THE SOLUTION
Another first in South Africa. MyProtector combines several policies together and provides a built-in management service to ensure its success. Our myPRO Multi-Purpose Policy includes the following policies in any combination to suite your needs.
These included policies are:
| myPRO Guardian Trust Cover |
myPRO Estate Indemnity cover |
myPRO Heritage Preservation Trust Cover |
Ultimately, our multi-purpose policy provides peace of mind to policyholders, knowing that all critical financial responsibilities are addressed cohesively, and offers potential tax advantages, contributing to effective and efficient estate planning.
POLICY COVER
BENEFICIARY 1
The beneficiary: The sum assured payout will be the legal wills 'testamentary trust'.
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.
BENEFICIARY 2
The beneficiary: The sum assured payout will be the ‘Late Estate’ of the deceased.
Our attorneys will collaborate with you to outline the issues that need further attention and funding in your legal will. Typically, these funds cover:
| - Transfer duty Tax |
- Capital Gains Tax |
| - Donations Tax |
- Estate Duty Tax |
| - Income Tax |
- Property Rates & Taxes |
| - Maintenance & Accrual Claims |
- Maintenance of assets |
| - Valuation and appraisal costs |
- Outstanding debt |
| - Funeral and burial costs |
- Professional fees |
BENEFICIARY 3
The beneficiary: The sum assured payout will be the family’s inter vivos 'Heritage Preservation Trust'.
Our attorneys will be involved with the creation of your family heritage trust. The goal for this policy will be to cover:
1 – To preserve and protect assets for future generations
2 – To provide a legal structure for wishes and family vision
3 – To build wealth and provide support for family member ambitions
4 – To serves as the central vehicle for managing and distributing assets
5 – To help members to maintain control over their assets
6 – To protect assets from creditors, lawsuits, and other legal claims
You can specify what you want you cover to pay and our team of attorneys will provide the legal framework to ensure it gets done.
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?
Anyone can 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
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Notification of the policyholder
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The death of the insured life
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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 VALUE ADDED SERVICES
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LEGAL SERVICES
The MyProtector fiduciary team will provide policy holders with the following legal services:
1 - The creation of a testamentary trust for the guardian trust services at NO COST for our policy holders
2 -
The adjustment to your legal will for the estate indemnity services at NO COST for our policy holders
3 - The creation of an inter vivos trust for the heritage preservation services at NO COST for our policy holders
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TRUSTEE & EXECUTOR SERVICES
The MyProtector fiduciary team will provide policy holders with a reduced fee structure for all trustee and executor services. These policy services are not part of the myPRO estate administration plans, as these do not charge executor fees, conveyancing fees and other estate administration fees as defined by the myPRO estate administrations plans.
See the discounted fees table for our trustee and executor fees when managing this multi-purpose policy.
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POLICY MANAGEMENT SERVICES
The MyProtector fiduciary team will provide policy holders with policy management service to cater to your life changes. Our attorneys will ensure that the stated strategy used by the multi-purpose policy gets adapted to your needs as they evolve. This ensures that each beneficiaries sum assured has a purpose. Our team will adjust the legal requirements to ensure compliance and the correct execution of your plans.
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HERITAGE ARCHIVE SERVICES
The heritage preservation archive houses your captured personal legacy for the benefit of future generations. To have a look at our example site, click on the link below and when in the page, simply click on the 'SAMPLE' login button and follow each link.
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HOW IT WORKS
This flexible policy strategy ensures that the insured amount is allocated efficiently according to the changing needs of the family. Initially, specific amounts are assigned to meet each beneficiary's needs. Over time, if the amounts designated for minors and financially dependent adults decrease while the policyholder is alive, the policy's beneficiaries are legally adjusted. This reallocates these available funds to be added to this beneficiary sum assured values to settle significant debts in case the policyholder passes away. However, if all debts are settled while the policyholder is alive, further legal adjustments to the beneficiary records direct all the remaining funds into a family heritage trust.
This strategy aims to maximise financial benefits by strategically adjusting beneficiaries, supported by MyProtector legal team and the corresponding legal document drafting. MyProtector offers professional guidance and management throughout the process to ensure long-term wealth preservation and family stability.
MyProtector's team of attorneys and advisors will guide you to reduce your financial risks
for each of the challenges to ensure your leave as much of the sum assured funds to your loved ones and their future.
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