Longevity insurance
Today people are living longer. Life insurance covers you in the event of your death, but what about getting cover for outliving your retirement capital? You could become a burden on your loved ones when you run out of money. At Momentum we don't only cover you when you die, but also if you stay alive.
- Protection against outliving your retirement.
- Protection against the risk of living a long and expensive life without an income due to disability or critical illness.
What is Longevity Protector?
Be able to support yourself for longer - whether you're sick or healthy.
Medical advances have extended our life expectancy and, as a result, people are living longer. It's important that you have enough income to support yourself for longer.
A one-of-a-kind in the market, Longevity Protector® cover transfers the risk of you outliving your capital, whether you are critically ill, disabled, or simply living a long life. Longevity Protector® cover pays regular lump sum amounts as you reach various longevity milestones:
- Staying alive 5 years after becoming critically ill or disabled and every 5 years thereafter, over the term of the benefits.
- Reaching retirement, whether you have claimed or not (when combined with a qualifying retirement annuity).
- Reaching age 80, if you stayed healthy and never claimed.
How does it work?
Simply add Longevity Protector® cover to your existing Myriad disability and/or critical illness benefits. Discuss the benefits of taking out Longevity Protector® cover with a certified financial planner.
Longevity Protector - Critical Illness Benefit
In the event of a claim under your critical illness benefit, you may qualify for a Longevity Protector® critical illness payment every 5 years, paying 10% of the critical illness claim amount. If you never make a claim, you will receive 20% of the critical illness benefit at age 80 through the unique Longevity Enhancer.
