Standard Bank introduces flexible, affordable life plan to protect loved ones

Johannesburg - Amid the rise in demand for more flexible and simple solutions, Standard Bank has announced that it has added a Flexible Life Plan - underwritten by Liberty Group Limited - to its drawer of insurance cover offerings aimed at allowing partners more accessibility and in a way that suits their unique circumstances and insurance preferences.

With the Standard Bank Flexible Life Plan, the Bank said one can customise their life cover plan to suit their particular life stage, and adjust their policy as their needs evolve. The plan allows customers to access cover starting from R50 000 for themselves and their spouse, while also providing the opportunity to designate up to five beneficiaries and distribute the funds to their chosen recipients in a predetermined manner, said the Bank.

Flexible cover for a new economic reality 

As households across South Africa struggle to come to grips with the continuing high cost-of-living, coupled with high interest rates, there is a growing need for affordable solutions that can be adapted to people's financial realities.

Standard Bank explained that its flexible approach to life insurance gives clients the power to choose how they wish to be insured, from the amount of coverage required, whether to opt for inflation protection and the premium amount. Furthermore, customers have the flexibility to adjust their cover at any time, as their circumstances or earnings change.

This cover is especially attractive for first jobbers, who may not be able to afford premiums associated with traditional life cover but would like to insure and protect their "firsts", said the Bank, adding that whether it’s a first vehicle or a first home - these can be passed on to loved ones when they are no longer around.     

Elaine Markus, Head of Life Insurance at Standard Bank, says that in the post-Covid world, people are increasingly thinking about the legacy they will leave for their loved ones if something were to happen to them.

"Many people don’t always consider what might happen should they no longer be around. Ultimately, they end up leaving loved ones in a position where they need to borrow money, which is far from ideal especially in a rising interest rate cycle, or cover the costs with what they have," Markus says.

In addition to flexibility and affordability, customers seek convenient solutions that can be accessed without hassle so that they can tend to the demands of modern life. Traditionally, applying for life insurance has been a cumbersome, and often, costly process.

Standard Bank said its Flexible Life Plan offers a range of benefits designed to provide you with peace of mind:

• No medical examinations are needed
• Cover starts immediately, once your first premium is paid
• Premiums and Cover to suit your pocket
• Additional Accidental death benefit
• An Immediate expenses benefit
• An optional cashback benefit

"When we are the first in our families, we are the first to break generational boundaries. We have goals that we wish to achieve, that can one day be passed down to our loved ones. With our Flexible Life Plan, we can help you ensure the protection of those firsts and help you to leave the next generation in a better place than we found ourselves in."