary disability. The difference is that it pays up to 100% of your net income each month. For temporary disabilities, you may receive payments for up to 24 months.

If your impairment is permanent, you’ll receive payments until your chosen age of retirement which may be between ages 55 to 70. However, if you can still perform more than 75% of your previous duties, this policy won't pay out.