AllLife, a pioneering authorised financial services provider, has launched another first, Chronic Life Cover. Now, for the first time, anyone, no matter what their health status is, can get Life Cover!
As a company who believes that Life Insurance plays a vital role in the economic progress of people and their families, AllLife were the first to pioneer Life Cover products for people living with HIV and Diabetes. Now, according to CEO Steph Bester, the company has identified even more South Africans who have been left ‘out in the cold’ when it comes to leaving a financial legacy for their loved ones. Steph says, “Previously, people who have had cancer scares in the last five years or a recent heart attack were excluded from any kind of Life Cover because it was just too risky but, together with our strategic partners we found a solution that doesn’t require any complex underwriting and no inconvenient lab tests.”
Underwriting is the process whereby insurers evaluate risk and assign a value to that risk which, when the risk is high, translates into cover being refused. AllLife’s Chronic Life Cover does not require any underwriting which makes it easy to take out cover.
Chronic Life Cover has an initial three-year waiting period for natural death. During this time, the Insured will have Accidental Death Cover and, if they do pass away from natural causes in the initial three years, even if it is related to their chronic condition, a full premium refund will be made or in another way can be seen that your life cover pay-out during the first years grows month on month by the same amount as the premium paid “This is a truly remarkable offer for anyone in this high-risk sector,” says Steph, “and it is also highly customisable! People have the option of taking out the amount of Life Cover that suits their budget as cover starts from R100 000 and can be taken in increments of R100 000 up to a maximum of R1 million.” Cover starts from the moment your first premium is paid.
“Our mission is to design and deliver innovative, real and relevant products to ALL, including those neglected by the life insurance market segments and we are so excited that Chronic Life cover does exactly that. So, if you are between 18 and 65, and have always thought yourself to be ‘uninsurable’, SMS CHRONIC to 42779 or go to www.alllife.co.za to secure a future for your loved ones,” he concludes.
Products are underwritten by Old Mutual Alternative Risk Transfer Limited a Licensed Life Insurer.