Dollar Discovery Retirement Optimiser

Retire in hard currency with the Dollar Discovery Retirement Optimiser

On 17 March 2015 Discovery Invest announced their new globally-focused retirement product, the Dollar Discovery Retirement Optimiser, which aims at building up a retirement nest egg in hard currency.

This innovative investment product is built on the back of Discovery Life’s Dollar Life Plan. It allows for your clients to save offshore on a recurring monthly basis. The Dollar Discovery Retirement Optimiser converts a client’s unused Dollar Life Plan cover into retirement income in US dollars from age 65 onwards, boosting retirement savings in hard currency.

With the Dollar Life Plan, Discovery Life introduced the first-of-its-kind global insurance product that is designed to match your client’s offshore liabilities. This could include the associated costs of education of children or dependants living overseas.

Now, with the launch of the Dollar Discovery Retirement Optimiser, clients have access to a product that focuses on maximising a client’s retirement savings through fee discounts and boosted fund values in hard currency.

The US currency-linked product achieves this through two unique benefits: the Dollar Retirement Investment Integrator and the Dollar Life Plan Optimiser.

The Dollar Retirement Investment Integrator provides discounts on all fees until the age of 65. These discounts start at 20% and increase in line with contribution size up to 80%. The Dollar Life Plan Optimiser also boosts your client’s income from age 65 by providing tax-free instalments every year over ten years with increases at the US inflation rate each year. These payments are created through converting unneeded risk cover from the client’s Dollar Life Plan into cash.

The product offers three risk-profiled Dollar-denominated funds that are built from Exchange Traded Funds (ETFs). These are dynamically managed on an ongoing basis to maintain the correct risk profile.

The Dollar Discovery Retirement Optimiser is structured as an offshore endowment policy. Contributions are not tax deductible but no further tax is payable by clients on proceeds from the offshore endowment policy under current tax practice.

Contributions are denominated is US Dollars but deducted from your client’s bank account in South African Rands in line with the rand-dollar exchange rate. The product is designed to use your client’s single discretionary allowance, which is facilitated by Discovery so there is no need to apply for a tax clearance certificate in most cases.

(excerpt taken from eDiscoverer of the 20/03/2015)

EyeGym- definitely worth a try!

Taken from Discovery e Discoverer- remember you have access to the eyegym on discoveryworld as an insure client
– What JP Duminy has to say below:

Regular EyeGym user, JP Duminy, boosts his performance with regular work outs in the EyeGym. He’s currently part of the South African squad at this year’s Cricket World Cup.
“EyeGym is an exceptional, unique eye training system, which has helped me tremendously in various facets of my game. It has definitely increased my concentration, focus and timing. I can “see” the difference,” he said.
Fit eyes lead to better decision making, especially in emergencies. All Vitalitydrive clients can access EyeGym, a unique, cutting-edge visual training software program that will improve their visual awareness, visual performance, processing skills and their driving.
Clients can earn up to 150 DQ Points each month for 12 months by completing the Primary and Advanced EyeGym courses. When they register for EyeGym training, they will have immediate access to the Primary EyeGym course on www.discovery.co.za at no cost and earn 50 DQ Points for 12 months when they complete it. After that, they can complete the Advanced course at a discounted rate and earn a further 100 DQ Points for 12 months.
Dr Sherylle Calder of EyeGym is a world-renowned visual skills and performance specialist. She has helped many other athletes and leading international sporting teams, including the Springbok rugby team and Ernie Els, improve their peripheral vision, hand-eye coordination, reaction times and awareness.

Discovery Insure Smartphone- enabled DQ Track – find where your vehicle is!

I really like this… keep track of your vehicle… you have it for your phone- why not for your car?

SmartTip: Find my vehicles

Vitalitydrive clients with a smartphone-enabled DQ-Track now enjoy another safety feature in the form of “Find my vehicles”.

All Planholders will be able to view the location of all the vehicles (fitted with a smartphone-enabled DQ-Track) covered on their Plan, on their smartphones. Other primary drivers covered on the Plan will be able to view the location of their own vehicle on their smartphones.

How this feature works

Smartphone-enabled DQ-Track users simply need to open the Discovery Insure app on their smartphone and select the “Find my vehicles” option. The app will show the last location where the tag and smartphone were connected.

If another driver is driving a vehicle covered on the Plan, and the driver’s smartphone is connected to the tag, the Planholder can click on the vehicle to track it in real time. The app will begin to locate the vehicle and update the position every two minutes. The Planholder can also view the trips at a later stage under “View my trips”.

Vitality points awarded for driving well. You should have Vitality Drive and Vitality.

I just received the following: Would be of interest to those who are on Vitality and Vitality Drive (have Discovery Insurance).

 

“Dear Financial Adviser

As of 1 January 2015, Vitalitydrive clients who drive well, and are also members of Vitality, can earn up to 6 000 Vitality points each year.

Clients who achieve a driver performance score (DPS) of 450 DQ Points or higher in a month will earn 500 Vitality points for that month. The Vitality points will be awarded in the first week of the month following the month of good driving.

How we calculate the DPS

A client’s DPS is calculated by measuring their acceleration, braking, cornering, speeding, distance driven, night-time driving, and cellphone use (if smartphone-enabled DQ-Track is installed). Vitalitydrive clients with a smartphone-enabled DQ-Track can earn a maximum DPS of 850 DQ Points per month, and clients with a standalone DQ-Track can earn a maximum of 750 DQ Points per month.

Only the client’s DPS is considered when awarding the Vitality points; other DQ Points-earning activities will not count.

More information available online

For more information on Vitality points and Vitalitydrive DQ Points, go to www.discovery.co.za.”

 

 

Discovery Insure clients can fill up at Shell Ultra Cities this holiday and receive fuel rewards

Discovery Insure has made it even easier for clients to get rewarded for good driving. From this week, clients will be able to swipe their Vitalitydrive cards at Shell Ultra Cities countrywide and earn fuel rewards.

These are the Shell Ultra Cities that you can use. 

Shell Ultra City Location
Ultra City Breede Valley N1 NATIONAL ROAD, COLESBERG, 9795
Ultra City Colesberg N1 NATIONAL ROAD, COLESBERG, 9795
Ultra City Estcourt North N3 NATIONAL ROAD, ESTCOURT NORTH BOUND, 3310
Ultra City Estcourt South N3 NATIONAL ROAD, ESTCOURT SOUTH BOUND, 3310
Ultra City False Bay N2 NATIONAL ROAD, MACASSAR CAPE TOWN, 7134
Ultra City Kei Bridge N2 OLD TRANSKEI BORDER POST, KEI BRIDGE, 4950
Ultra City Kimberley N12 NATIONAL ROAD, NORTH OF KIMBERLEY, 8301
Ultra City Klerksdorp N12 NATIONAL ROAD, JOE SLOVO ROAD, KLERKSDORP, 2570
Ultra City Kroonstad N1 NATIONAL ROAD, NORTH EASTERN BYPASS, KROONSTAD, 9499
Ultra City Laingsburg N1 NATIONAL ROAD, VOORTREKKER STREET, LAINGSBURG, 6900
Ultra City Mvoti North Bound N2 NATIONAL ROAD, ADJ TO MVOTI TOLL PLAZA NORTH BOUND, STANGER, 4449
Ultra City Mvoti South Bound N2 NATIONAL ROAD, ADJ TO MVOTI TOLL PLAZA SOUTH BOUND, STANGER, 4449
Ultra City Pietersburg/Polokwane North N1 NATIONAL ROAD NORTH BOUND, POLOKWANE, 0700
Ultra City Pietersburg/Polokwane South N1 NATIONAL ROAD SOUTH BOUND, POLOKWANE, 0699
Ultra City Pitstop N1 NATIONAL ROAD, CNR EUFEES RD & WESTERN, BLOEMFONTEIN, 9301
Ultra City Plettenberg Bay N2 NATIONAL ROAD, MARINE WAY, PLETTENBERG BAY, 6600
Ultra City Queenstown N6 NATIONAL ROAD, CATHCART ROAD, QUEENSTOWN, 5319
Ultra City Riviersonderend N2 NATIONAL ROAD, 33 MAIN ROAD, RIVIERSONDEREND, 7250
Ultra City South Coast North Bound N2 NATIONAL ROAD, NORTH BOUND, UMGABABA, 4126
Ultra City South Coast South Bound N2 NATIONAL ROAD, SOUTH BOUND, UMGABABA, 4126
Ultra City Three Sisters N1 NATIONAL ROAD, BEAUFORT WEST, 6970
Ultra City Umtata N2 NATIONAL ROAD, NELSON MANDELA DRIVE, MTHATHA, 5100
Ultra City Golden City N1 NATIONAL ROAD, HALFWAY HOUSE MIDRAND, SOUTH BOUND, 1685
Ultra City Jacaranda N1 NATIONAL ROAD, HALFWAY HOUSE MIDRAND, NORTH BOUND, 1685
Ultra City Montrose N3 NATIONAL ROAD, STREETHAM HILL, SWINBURNE
Ultra City Limpopo N1 NATIONAL ROAD, BEIT BRIDGE, MESSINA, 0900
Ultra City Harrismith N3 NATIONAL ROAD, NORTH BOUND, HARRISMITH, 9880
Ultra City M2 M2 EAST NATIONAL ROAD, JOHANNESBURG, 2001
Ultra City Middelburg East N4 NATIONAL ROAD, EASTBOUND TO MIDDELBURG
Ultra City Middelburg West N4 NATIONAL ROAD WESTBOUND TO WITBANK/JOHANNESBURG/PRETORIA

(Taken from Consultant news 02/12/2014)

Remember, it Pays to have Cover!

 

Discovery expanding its’ branding and presence in the UK.

Discovery acquires full ownership of its UK joint venture, rebrands UK businesses (Continued)

On 10 November 2014, Discovery announced an important strategic change in its business with its acquisition of the remaining 25% stake in Prudential Health Holdings Limited, the holding company of PruHealth and PruProtect in the UK.

Group Chief Executive, Adrian Gore, said; “We are tremendously excited about this major strategic milestone for Discovery. Taking full ownership of our UK operations signals the significance of the UK market to Discovery and is key to our strategy to replicate Discovery’s shared-value insurance model in this market.”

Discovery will now own 100% of the UK operations, valued at £620 million. Initially established as an equally-owned venture between Discovery and Prudential in the private medical insurance market in 2004, it subsequently expanded to offer long-term protection products. It underwent a shareholding change in 2010 when Discovery increased its shareholding to 75% with the acquisition of Standard Life Healthcare. Today, the life and health insurance businesses cover over 800 000 lives, at number four and three market positions respectively for the health and life arms, and attracting annual premiums of approximately £480 million and annualised new business in excess of £110 million.

Gore continued, “Discovery’s increased investment in the UK has always been part of our longer-term strategy. It will afford us the opportunity to realise our vision to further entrench our insurance model and to be recognised as the best protection provider in the UK. Being highly receptive to the needs of our clients, and highly engaged with them, means that we are well placed to achieve our goal of substantially improving the health of consumers in the UK. In my view, we are well on track to move insurance as a low-interest product category to one that is aspirational.”

Strategically, the UK market presents significant opportunity: the UK protection market is the third largest globally and the combination of high levels of underinsurance and low retention rates among insurers, provide an optimal platform for Discovery to replicate its shared-value insurance model.

Gore commented; “The UK environment is right for us. Our goal is to create a unique protection business that is responsive to global trends and that creates unique value for members and society.” With the ownership change and the ongoing elevation of the Vitality brand over the last few years, the PruHealth and PruProtect businesses will be rebranded under a single insurance brand: Vitality, with two insurance lines offered, VitalityHealth and VitalityLife.

The rebranding reflects the brand equity that has been developed in the Vitality brand as well as the significance of Vitality as a mechanism to deliver Discovery’s shared-value insurance model.

Financially, the joint venture is targeting £1 billion of earned premiums and £200 million of new business over the next five years.

Extracted from the “eDiscoverer” dated

Children getting more obese!! Possible shorter life span than parents.

(Taken from the Discovery “eDiscoverer”, dated 18/07/2014):

 

South African children score a “D” in the 2014 Healthy Active Kids Report

Results of the 2014 Healthy Active Kids Report, which checks the state of South African children’s health, became available recently.

This third report builds on the reports from 2010 and 2007 to see if children’s physical activity, weight and nutrition improved. Overall South Africa slid from a grade of “C-“ in 2010 to a “D” in 2014.

Is this a big deal?

Concerning trends in inactivity, overweight and obesity have all increased in urban youth. This mirrors global trends of physical inactivity having a 35% prevalence, and obesity and being overweight in teenage boys doubling in six years. These trends also led to the shocking prediction that some children born from 2000 might, for the first time in generations, have a shorter life expectancy than their parents. Acting now, can improve the outlook.

Check out some of the results

The latest review studied available research on children’s health habits, including how much they play, how much fast food they eat, how much TV they watch. The research even looked at the support they get for healthy choices at home and school. Here are some of the findings around physical activity and nutrition:

  • At least half of South African children are not active enough: only active for less than an hour a day. This gave them a “D” grade for physical activity.
  • Less than half of urban children take part in organised sport or recreation. This gave a “C” grade.
  • Most children watch TV almost three hours a day; more over weekends. We scored an “F” grade for sedentary behaviours.
  • Childhood obesity continues to grow and sugary drinks are a major contributor of this. South Africans drank three times the global average in 2012. The previous “C-“ grade dropped to a “D”.
  • More than two thirds of youngsters eat fast food at least three times a week, giving an “F-“.
  • Only half our children eat enough fruit and vegetables, giving a “C-“grade.
  • Less than half of children meet the recommended salt intake of 5g a day. We scored a “D”.
  • Regulations on food advertising to children scored an “F-“. Therefore this needs work.

Find out more

Discovery Vitality “Health Active Kids Report Book 2014 (pdf of the book report)

Visit www.vitalityschools.co.za for more insights into our children’s health status.

Employer Group/Company- want to switch medical schemes?

 

The Medical Schemes Act (131 of 1998) allows employer groups to switch between medical schemes on 1 January each year, without any waiting periods.

Please note however, that Late- Joiner Penalties may still apply.

 

Take note of the following:

  1. There must be two or more principal lives in the employer group.
  1. All new members must be employees or pensioners of the same company.
  2. The company and all members joining must currently belong to a registered South African medical scheme.

  3. There must not be a break in membership when members transfer from their current medical scheme to the new scheme.

  4. All covered individuals must agree to transfer their membership to the new scheme on 1 January 2015.

If your company is wanting to transfer to a new scheme, make sure to discuss this at your next meeting… most schemes will require documentation prior to the end of Sept, indicating this intention.

 

Better yet, if you want help with this process, you are welcome to contact me.

You will need to change your intermediary to our brokerage for us to help you obviously.

Remember it pays to have Cover!

Kenny Williamson