GREENLIGHT 10 reasons why you should choose GREENLIGHT from Old Mutual Old Mutual has been in the risk insurance business for 165 years. We’ve built a significant business in South Africa and world-wide. We are proud to provide our clients with the best risk cover solution for when they need it most. 1. G REENLIGHT proudly and regularly publishes up-todate claims payout ratios. This important statistic tells you what percentage of claims the company paid, of those it received. When claims are not paid, it’s important to understand why. Companies are very good at publishing “claims stats” – the gender of claimants, their age and so on. This is not the information you need in order to understand whether you can trust a company to pay your claims. You need claims payout ratios. GREENLIGHT advertises that we pay what we promise – no excuses and publishes up-to-date, detailed information indicating what proportion of claims submitted are paid. You can’t exactly taste it, but you can trust what’s in a GREENLIGHT policy! 2. E ach GREENLIGHT benefit targets a particular risk need. No mess, no fuss. The language we use is simple and easy to understand. You won’t find extreme medical jargon… unnecessary exclusions… or useless, complicated frills with GREENLIGHT. Now that’s peace of mind and valuable advice. 3. G REENLIGHT’s Comprehensive disability covers a wide range of complex and often difficult to pronounce medical conditions in a language that everyone understands. Occupational disability, physical and functional impairments are all covered at 100%. Our Daily Task Test covers the outcome of hundreds of illnesses, all in a simple test where you only need to score 6 points within any or across all of the 8 functional categories to qualify for a claim. 4. W hat truly sets GREENLIGHT apart when it comes to severe illness cover is that we pay 100% of the cover amount for 40 different illnesses or conditions under our Comprehensive Severe Illness Benefits, no matter the severity. Our Extensive Illness Benefit adds a further 13 mild conditions at 30% of the cover amount. 5. G REENLIGHT offers the choice of having stand-alone benefits, or accelerated cover. And consider the uses of GREENLIGHT Future Cover. This is basically a health option. It allows you to undergo medical testing at a younger age, but to apply to take out additional cover AT STANDARD RATES in future, at each 3-year anniversary as well as at various life events such as marriage, childbirth or death of a business partner. Now that’s super flexibility. The tailored risk cover solution to suit your needs and fit your pocket – and can keep pace with life’s changes. 6. G REENLIGHT also offers benefits created specifically for business owners. Keyperson cover provides the necessary funds to overcome negative impacts caused by the death or disability of a key person in a business. Buy and sell cover is risk cover that business owners take out on each other’s lives to enable them to buy a deceased or disabled owner’s share in the business. Business contingency cover allows a business to take out cover on the life of an individual who stands surety for business debts, thus providing the necessary backup funds to negate the risk to a business. Business overheads replacer cover provides a monthly income for a limited period to cover business overheads should a business owner become temporarily disabled or suffer an illness, which results in a reduced business turnover. 7. Y ou would expect a company the size and age of Old Mutual to have a huge research division. Yes, you are right. Look out for evolutions in medical underwriting as a result, like those we implemented for pilots and diabetics. Remember, since GREENLIGHT benefits are underwritten thoroughly upfront, the risks taken on are well understood. The risks can thus be priced accurately… and all this so that we can pay valid claims. 8. G REENLIGHT is priced for life. This has been confirmed on numerous occasions during the past number of years after we reviewed premiums at the end of their guarantee terms. We are proud to state that we have neither increased nor decreased premiums at these review dates, as premiums are accurately priced, and remain extremely competitive. 10 reasons why you should choose GREENLIGHT from Old Mutual 9. G REENLIGHT has unique integrated advice tools for both personal and business cover, E.R.N.I (Easy Risk Needs Indicator) and B.E.R.N.I. (Business Easy Risk Needs Indicator). Your broker or adviser will guide you through the many product options that are available within GREENLIGHT. At the end of this journey, you will be able to choose a tailored risk solution that will give you the widest cover, best meeting your needs while remaining affordable. OMMS 06.2010 T1266 10. G REENLIGHT CARE 4U is a unique, holistic, life-assisting support programme exclusive to GREENLIGHT clients – so your GREENLIGHT risk solution can help you and your family every day. The catch-phrase we use is: “A single call that can save time, effort, heartache – or even a life” because of the sheer range of assistance available. The programme provides access to body repatriations anywhere in the world back to South Africa, emergency medical services, armed guards protecting a burgled home, disability aids sourced and procured at a discount, health advice, cash back on active gym membership, legal advice, discounts on health-related magazines – it’s all there to assist, when life happens. GREENLIGHT E.R.N.I. (Easy Risk Needs Indicator) why E.R.N.I.? I n a super-complex risk cover world, advisers are challenged to create customised risk cover solutions for clients. With rules and calculations varying between product providers, it isn’t always easy to match a client’s needs to a BEST-FIT risk cover solution that really maximises protection. And as a result, there are important questions advisers have to answer… ■■ ■■ ■■ Which products does my client qualify for, based on their income, age, occupation etc? Which product is the very best option for my specific client, for each of their needs? How much cover will my particular client be granted for death, disability and so on, according to financial underwriting rules? A nd in particular, for disability cover, what is the maximum extra I can recommend to my client, bearing in mind the structure of their income, their existing disability income and lump sum cover? What combinations of income and lump sum cover will be granted to my client? Who will help me get it right, and who will back me up if I get it wrong? how ■■ ■■ ■■ ■■ ■■ ■■ E.R.N.I. – Greenlight’s Easy Risk Needs Indicator is a super-tool for financial advisers, programmed with all the intelligence of Old Mutual’s top minds, and designed to create a customised GREENLIGHT risk cover solution for each client. E.R.N.I. performs powerful calculations and logical algorithms, taking your client’s specific profile into account: • Aggregation and financial underwriting eligibility calculations • Client eligibility for product, and picking the best-fit product for the client profile where there are choices of product meeting a particular need Based on a series of variables entered by an adviser, working with a client, E.R.N.I. delivers a solution that is high-tech, easily understandable, and even easier to action. E.R.N.I. is designed to be hosted on a laptop as a workable programme integrated with Old Mutual’s quotation and electronic application program (OmuQuote and Finalisor), and a pared-down, case-study based example will be hosted on the Old Mutual website for clients to interact with. E.R.N.I. creates a reason for clients to ask about GREENLIGHT products – and a reason for them to purchase, with real solutions applicable to their life stage. E.R.N.I. can help to give clients and advisers confidence that the GREENLIGHT solution chosen will be the best fit possible for the client, and will really meet their needs appropriately. this is how GREENLIGHT sees it ■■ ■■ ■■ ■■ ■■ ■■ E.R.N.I. is unique to GREENLIGHT – no other company makes tailoring risk cover solutions this bullet-proof or this easy. A super-tool developed in conjunction with top actuaries, researchers and programmers. State-of-the-art calculations and logical algorithms aligning client need with products available. Easy-to-use, portable, high-tech. Cuts back on paperwork, manual applications and potential errors. Creates a reason to contact clients and potential clients. GREENLIGHT E.R.N.I. more info… E.R.N.I. consists of five phases: EXPAND and ENGAGE All about your client Every client’s need is different, which is why E.R.N.I. begins with a general introduction, as well as a summary of your client’s primary needs and GREENLIGHT’S cover options, in three main risk cover categories: life, disability and severe illness cover. At this stage, all assumptions are adjustable – and according to the client’s preference, E.R.N.I. runs through a complex matrix of variables and makes a risk cover recommendation unique to your client. EVALUATE Our core cover recommendation Based on the client’s answers to a few easy questions, E.R.N.I. generates a transparent, easy-toread spread of core risk cover recommendations for death, disability and illness. At a glance, clients see the risk cover solution that’s right for them and how much it costs – and they can choose to accept this, or they can choose to ‘Modify’ it, until, together, you reach a risk solution customised to their specific needs. EXTRAS Additional cover options Because life isn’t always simple, and your clients’ risk cover needs very rarely fit squarely into three major categories, GREENLIGHT has developed a unique suite of risk cover products with which to further customise a risk cover solution. These include: ■■ ■■ ■■ ■■ ■■ ■■ Cover for accidents, crime and violence Immediate liquidity on death Temporary income cover Physical impairment or handicap cover Cover for future needs Savings and cash back options EXPLAIN How we got here In this phase, your client is exposed to our thinking – both yours as their adviser, and E.R.N.I.’s – in easy, clear rationales that clarify all decisions and choices that have led to their ultimate risk cover solution. EXECUTE Where to next OMMS 06.2010 T1266 Every GREENLIGHT risk cover solution processed by E.R.N.I. is tailor-made – and after a consultation the program automatically generates a comprehensive report containing details of this solution. You can print out a copy and package it for a client to take away, or your client can choose to activate it – right then and there, at the click of a mouse. This easy, automated process helps advisers to process applications quickly and seamlessly, cuts down on paperwork, minimises any potential errors and maximises efficiency. GREENLIGHT FEATURES Simple product structure A customer’s personal risk needs can be categorized into four broad areas: 1. 2. 3. 4. The The The The need need need need for life cover. to protect their ability to earn an income. to make provision for lifestyle adjustments due to illness, impairment or retrenchment. to provide for future needs or goals. Business needs are also catered for with GREENLIGHT for Business more info… Immediate cover on issue Clients are covered before their first premium is due. This feature applies to ALL lives (standard or loaded) and Flexibility ALL GREENLIGHT benefits with no restriction on the Cover Amount. A choice of level or increasing premiums. A choice of level or increasing cover. A choice of accelerator or stand-alone benefits. Cover patterns and premium patterns. -E ach stand-alone benefit can have its own cover and premium pattern independent of others. A choice of whole-life or term Cover Style. Price competitive offering. The modular structure allows benefits to be added and subtracted over time, as risk needs change. Premium patterns can be changed over time. Cover can be increased or decreased voluntarily. Rating factors such as smoker status and occupation class can be changed. Competitive and robust premium rates, Priced For Life All pricing assumptions are based on our best estimate of future long-term experience. Our recent basis review indicates that the GREENLIGHT pricing basis is sound. Priced For Life means that when the premium is calculated the ENTIRE benefit term is taken into account. This means that premiums are designed not to change so long as the underlying pricing assumptions do not change significantly. At premium review: If a Guaranteed Term of say, 10 years is chosen, the premium is guaranteed for a given level of cover within this 10-year period. At the end of the Guaranteed Term, the then best estimate of future experience will be used to determine whether the premium needs to be reviewed. If so, there may be a decrease or increase in premium at this point. Each risk pool is treated separately and past profits and losses within these risk pools will not be recouped through the reviewed premium. Cover will commence on the later of: - The date on which Old Mutual issues the benefit; or - 30 days prior to the selected first premium due date. Old Mutual will issue the benefit after underwriting has been completed, all outstanding information has been received, and Old Mutual has accepted the GREENLIGHT application. This early cover period is restricted to 30 days, i.e. you will not be covered for claim events occurring earlier First premium due (1 June) Date John is covered (1 June) Date of issue 30 days “free cover” Conversion options A Conversion Option allows the Contracting Party of ALL qualifying term benefits the built-in option to take out a new GREENLIGHT benefit on the Life Covered’s life at the end of the Cover Term, subject to minimal underwriting. Example Joe Smith is about to pay off the bond on his house. At the same time, the Death Benefit he bought at standard rates to cover his bond is about to reach the end of its Term Contract. When the bond is paid off, the house will become an asset in his estate. As a result, there will be an impact on estate duty – which will mean more life cover will be needed to cover Joe’s future estate duty costs. Joe exercises his Conversion Option on the Death Benefit and takes out a whole life Death Benefit with the same cover amount, with limited underwriting. This benefit is also at standard rates despite the fact that his health may have deteriorated since he took out the original Death Benefit. GREENLIGHT FEATURES more info… Premium Flexibility GREENLIGHT offers a simple choice of three premium increase patterns, depending on which benefit is selected: 1. Level premiums 2. F ixed Rate Compulsory Annual Premium Increases (5%) 3. A ge Profiled and Aggressive Age Profiled Compulsory Annual Premium Increases The combination of premium increases and cover style will impact the premium that is payable. 1. Level premiums on risk benefits ■■ The Contracting Party can choose to pay level premiums for a level amount of cover. 2. Fixed Rate CAPI (5%) ■■ This pattern offers a cheaper initial premium than that under a level premium pattern, but one that gets more expensive with time. ■■ Premiums will increase each year by 5% per annum. ■■ This pattern can be chosen on ALL risk benefits except benefits in the Future Needs Cover category, and the Final Expenses Family and Retrenchment Benefits. 3. Age Profiled or Aggressive Age Profiled CAPI ■■ This premium pattern may offer a cheaper initial premium than the 5% CAPI, but this premium will increase more rapidly at older ages. ■■ Age Profiled and Aggressive Age Profiled CAPI can be chosen on the Death, Accidental Death and Final Expenses Benefits and on all benefits taken as an accelerator to the Death Benefit. ■■ Age Profiled and Aggressive Age Profiled CAPI will only be available to Life Covereds who are age 30 next birthday or older. ■■ Premiums will increase each year as described below, by a rate that depends on the age of the Life Covered. The Age Profiled and Aggressive Age Profiled CAPI rates will be: Age next birthday OMMS 06.2010 T1266 Age Profiled Increase rate Aggressive Age Profiled Increase rate 31 - 40 years 4% 4% 41 - 50 years 5% 7% 51 - 60 years 6% 9% 61 years and older 8% 9% UNDERWRITING GREENLIGHT underwrites once – at inception, not at claims stage! Our underwriting practice has been fine-tuned – and we continue to look for ways to make life SIMPLER for clients and financial advisers, without sacrificing the GREENLIGHT CERTAINTY of having cover that will pay out what it promises. Our PRICED FOR LIFE philosophy is supported by a sound underwriting practice. We need to ensure that our risk is managed to be in line with the risk that we priced for. GREENLIGHT underwrites at inception not at claims stage Because underwriting influences the price of the product Accurate pricing ensures we can pay what we promise - AND WE DO Also remember that we need to check a claim for fraud or non-disclosure. This means that we need to check at claims stage, that the health information given to us at inception is complete and true. This is not underwriting! This is claim verification. Claims and underwriting go hand-in-hand. The GREENLIGHT philosophy is: Underwrite properly at inception – understand the risks of writing the business – and pay the claims! UNDERWRITING Greenlight’s fair underwriting in practice Underwriting Statistics Jan - Dec 07 Jan - Dec 08 Jan - Dec 09 Accepted at Standard Rates 86% 87% 86% Declined 6% 6% 6% Loaded 6% 6% 6% Excluded 2% 1% 2% Greenlight Help Grid Marketing underwriters Regional underwriting support Explanations and investigations of underwriting issues Individual contact numbers available risk product specialist Regional product support Explanations and competitor comparisons relating to risk products Individual contact numbers available greenlight call centre Administration support and queries 08600 60 4500 (8am - 6pm, Mon - Fri) www.oldmutual.co.za/greenlight OMMS 06.2010 T1266 greenlight care 4u Access to assistance “for when life happens”. Accessible to GREENLIGHT clients only 0860 61 62 63 (all day, every day) BIG CASES R5m+ Speedy issue [email protected] Underwriting Decision Review With additional medical information [email protected] Underwriting Escalations [email protected] MEDICAL CORRESPONDENCE Changes to nominated doctor in writing, or medical feedback requests [email protected] travelling nurses Short Medicals, blood/urine samples 0860 000 IMED (0860 00 4633) [email protected] PHARMACIES Short Medicals, blood/urine samples Selected pharmacies only UNDERWRITING FOR KNOWN IMPAIRMENTS Use Finalisor with built-in Impairment Guide [email protected] GREENLIGHT CARE 4U why GREENLIGHT CARE 4U GREENLIGHT CARE 4U offers access to 24-hour assistance, advice and services for: health and wellbeing, emergencies, death and bereavement, disease management, lifestyle and fitness, addictions, health products, emergency child care, post-burglary support and much more. how GREENLIGHT CARE 4U is a unique, holistic, life-assisting support programme available to eligible persons – so your GREENLIGHT risk solution can help you and your family every day. The revolutionary support centre instantly connects you with a comprehensive network of assistance – for virtually any need, emergency or problem. The following people are eligible to use the GREENLIGHT CARE 4U programme: ■■ The person whose life is covered by a standalone this is how GREENLIGHT sees it ■■ 24-hour access to assistance, advice and services – for when life happens. ■■ A single call that can save time, effort, heartache – or even a life. ■■ One access point for all services – 0860 61 62 63. ■■ Free, unlimited access for all eligible persons. ■■ For health and wellbeing, emergencies, death and bereavement, disease management, lifestyle and fitness, addictions, counselling, post-burglary support, legal advice... and much more. GREENLIGHT risk benefit. ■■ The Life Covered’s partner. ■■ The Life Covered’s dependant children. ■■ The Life Covered’s domestic employees. ■■ Lives covered under the following benefits only will not be eligible to use the GREENLIGHT CARE 4U service: Committed Savings Benefit, Select Savings Benefit, Premium Protection (Death) Benefit, Premium Protection (Disability) Benefit Eligible persons have access to a range of information, advice and services in the following risk-related areas: ■■ Health and wellbeing. ■■ Emergencies and trauma. ■■ Work (disability and retrenchment). ■■ Death and bereavement. In addition, the following are available to eligible persons: ■■ Counselling. ■■ Legal advice and services. ■■ Advice relating to children and schooling. what does it do for you? The GREENLIGHT CARE 4U programme is carefully structured around areas of risk needs, and gives eligible persons access to appropriate risk-related cash back and discounts. Health and wellbeing GREENLIGHT CARE 4U can provide access to advice and information on ■■ Eating and fitness programmes ■■ Stress management and relaxation techniques ■■ General health and medical topics ■■ Explanations of medical terminology, treatments and diagnostic tests ■■ Self-care and natural or alternative medicines ■■ Referral to treatment or support facilities for dread diseases or chronic illnesses ■■ Referral to medical specialists for second opinions on dread disease diagnoses ■■ Virgin Active joining fee waived and 50% rebate on monthly membership fees if attendance requirements are met ■■ No joining fee for: Shapes for Women and Contours Express ■■ 30% discount on variety of first aid kits ■■ 25% discount on first aid classes ■■ 25% discount on Vital health supplements GREENLIGHT CARE 4U what does it do for you? ■■ 35% refund of Run/Walk For Life annual membership if ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ attending at least 80% of sessions 35% refund of Weigh-Less membership if weight target is reached within agreed time period 25% discount on The Best Way to Stop Smoking/Substance Abuse programme Discounts on selected spas nationwide 25% discount on driving courses 10% discount on Trellidor and DefenDoor installations ADT - 50% discount on installation equipment - Installation fee waived - Up to 20% monthly premium discounts Discounts on vehicle tracking products (Altech Netstar, Ctrack, Matrix, Tracker Alert and Tracker Retrieve premiums) A 40% monthly discount on STOPALL 10% discount on Glasfit Secure Tint Discounts through THE GOLF PLAYERS CLUB Discounts on magazine subscription Work and disability GREENLIGHT CARE 4U will support you with ■■ Referral to appropriate therapy providers, such as physio- therapists ■■ Provision of advice on how to return to work ■■ Provision of advice on UIF procedures and requirements ■■ Provision of a template for CV compilation Emergencies and trauma GREENLIGHT CARE 4U provides ■■ Immediate medical response to the scene of the emergency ■■ Transfers to the most appropriate medical facilities (only in South Africa) ■■ Telephonic emergency medical advice and information on first ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ ■■ OMMS 06.2010 T1266 ■■ aid procedures and medication Guaranteed hospital admission (payable by the eligible person or medical aid, up to R5 000) Transport of life-saving medication or blood to victim if required Care for stranded children immediately after incident Transport costs of up to R1 000 for a compassionate visit by a close relative Repatriation to South African hometown if hospitalised in South Africa away from home and requiring medical assistance in order to return Free blood tests at 6 weeks and at 3 months after exposure to potential HIV infection Provision of anti-retroviral medication for 30 days after exposure to potential HIV infection Provision of sexually transmitted infection medication for 7 days following event Registration on an HIV management programme in the event of HIV infection Medical treatment for injury resulting from assault (maximum R5 000 per person or R10 000 per family) Free security guards at scene of burglary for 48 hours afterwards Death and bereavement GREENLIGHT CARE 4U will support you with ■■ Body repatriation (local and international) to a South African location ■■ Assistance in obtaining a death certificate in case of unnatural deaths ■■ Referral to a pathologist, where necessary ■■ Referral to a reputable funeral parlour ■■ Referral to providers of other funeral-related services (e.g. catering, tents, tombstones) ■■ Access to discounts at national funeral providers Legal service GREENLIGHT CARE 4U cannot provide financial advice. GREENLIGHT CARE 4U will put you in touch with a panel of legal experts who will consult with you on any general legal issue, including: ■■ Winding up an estate ■■ Interpreting a will ■■ Divorce ■■ The purchase and sale of property ■■ Employment labour law and industrial relations ■■ Tax GREENLIGHT CARE 4U will also assist you with: ■■ A standard legal document service which includes access to a Small Claims Court kit, a Maintenance kit, a Domestic Workers Agreement and a Will template ■■ Access to details of appropriate legal practitioners, if required ■■ Limited face-to-face consultation up to 30 minutes for each legal matter, if required Counselling Talk to the GREENLIGHT CARE 4U team 24 hours a day, about any traumatic event, including: ■■ Medical trauma ■■ Rape or assault ■■ Hijacking ■■ Women or child abuse ■■ Domestic violence ■■ Suicide ■■ Fire ■■ Motor vehicle accident ■■ Kidnapping ■■ Potential hiv exposure ■■ Dread disease diagnosis ■■ Disability ■■ Retrenchment ■■ Bereavement with specialised support for the loss of a child Children and schooling GREENLIGHT CARE 4U can provide advice and assistance relating to children. This includes: ■■ Advice on the protection of children in their school environment ■■ Interventions to protect a child’s rights ■■ Legal assistance for childcare ■■ Adoption and paternity disputes
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