Momentum’s award-winning Myriad Life Insurance product suite continues to be the most sold product by independent brokers in the South African market.
Myriad offers innovative benefits that are designed for an individual’s unique needs, in the most comprehensive and cost-effective manner. Whether you require the best possible death, critical illness, income protection, impairment or longevity cover, Myriad offers unequalled market leading solutions.
Some of the reasons to have a Momentum Myriad policy.
Most comprehensive critical illness cover – guaranteed
With a world-first Breadth of Cover Guarantee™, you are guaranteed of the most comprehensive cover against the widest of critical illness events in the market!
Most complete new generation income protection
With Myriad, you do not have to choose between a loss of income or sickness benefit approach. Myriad’s income protection solutions incorporate the best of sickness and loss of income benefits as well as additional claim categories, ensuring the most robust claim definitions available.
The debate as to whether it is better to be paid a lump sum or a recurring income on disability is finally resolved by another world first, with the Permanent Disability Enhancer. This benefit allows you the flexibility to commute a part, or all, of your future monthly income protection pay-outs to a lump sum pay-out.
Disability benefits with built in functional impairment and a conversion option
You can choose from a range of lump sum disability benefits, with built-in functional impairment that pays a tax-free lump sum if you become permanently disabled. The conversion option allows you to convert your lump sum disability benefits to a Functional Protector or Complete Functional Protector Benefit at the expiry age of the lump sum benefit, enabling ‘whole of life’ cover and not just to a specified age.
Education Protector
This benefit that pays, irrespective of whether or not you claim!
- Should you die or become disabled, a lump sum will be paid out for your children’s education.
- If you do not claim, you will get a refund of all your premiums.
Death Income Benefit
Because a deceased’s bank accounts are frozen this often creates a problem but this benefit provides guaranteed income to dependants.
- You can specify a term of six, 12 or 24 months.
- It provides income that is independent of other life cover to sustain the dependants financially while the estate is being finalised.
Estate duty is sorted
The legacy creating Last Survivor Death Benefit (the first of its kind in the market) pays on the last of the two spouses’ death, while waiving the premiums on the death of the first spouse. This is ideal to cater for estate duty liabilities on the death of the surviving spouse as these are often transferred from the first to the surviving spouse.
Estate Provider benefit
This benefit ensures that your will is “executable” i.e. your wishes can be implemented without your assets having to be sold.
- It ensures you have enough money in your estate to cover the taxes, professional and administration fees associated with winding up an estate.
- Includes a professionally drafted Will kept in safe custody.
- Momentum Trust has a proven track record in administering estates.
Premium Guarantee Term Extender
The free Premium Guarantee Term Extender extends the standard premium guarantee term by one year for every two qualifying premium or benefit amount increases. It nearly doubles the initial guarantee term. This results in Myriad offering the longest premium guarantees in the market.
Add life to living
Myriad does something that no other life insurer does- it pays you if you stay alive. The unique longevity benefits provide you with ongoing funds if you survive a qualifying critical illness or disability claim event or it pays you a lump sum at age 80, if you have never claimed.
The best value that money can buy
You can get up to 35% discount on your Myriad life insurance premiums through LifeReturns – a 90 second screening process done on your cell phone.
Unlock value and boost your retirement savings
By having a Myriad policy and a Momentum retirement annuity you can get up to 15% of your qualifying Myriad premiums back, as a tax-free lump sum, through the unique Retirement Booster. When linked to a Longevity Protector Benefit, they can get as much as 45% back, at no additional cost.
Most flexible premium options for sustainable cover
Myriad’s flexibility allows you to select different premium patterns for each benefit to ensure a tailor-made cost-effective solution. For example, funding a short-term need, such as home loan protection can be done by using a compulsory premium pattern which provides the lowest possible premium initially.
This assists in affording suitable cover for your long-term needs, such as critical illness cover, on a level premium pattern that is more affordable over a longer term. This unique flexibility allows you to fund cover which might be needed later on in life, on a sustainable premium pattern.
Living Product
Risk benefits should and do improve on an ongoing basis and existing clients should also benefit from these improvements. Myriad, as a living product, evolves continuously over time to serve changing needs and existing clients’ benefits are, where possible, updated with the latest enhancements, either automatically or through easy policy alterations ensuring that your benefits do not become outdated.
Building block flexibility
Not everyone has similar needs hence Momentum Myriad embraces a building block approach as opposed to a “one-size-fits-all” risk solution. Each Myriad benefit is a separate building block with its own benefit rules and features. This unparalleled flexibility has put Myriad at the forefront of financial planning.
Accurate Pricing
Myriad is the only product that applies personal risk rating, which uses an individual’s criteria to rate their lives. This is a fairer way to determine premiums because it is based on an individual’s risk profile.
Please feel free to contact me if you would like to understand how Momentum’s Myriad life insurance product range can help you.
