Nedbank MyCover Life Review 2023

Nedbank MyCover

The Nedbank MyCover life insurance policy provides up to R2,000,000.00 in coverage. New policyholders who apply for MyCover Life insurance online through the Nedbank website or app will receive a 5% automatic discount on their premiums.

When purchasing life insurance, Nedbank account holders and other Nedbank product holders can receive up to a 10% loyalty discount. The policyholder is not required to pay an additional premium for the loyalty discount.

The Nedbank MyCover Life policy can have as many as 10 beneficiaries. A policyholder can add beneficiaries, including the amounts that each beneficiary will receive if the policyholder dies.

The plan also includes funeral coverage of up to R100,000 for the primary member, one spouse, three children, and four parents. The primary member will not need to acquire a funeral plan since MyCover Life provides funeral benefits for his or her immediate family members.

The cover provides funeral support by transporting the deceased to a funeral home. Funeral support services also include assistance with obtaining a death certificate and making funeral or cremation arrangements.

The policy also includes a grocery benefit that does not require an additional premium. A grocery benefit of up to R5,000.00 is available with no waiting period for accidental death.

Assist benefits, including medical cover, HIV support, and trauma counseling, are available for the cover amount of R5,000.00 per benefit to the main member.

Below, we give you a summary of the plan’s overview and its exclusions so that you can get insured knowing the blueprint of the cover.

Nedbank MyCover Life Policy Overview

The Nedbank MyCover Life Policy can be purchased in a Nedbank branch or online through the Nedbank website or mobile app. A 5% discount on premiums is automatically applied when you apply online.

When purchasing the insurance product, a cover amount of up to R2 million must be chosen. The plan can accommodate up to ten beneficiaries, whom the policyholder can include on their policy.

The policy takes effect immediately upon acceptance, and there is no waiting period for accidental death coverage. There is a 6-month waiting period for natural death. Suicide deaths are subject to a 12-month waiting period.

The policyholder’s chosen coverage amount can be increased upon request, but requests must be made within 31 days via written notice. Premiums will also be revalued and adjusted to reflect the increased coverage.

To remain covered under the plan, the policyholder must continue to pay their premiums. If your policy lapses or is canceled, you can reinstate it within 6 months. The policy can only be reinstated once every 24 months.

The plan will continue until the policyholder dies, and when the policyholder dies, a funeral benefit will be paid.

Nedbank MyCover Life Policy Exclusions

The policy excludes coverage if:

  • The concentration of alcohol in your blood exceeds the statutory limit in effect, or if you are under the influence (above the statutory limit) of alcohol or a drug with a narcotic effect, unless prescribed by a duly qualified and registered medical practitioner, or if you are affected by intentional inhalation of fumes.
  • You have violated any criminal law.
  • Unless you are attempting to save a human life, you are deliberately exposing yourself to extreme danger.
  • War, invasion, foreign enemy acts, terrorism, hostilities (whether declared or not), civil war, rebellion, revolution, insurrection, or military or usurped power or strike, labor dispute, or industrial action.
  • Exposure to ionizing radiation or contamination by radiation from any nuclear waste or fuel.

Participating in any hazardous activities, including but not limited to:

  • extreme climbing/soloing,
  • ice climbing,
  • extreme-altitude climbing (above 6,000 m),
  • gliding,
  • cave diving,
  • internal exploration of wrecks,
  • diving at depths greater than 30 m,
  • aviation other than as a fare-paying passenger,
  • motorised racing/speed contests/speed trails,
  • boxing (including kickboxing), and fighting of any kind, except in self-defence, is not covered by the plan.
  • If you die by suicide within 12 months of subscribing to the plan, it will not be covered. Suicide is only covered if it occurs after 12 months from subscribing to the plan, and premiums must be up to date.

The plan does not cover any pre-existing conditions:

  • if you die or become disabled within 24 months of the start date of your policy due to any condition, physical defect, illness, bodily injury, or disability that you were aware of and/or for which you received medical advice or treatment during the 24 months preceding the start date of the policy or the date of any reinstatement or increase in cover.
  • If you become disabled while the policy is in effect due to any condition, physical defect, illness, bodily injury, or disability that you were aware of and/or for which you received medical advice or treatment during the 24 months preceding the policy’s start date or the date of any reinstatement or increase in cover, it will not be covered.
  • Additionally, if you die or become disabled as a result of any condition or illness involving a critical illness of which you were aware and for which you received medical advice or treatment during the 24 months preceding the start date of the policy, it will not be covered.

Advantages of Nedbank MyCover Life Insurance

  • The plan offers a very significant maximum cover amount.
  • It includes funeral cover for the main member, spouse, parents, and children.
  • Transportation of the deceased’s body is covered.
  • There is a free grocery benefit included.
  • Legal services that include advice, consultation, and drafting of legal documents are available for free.
  • Accidental death is covered immediately.
  • Trauma, assault, and HIV support benefits are part of the plan.
  • Subscribers to the product receive a 5% automatic discount on premiums.
  • The plan can accommodate up to 10 beneficiaries with no waiting period.

Disadvantages of Nedbank MyCover Life Insurance

  • There is no cashback benefit on some of the premiums paid.
  • Critical illnesses have a waiting period of 12 months.

Conclusion

The Nedbank MyCover Life Insurance provides comprehensive life cover that financially protects many of one’s dependents. The plan includes a funeral benefit as well as a grocery benefit, so beneficiaries don’t have to pay out of their own pocket while waiting for the payout and planning a funeral.

The policy’s primary disadvantage is the absence of a premium cashback benefit. Overall, the plan is well-rounded and covers nearly every aspect of modern life insurance.

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