Hollard life insurance is a life insurance policy that covers individuals from R250,000.00 to any amount. The Hollard life insurance policy includes a 20% cash back benefit after 5 years. When applying for Hollard life insurance, no medical tests are required; however, a family medical history disclosure is required.
Depending on the life insurance plan chosen, Hollard can also include disability, critical illness, and funeral cover to the life insurance policy. The Hollard life insurance policy can include disability cover of up to R10 million, which is payable if a primary life insured suffers an injury.
The Hollard life insurance policy also covers the primary life insured’s spouse, who can be added to the policy for an additional premium. A spouse can be insured for up to R450,000.00 under the Hollard life insurance policy.
Children, parents, and extended family members can be insured through the Hollard funeral plan, which can be added as a benefit to the Hollard life insurance. Up to 5 children, 4 parents, and 10 extended family members can be accommodated by the funeral benefit.
There are various insurance plans available through Hollard life insurance. These plans are discussed in detail below.
Hollard Life Insurance Plans
Hollard offers 3 different life insurance plans. The Hollard life cover, specialist life, and my life & more covers are among the life insurance plans available.
1. Hollard Life cover
The Hollard life cover is a life insurance product that provides up to R1.2 million in life cover. Hollard life insurance also includes a 20% cash back after 5 years. The plan is available online and does not require a medical examination.
The Hollard life cover is the most comprehensive Hollard life cover because it includes disability and critical illness coverage. On the Hollard life cover, disabilities are covered up to R10 million, while critical illnesses are covered up to R5 million.
Here are the highlights of the Hollard life cover:
- Premiums will depend on the individual risk profile.
- You can choose a life cover of up to R1. 2 Million depending on your cover needs.
- There are no medical tests.
- 20% cash back after 5 years.
- This offer is also available for clients with HIV.
- Cover for disability is up to R10 million.
- Cover for critical illness is up to R5 million.
- You get 100% of your life cover if you get terminally ill and have a life expectancy of less than a year.
2. Hollard Specialist Life Plan
Hollard specialist life plan is a life insurance policy that ranges between R30,000.00 and R150,000.00 in cover amount. The plan also includes a funeral benefit with coverage ranging from R10,000.00 to R60,000.00. The funeral plan benefit can be increased to cover up to R75,000.00.
The Hollard specialist life plan includes monthly assistance for a period of 12 months. The monthly assistance plan provides coverage ranging from R1,000.00 to R6,000.00 per month to assist the policyholder’s family in the event of his or her death.
Here are the highlights of the Hollard Specialist Life Plan:
- Comes with legal assistance.
- Premium increase is available annually so that the policy can keep up with inflation.
- There are no medical exams or HIV tests to activate the cover.
- Comes with body repatriation service.
- There are monthly assist benefits that are payable when the policyholder dies.
- There is cash back.
- Can add “Education Provider Plus” benefit to save towards children’s education.
- Can save towards a goal with the “Pure Investment Plan”.
3. Hollard My life & More Plan
Hollard Mylife & more is a highly customizable life insurance policy that can include a wide range of insurance products. With the Mylife & more cover, a spouse can get up to R450,000.00 in coverage. A funeral benefit of up to R50,000.00 is also available for the main policyholder and spouse.
The funeral benefit can also include immediate and extended family members. Up to 4 parents, 5 children and 10 relatives can form part of the funeral benefit that comes with the Hollard Mylife & more plan.
The policyholder can name up to 6 beneficiaries on the life insurance policy. In addition, the policyholder has the option of having the life insurance cover payout for a longer period of time. The policyholder can spread out the life insurance payout to beneficiaries over a period of up to 84 months.
Here are the highlights of the Hollard My life and More Plan:
- Repatriation service comes with the cover.
- There is a life cover for spouses.
- The funeral cover can include children and other family members.
- Comes with a default funeral benefit for the policyholder and spouse.
- Can add Home Contents Insurance of up to R50,000.00.
- The policyholder can add up to 6 beneficiaries to the plan.
Advantages of Hollard life insurance
- There is a cash back benefit.
- Individuals from different income backgrounds can get life cover from Hollard.
- There are many plans to choose from.
- Can include a funeral plan on life insurance.
- Most of the plans don’t require medical examination.
- Can save for child education with “Education Provider Plus”.
- Family of the policyholder can benefit from the monthly assistance benefit.
Disadvantages of Hollard life insurance
- Some of the life insurance plans don’t have guaranteed fixed premiums for a certain duration.
Hollard Life Insurance offers simple, straightforward life insurance options for everyone. All policies are available to everyone, and you can customise your life insurance policy to meet your specific needs. There is no one-size-fits-all policy because your coverage is customized just for you. The best part is that the majority of programs pay cashback every five years, which represents an excellent return on a life investment.