life insurance

Why Myriad?Flexibility, peace of mind, convenience and unbeatable value

Myriad is Momentum’s market-leading life insurance product, covering hundreds of thousands of South Africans. With its advanced design, unbeatable flexibility, robust protection and discounts of up to 60%, it is time to think differently about life insurance.

Since its inception in 2002, Myriad has provided cover to more than 500 000 lives during this period. We are a stable, financially secure life insurer that protects our clients and their families during life-changing events and this is evident in the R28.7 billion risk claims that were paid to our valued clients since then.

Like other life insurance products, Myriad protects its clients and their families against the risk of dying, becoming disabled or critically ill. However, Myriad offers your clients a range of unique benefits that makes it stand out from the rest.

Building block flexibility

Accurate pricing

Best of breed solutions

Flexible, contemporary, living product solution

Not all clients have similar needs, so Myriad embraces a ‘building block’ approach as opposed to a ‘one size fits all’ risk solution.

Every Myriad benefit is a separate building block with its own benefit rules and features. This exceptional level of flexibility enables you to package appropriate and unique solutions for your clients to offer a tailor-made risk plan to suit your clients’ unique needs.

Myriad is a flexible risk solution for life, a product that evolves over time to serve clients’ needs, today and in the future. We keep existing client benefits up-to-date with the latest enhancements, either automatically, free of charge or through easy policy alterations.

Myriad is the only product that applies personal risk rating, which uses individual criteria to rate insured lives. Personal risk rating is a more appropriate way to determine your clients’ premium, in line with their individual risk profile.

Momentum Interactive is a refinement of personal risk rating. It is an innovative approach to underwriting that reward clients if they follow a healthy lifestyle based on factors such as body mass index (BMI), cholesterol and blood pressure. To date a total of R700 million in Momentum Interactive discounts have been awarded.

Momentum Myriad is in the business of paying claims and makes every effort to ensure our benefit definitions are as comprehensive and objective as possible. We believe in responsible innovation and build solutions to meet your clients’ needs.

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This ‘living product’ strategy allows Momentum to embrace risk innovation while simultaneously ensuring that existing client’ solutions stay contemporary and your advice appropriate.

We pay clients for living

Myriad does something that no other life insurer does. We cover your clients if they stay alive. No one wants to be a burden on their family if they run out of money. With Myriad’s unique longevity benefits we provide your clients with on-going funds if they survive a moderate to severe critical illness or disability or we pay them a lump sum at age 80, if they never claimed. Real protection for your clients - in sickness and in health!

Boost retirement savings

By keeping their Myriad policy and qualifying Momentum retirement annuity to retirement, your clients can get up to 15% of their premiums back through the unique Retirement Booster. When linked to a Longevity Protector, they can get as much as 30% to 45% of their premiums back at retirement.

Disability benefits with build in functional impairment

Your clients can choose from a range of lump sum disability benefits, with build in functional impairment that pays a tax-free lump sum if they become permanently disabled.

By adding Myriad’s Longevity Protector to one of our disability benefits, your clients will receive regular top-up payments to help them provide for a long life, where medical advances are keeping them alive despite their disability.

New generation income protection

At Myriad, your clients do not have to choose between a loss of income or sickness benefit approach. Our income protection solution incorporates the best of sickness and loss of income benefits as well as additional claim categories, ensuring the most robust claim definitions available.

By attaching Myriad’s Longevity Protector to one of our income protection benefits, your clients’ can receive 50% more cover at an unbelievable 12.5% additional premium.

By combining Myriad’s disability benefits (lump sum and income protection) with our Longevity Protectors, clients can insure up to 150% of their income.

Comprehensive critical illness benefits – cover that never runs out!

Myriad offers a range of comprehensive critical illness benefits. Your clients can choose between an affordable severity-based benefit and a benefit that pays 100%, even for lower severity conditions. They are also covered for more critical illnesses on Myriad than any other product in the market.

By adding Myriad’s Longevity Protector to one of Myriad’s critical illness benefits, your clients’ cover will never run out, no matter how long they live.

A safeguard against impairment

Impairment benefits can protect your clients against the financial impact of permanent illnesses or injuries. The Functional Protector will pay them a monthly amount for the rest of their life if they become severely impaired. The Functional Impairment Benefit pays a tax-free lump sum if they become moderately or severely impaired.

Save up to 60% on risk premiums

Myriad policyholders who are also Multiply members and actively use this rewards programme, can save up to 60% of their Myriad premiums every month. Their guaranteed discount starts at 10% at Bronze Multiply status and can go up to 50% if they are on Private Club status. In addition, they can qualify for a 10% fitness discount while qualifying for other incredible savings at a range of Multiply partners, such as Mango, Dis-Chem, Virgin Active, Apple, Samsung, Protea Hotels, Virgin Atlantic, and many more!

Get an additional 60% of premiums back every 10 years

Myriad’s premium payback option pays 20% of your clients’ premiums back every 10 years on stand-alone critical illness and lump sum disability benefits.

When linked to their Multiply status, the value for clients are even more compelling. In addition to the monthly premium discount of up to 60%, Private Club status members can get 60% of their premiums back every 10 years!

Protect their children

Under the critical illness benefits, your clients automatically get 10% (up to R125 000) free cover for their children. If they have the Education Protector and die or become disabled, they will be paid out a cash lump sum for their children’s education. If they don’t claim, they will get a refund on all their premiums.

With Myriad, estate duty is sorted

The Last Survivor Death Benefit is unique in the market. It is the most cost-effective way for the insured life to provide funds to cover estate duty. The benefit pays on the last of the two spouse’s death, while waiving the premiums on the death of the first spouse.

We offer an ideal solution for your client’s premiums to remain affordable throughout their lives

Due to Myriad’s flexibility, clients have the option to select premium patters attached to each benefit that will ensure a tailor made, cost effective solution. For example, short term needs, such as homeloan protection can be accommodated through the lowest possible premium which will allow your client to afford suitable cover for their long-term needs such as critical illness cover after retirement.

Premium guarantee term extender

The free premium guarantee term extender extends the standard premium guarantee term by one year for every two qualifying premium or benefit amount increases. It nearly doubles the initial guarantee term.

This results in Myriad offering the longest premium guarantees in the market.

Designing the right solution

The new expert system called Myriad Designer navigates you through the many choices on offer and assists you to compile quotes for your client with expert guidance in just a few clicks. In addition, the system designs optimal risk solutions and also records the advice you give your clients automatically.

We look for reasons to pay claims

When it comes to claims, your clients are in the safest possible hands. Since the inception of Myriad in 2002, we only ever had one Ombudsman ruling against us. The statistics speak for themselves. During 2012 we paid over R1.5bn of death claims and more than R2.2 billion across all benefit types. We repudiated less than 0.4% of death claims during 2012; this is 60% lower than the industry average.

We want your business as quickly as possible

Convenience, speed and efficiency were top of mind when we designed our business submission processes which allows for business submissions in a variety of ways.

In every risk we look for opportunity

Our underwriting process is upfront and straightforward. We aim to underwrite at the “new business” stage with the goal in mind of paying claims. This involves considering applications for cover on an individual basis to determine if the requested cover should be granted as well as what terms could be offered.

We understand that timeous and quality feedback is vital to your business operations and therefore aim to provide underwriting requirements or feedback within eight working hours from when the submission was made.

We protect your business

We are proactive in safeguarding your business by constantly monitoring industry activities and providing you with timeous feedback. We understand that business retention is vital to accumulate and sustain an income stream for your business. Due to our vigilant retention approach, we saved a total of R50 million in financial advisor commission during the last financial year.

It’s not about life insurance; it’s about insuring your clients’ financial wellness!

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Terms and conditions apply. Momentum, a division of the MMI Group Limited, is an authorised financial services and credit provider. Reg. No. 1904/002186/06

Ten reasons to choose Myriad

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On a like-for-like basis, Myriad offers the most competitive rates in the market

• Ifthepremiumofacompetitorproductischeaper,itismorethanlikelybecauseapplesarenotbeingcomparedwithapples.Forexample,thepremiumsmayincreaseata

steeperrateorthebenefitsmayhavelowerpayoutlevels.

• Ourmarket-leadingmethodofcalculatingpremiums(MomentumInteractiveandpersonalriskrating)meansyoudonotsubsidisehigherriskclientsandyouenjoythe

benefitsofahealthyriskpool:lowerpremiumsnowandinthefuture.

Myriad has a “win-only” philosophy for clients – unconditional value with no hidden downside

• WhileMyriad’sratesarealreadycompetitive,health-consciousclientscanpayevenlessbyreceivingdiscountsofupto60%.

• Discountscanincreaseordecrease,butthereareguaranteesinplaceforyoutoalwaysretainaportionofyourdiscountirrespectiveofyourhealth,andyouareguaranteed

toneverpaymorethanthecontractualpremium.

Myriad offers an ideal solution for your premiums to remain affordable throughout your life

• WithMyriad,youcanselectadifferentpremiumpatternforeachofyourbenefits,ensuringanoptimalsolution.

• Yougetthelowestpossiblepremiumforbenefitsaddressingshortertermneeds,suchashomeloanprotection,whileensuringthatyoucanstillaffordcoverforlongerterm

needssuchascriticalillnesscoverafterretirement.

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Ten reasons to choose Myriad

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Myriad offers a unique and hassle-free way for you to increase your cover

• People’sneedsconstantlychangeandchancesareyoumayneedtoincreaseyourcoverfromtimetotime.

• Myriadoffersauniquesparecoverfeaturethatremovesthehassleofunderwritingwhenyouapplyforextracover.

Unbeatable flexibility allows you to get the most comprehensive cover at the lowest possible cost

• WithMyriad’sbuildingblockapproachyougetasolutionthatmeetsyourneedsexactlyandyouonlypayforwhatyouneed.Hereishow:

• Youcanselectforyourfullcovertoremainintactafteracriticalillnessclaim(‘stand-alone’option)sothatyoucanclaimmultipletimes,andimportantly,topreventyour

claimsfromreducingyourlifeanddisabilitycover.Ontheotherhand,youcanchooseapermanentdisabilityclaimtoreduceyourlifecover(‘ancillary’option),forthemost

cost-effectivewaytosettleyourdebtonthefirstofdeathanddisability.

• Youcantailortheoptimalcombinationbetweenincomeandlumpsumdisabilitybenefitsforthelowestpremiumandmostcomprehensiveprotection.

• Youhaveachoicebetween100%andtieredcriticalillnesscoverandanoptiontocoverlowerseverities.

• Youcanincreaseyourlifestyleprotectioninanaffordablewaybycombiningfunctionalimpairmentandcriticalillnessbenefits.

Ten reasons to choose Myriad

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Myriad covers more events than any competitor, giving you the best possible protection

• AllMyriad’slumpsumdisabilitybenefitsalsocoverfunctionalimpairment,whileourincomedisabilitybenefitscoverdisability,functionalimpairmentandcriticalillnessin

onebenefit,maximisingyourprotection.

• Myriad’scriticalillnessbenefitsoffercomprehensivecoverforhigh-andlowincidenceillnesses.Thisisbecausewerecognisethatlowerincidenceillnessescanhavethe

samelifestyleimpactasthemorecommonmajorillnesses.Manylifecompaniesfocusmainlyonthehighincidenceillnesseswithpoorornocoverforotherillnesses.

On a like-for-like basis, Myriad’s critical illness benefits offer the highest payout levels in the market

• ThepayoutlevelsofMyriad’s“tiered”benefitsareunsurpassedwhencomparedtoothertieredbenefits.Mosttieredbenefitswouldforinstancepay50%formoderateheart

attacks,whileMyriadpays100%.

• Payoutlevelsunderthe“elevated”benefitsmatchtraditional,“100%-only”benefits,whilecoveringmanymoreconditions.

Myriad generally pays out earlier and has less strict criteria, making it easier to qualify for a claim

• Myriad’sincomedisabilitybenefitsdonotrequireproofoflossofincometoclaimforthefirstonetotwoyears.

• Ourcriticalillnessandfunctionalimpairmentdefinitionsgenerallyhavelessstrictmeasurementvaluesthancompetitor’sbenefits.

• Ourcriticalillnessbenefitspayoutuponmeetingthemedicalcriteria,unlikemanycompetitorswhofollowanoutcomes-basedapproachwithcertainillnesses.Theyrequire

thattheillnesstobesoadvancedthatyourabilitytodoself-careactivitiesofdailylivingmustbeaffectedbeforeapayoutismade,whichcouldtakeyears.

Ten reasons to choose Myriad

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Myriad’s benefits come standard with market-leading features to best cater for your needs

• Myriad’sincomedisabilitybenefitscomestandardwith:

– guaranteedinsurability,

– escalationinclaim(ifbenefitincreaseshavebeenselected),

– auniquepartialclaimupgradewhichcanpay100%evenonpartialdisability,and

– auniqueclaimincreaseboosterforyoungprofessionals,payingupto50%morethanotherbenefits.

• OtherpowerfulfeaturesofMyriadinclude:

– disabilitybenefitsthatcanbeconvertedtowholelifeimpairmentcover,

– criticalillnessbenefitsthatincludeautomaticreinstatement(onstand-alonebenefits)andcoverforchildren,freeofcharge,

– aRetirementBoosterthatgivesbackaportionofyourriskpremiumsatretirement,and

– apremiumguaranteetermextender,whichcanvirtuallydoubleyourinitialpremiumguaranteeterm.

Myriad’s unique living product philosophy means your benefits are constantly updated

• Lifeinsuranceproductsarecontinuouslyevolvingandimproving.WithMyriad,enhancementsareautomaticallyincludedonexistingbenefitswheneverpossible,atnoextra

cost.

• WhenyouchooseMyriad,youessentiallyenjoyamarketguarantee–yourbenefitswillcontinuetobeattheforefrontofthelatestandbestinthemarket.