Mmoloki Family Wealth Protector.

Mmoloki family wealth protector covers you and your family for unforseen expenses.

Product Description

The Mmoloki Family Wealth Protector covers unforeseen expenses for the client, his/her spouse, up to six children, up to four parents (including parents in law) and up to 15 extended family members.

The owner chooses cover for each group of beneficiaries in units. Minimum cover for policy owner is 2 units.

The cover levels per category of member are as follows:

Key features

1. Auotmatic 5% premium update or optional 10% update
2. Minimum premium of P80 per month
3. Built in Waiver of premium on death and disability benefit.
4. 10% of premiums for risk benefits paid back to owner every 5 years
5. Policy ownership can be transferred to one of the beneficiaries before the policy owner reaches termination age of 65.

Underwriting Requirements

There are no underwriting requirements at inception, but waiting periods apply for natural deaths occurring within the first 6 months.

Minimum and Maximum Ages at Entry

The minimum and maximum ages at entry are as follows:

Cover for children can be extended up to the age of 25 provided that the child is still a dependent and is registered at a recognised educational institution.

Maximum Number of Lives Allowed

Cover level

Benefits are payable in relation to the number of units chosen.The policy owner cannot select less that 2 units of cover.The nominated beneficiaries cannot have more units of cover than the policy owner.

For each category of beneficiary the same level of cover must be chosen. For example one child cannot have P12,000 cover whilst another has P4,000 BUT a child can have P12,000 while a grandparent can have P12,500.

The benefit payable per child will equal that relating to the maximum number of units subject to legally stipulated maximums. By law children under the age of 16 cannot receive death benefits of more than P8,000. The cover for children over the age of 16 can exceed P8000 even if there are other children under the age of 16.

Cash Back Benefit

For every 5 years this policy remains in force, the Company will make available a payment of an amount equivalent to 10% of the premium paid for risk premiums over the 5 year period in respect of insurance benefits by the policyholder (i.e. excluding premiums paid in respect of policy fee, and excludes any premiums paid by the Company in respect of waiver of premium benefits). The policy must be in force at the anniversary date for this benefit to apply.

Death Waiver Of Premium Payor

The Company shall waive all future premiums due for any remaining dependents covered under this policy if the premium payor dies before the policy anniversary preceding his/her 65th birthday.

This waiver shall continue until the earlier of the death of the dependents or the date at which the premium payor would have reached age 65 has (s)he lived.

This benefit shall not be payable if the Life Assured dies (except by accidental death) within 24 months of the commencement or reinstatement of a policy.