For the past two decades, Liberty’s flagship product has been delivering to clients an overarching protection plan that covers a variety of needs. As a long-term insurer, the Lifestyle Protector has paid out over R67 billion in the past 20 years, changing the lives of more than 380 000 families.
The plan is based around four pillars:
Life Protection – Protecting your life and those around you
Loss of Income Protection – Securing your Income
Lifestyle Protection – Your health means everything
Policy Protection – Protecting your cover
Two of their financial advisors shared their experiences with us about the plan, and how their clients have benefitted from it.
Jackie Bebbington
It’s a great product and it offers everything anyone needs in life to protect them going forward. When I sell this policy, I do an analysis with the client to work out how much life cover they need, how much dreaded disease and so on. What’s lovely is that the policy is so flexible. You can just add on or take things away as people’s life circumstances change.
I’ve had most of my claims on dreaded disease, which is cancer, heart attacks and the like.
We’ve had a couple of people who have actually gone into the hospital and then they’ve had a heart attack. We’ve done the claim forms and we’ve actually paid out the claim. And one man said to me, I’m lying here and the last thing I have to worry about is money. I can just focus on getting better and that just makes you feel fantastic that you’ve really helped that family.
A lot of companies will just offer life cover and disability, so it’s either or. So, if you get disabled, it pays out. That’s the end of the claim. But with our Lifestyle Protect, we have something called a Plus Plan, so it doesn’t affect your basic life cover. You get accelerated and non-accelerated benefits. So, you can have a Disability Plus claim that doesn’t affect anything else.
A few years ago, Liberty had a special on the Lifestyle Protector. If you were a certain age, we’d give you life cover with immediate effect. You didn’t even have to have medicals. My client took that policy. He hadn’t paid the first premium, but we gave him immediate life cover. He phoned me a couple of days later and said: “I’ve had a stroke”. And started laughing. I said, yeah, sure. And he said, no, Jackie, I’m in hospital. I’ve had a stroke. And Liberty paid that policy and he hadn’t paid a premium yet. Isn’t that amazing? It’s showing mercy, but it’s also just showing honour.
The other story is quite sad. Three guys were on a roof fixing something at their company, and they got electrocuted. My client landed on his back on the concrete. In the hospital, he was diagnosed as being paraplegic.
I did the claim form, and the doctors were great. Through his disability cover, we paid up R1 million really quickly. His family could no longer live in the double storey house they’d been living in, they had to have move and have the home adapted for him. His wife said that money was a lifesaver for them. I can’t imagine how hard it would’ve been if they didn’t have that there to help them.
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