INTRODUCTION
As a devoted parent, you've dedicated your life to ensuring your children's needs are met – physically, emotionally, and financially. However, navigating the complex world of financial security for your loved ones can be confusing and costly. Many lack the knowledge and guidance needed to establish the correct and legal solutions for their family's care after their passing.
When it comes to safeguarding your dependent beneficiaries, whether they are children or adults, there are two distinct outcomes to consider:
1. If you do nothing, they will become state institutionalised or they land up with a life on the streets. The government decides their guardianship, and any funds you may have left them will end up in a questionable Guardian Fund. Recent incidents of corruption in such funds highlight this solutions risk.
2. Alternatively, you can proactively protect and provide for your loved ones by establishing the necessary financial safeguards. A Testamentary Trust, alongside an appropriate policy, can ensure their well-being and place them under the care of a trusted guardian with the support of our legal team to look after their best interest.
Make no mistake, choosing the second option is vital if you wish to avoid the first default scenario.
THE SOLUTION
The MyProtector Guardian Trust Cover offers a solution that brings clarity and legal soundness to securing your beneficiaries' future. With us, you'll establish a Testamentary Trust derived from your legal will, guided by our professionals, ensuring your loved ones receive the vital financial support they need. The trust will be funded by a whole life policy.
POLICY CRITERIA
THE MONTHLY SUBSCRIPTION
The policy is limited to the following criteria:
1. Whole life level premium policy
2. Sum assured is dependent on your risk profile, so you need to do an insurance assessment
3. Maximum entry age 65 years
4. Normal underwriting done by Guard Risk
5. Beneficiary is the member's created heritage archive trust
6. Trust is managed by the MyProtector Group
WHO CAN ACCESS THIS POLICY?
Only MyProtector members get access to this bespoke policy.
THIS PRODUCT IS STAND ALONE, ALTHOUGH OTHER PRODUCTS CAN BE LINKED TO IT
DEATH BENEFIT
Triarc will pay the insured benefit as a lump sum on the death of the life insured:
Minimum sum assured: R100 000
Maximum sum assured: R10 000 000
FUNERAL ADVANCE
A portion of the death benefit will be paid within 48 hours of receipt of the claim. The amount that is paid is 20% of the death benefit up to a maximum of R50 000.
BENEFICIARIES AND SESSIONS
Beneficiaries may be appointed by the policyholder. Collateral cessions are allowed.
BENEFIT TERMINATION EVENTS
The payment of the full benefit amount. The cancellation of the policy or benefit as a result of:
- Any event covered in the policy contract
-
Notification of the policyholder
-
The death of the insured life
-
The end of the benefit term
PREMIUM INCREASE OPTIONS
LEVEL PREMIUM PATTERN
BENEFIT INCREASES: 0%, 3% AND 6%
COMPULSORY 5% PREMIUM PATTERN
BENEFIT INCREASES: 0%, 3% AND 6%
WHO UNDERWRITES THE POLICY?
Triarc Insurance (FSP45009), is a registered financial services provider, underwritten by Guardrisk Life FSP76, a licensed Life Insurer. This means you’re partnering with a reliable, stable insurance brand that’s been around the block, and who you can rely on.
MYPROTECTOR'S SERVICES
TRUSTEE SERVICES
1. You will have access to a free legal will or a free existing will adjustment, by our attorneys.
2. Your legal will becomes a testamentary trust to oversee the distribution of the funds according to your wishes.
3. MyProtector provides discounted trustee services to ensure a guardian does not squander your beneficiaries' funds.
SERVICES IF YOU HAVE AN EXISTING myPRO POLICY
1. Your existing myPRO services policy takes care of your estate administration according to the terms of the agreement.
2.
Your MyProtector attorney will contact you and discuss revising your legal will to cater for this policy.
3.
MyProtector's attorneys will then create your Testamentary Trust as part of your membership (No cost).
4. In the unfortunate event of your passing, your life policy payout flows into the Testamentary Trust.
5. MyProtector's trustees diligently execute your instructions and distribute funds according to the Trust's terms.
6. To maintain fiscal responsibility, MyProtector reports its activities to the High Court, providing oversight and transparency.
HOW IT WORKS
When you pass away, and if your cover is still in force, then the policy pays the full sum assured value into the testamentary trust that gets formed by your executor. Your trustees (in this case, MyProtector) then administers and manages the funds according to your instructions that are recorded within the testamentary trust on behalf of your listed beneficiaries. Myprotector will report to the high court and show how the funds are being managed within the law and in the most effective and efficient way possible.
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