MOMENTUM’S CRITICAL ILLNESS PRODUCTS


Investing & Money
piece written on the 27th August 2015 by  

I recently started looking into critical illness and went onto look at advancements in technology with critical illness in mind. Understanding the cover you need isn’t easy, but I’m hoping that with these posts you’ll have at least learnt how important cover is. In this series of posts for Momentum I now need to look at the product offering that Momentum has to offer us. This is where we tie things together and learn what’s on offer.

Can you believe that during 2014, Momentum paid out around R382 million Rands in critical cover! This is the second largest claim category after that of death cover. Then to take things just a step further, did you know that 40% of South African’s don’t have an form of financial product that covers them from critical illness? 40%! With all the research that¬†Momentum does, they’ve been able to identify these areas of concern and are not stepping up their game to close this gap and make sure more people are covered, and covered effectively. This, along with their knowledge that we’re all looking for broader cover, they believe modern day critical illness cover should have the following benefits:

  • Early payouts with early detection trends;
  • Offer unsurpassed breath of cover;
  • Provide reinstatement of cover after a claim event;
  • Provide appropriate pay-out levels to ensure cover remains affordable ;
  • Be simple to understand and not create unnecessary complexity for clients; and
  • Make provision for additional payments, over and above any initial lump sum payment, so that cover never runs out.

Momentum’s newly designed illness benefits cater for these requirements and a lot more. Their existing range is replaced by these and consist of:

  • The Complete Critical Illness Benefit with the option of adding an ancillary benefit referred to as the Specified Claim Event Enhancer; and
  • The Complete Enhanced Critical Illness Benefit.

With the launch of the all new¬†Breadth of Cover GuaranteeTM, the guarantee settles the debate once and for all about which company covers the widest range of critical illness conditions! There are 8 major discussions around this topic and I’ve outlined below, however, there is a document at the end of this post that you can click on to read about these 8 discussions in more details:

  1. Complete Critical Illness Benefit
  2. Specified Claim Event Enhancer
  3. Complete Enhanced Critical Illness Benefit
  4. Understanding the top-of-minds Trends
  5. Breadth of Cover Guarantee
  6. Critical Illness Cover for Children
  7. Early Cancer Detection
  8. Connect and Innovate

Click here to download the document right now!

Disclaimer: I work with Momentum. With that being said, I have conducted my own research and am not swayed to say something I do not believe.