Every now and then there are exciting developments in this industry!
Some of them appear before their time, yet are not.
In South Africa, there is a huge under insurance gap for people in terms of life and disability cover. So, this will appeal to those that currently contribute to charities or to those that want to leave something behind to their favourite charities. In other words, should appeal to those that have already protected themselves (as they say, charity begins at home).
I write this because i think it is a great idea. Think about it… if you want to leave a legacy behind, how do you accomplish this? And look at Bill and Melinda Gates and Warren Buffet (and many, many others). How they are all being driven to leave some of their accumulated wealth to charities (often with their direct involvement in the distribution of this wealth).
Discovery Life have come up with a very pro- active and what i consider a truly brilliant way of allowing people to do this.
How does it work:
Discovery Life have established a non profit iniative, which allows you to pay significant lump sums to the charity of your choice every 5 years and on death.
How have they done this?
It is so simple, which is why i think it is so brilliant.
They have allowed the addition of a fund to your current Discovery Life plan. You can add up to 16% to your life plan for this purpose. When you die (we all do), they donate over the proceeds of the fund to the charity of your choice.
Think of your old school, your favourite artistic insititution, the uplifting projects, any section 18A charity that you want to leave money to (yes, a lot of schools have section 18a status).
They will also pay over up to 70% of your premums (to the fund created) to your favourite charities every 5 years (depending on your Vitality status). Yes, there is the link to your own health once again (vitality is their wellness programme, which is rapidly becoming a universal wellness programme). SOooo, now you have another real incentive for maintaining your health. The better your health, the better the reward for your favourite charity.
And … you also receive a tax certificate giving you full tax deductibility for the amounts paid over to your charities every 5 years.
All in all, i think this is one of the best ways to help increase funding for charitable institutions ever and so far as i know also another World First.
If you want to contact me regards this, you are more than welcome to do so, please use the email address: [email protected]cover.com
Thank you for your time