Discovery Life Insurance, a leader in the life insurance market, is known for its innovative products and extensive rewards. With various cover options, Discovery Life provides financial protection against death, disability, severe illness, and income loss. Their life insurance policies are tailored for different types of individuals, from cost-effective plans to high-net-worth policies.
King Price Life Cover, offered through Stangen, is known for affordable, customizable life insurance products. King Price has made a name for itself by offering cheap but reliable insurance across multiple sectors, and its life insurance offerings extend that affordability to cover death, disability, and critical illness. The policy is flexible, catering to different budget levels, and is available with no waiting periods.
Below, we compare the fees, benefits, requirements, pros, and cons of each policy.
Comparison Table: Discovery Life Insurance vs King Price Life Cover
| Feature | Discovery Life Insurance | King Price Life Cover |
|---|---|---|
| Cover Amount | Up to R10 million (Purple Life Plan) | Up to R10 million |
| Premium Discounts | Up to 48% upfront and ongoing | No specific premium discounts |
| Cash Back Benefits | Up to 100% of premiums back in cash (PayBack benefit) | None |
| Disability Cover | Yes (up to R10 million, included in comprehensive cover) | Yes (lump sum payout) |
| Critical Illness Cover | Yes (included in comprehensive plans) | Yes (lump sum payout for stroke, heart attack, cancer) |
| Income Protection | Yes (loss of income included in policies) | Yes (up to 75% of salary up to R90,000) |
| Child Benefits | Yes (Global Education Protector, Child Protector Benefit) | No specific child protection benefits |
| Waiting Period | No waiting period for most benefits | No waiting period |
| Customization Options | Multiple plans (Essential, Classic, Purple, Dollar Life) | Flexible life cover, funeral cover, commuter cover |
| Rewards | Discovery Miles (up to 7.5% of premiums back) | None |
| Starting Premiums | From R200 per month (Essential and Classic Life Plan) | Not disclosed (depends on customization) |
| Additional Features | Dollar Swap option (Purple Life Plan), Cash Conversion Benefit | Customizable group schemes |
Benefits of Discovery Life Insurance
- Comprehensive Coverage: Discovery Life offers extensive cover, including death, disability, severe illness, and income protection, making it one of the most all-encompassing life insurance providers in South Africa.
- Reward Programs: With up to 48% premium discounts and Discovery Miles rewards, policyholders can save significantly while enjoying ongoing premium discounts. The PayBack benefit allows you to get up to 100% of your premiums back in cash.
- Child Protection Benefits: Discovery’s Child Protector Benefit is world-leading, offering protection against disabilities, traumas, and illnesses specific to children. Additionally, the Global Education Protector ensures your child’s education is covered in case of death, severe illness, or disability.
- Cash Conversion Option: Discovery Life offers the opportunity to convert the Life Fund into cash payouts from the age of 65 without reducing cover, providing a sense of financial security in retirement.
- Multiple Plan Options: Discovery Life offers flexible plans such as the Essential, Classic, Purple, and Dollar Life Plans, catering to different income levels, including bespoke global coverage for high-net-worth individuals.
Benefits of King Price Life Cover
- Affordable and Customizable: King Price Life Cover, via Stangen, is highly customizable, making it easy for policyholders to tailor coverage according to their budget and specific needs, such as funeral or commuter cover.
- No Waiting Periods: Unlike many insurance providers, King Price Life offers life cover with no waiting periods, meaning policyholders are covered from day one.
- Salary Protection: King Price Life includes salary protection, which ensures up to 75% of your salary (up to R90,000) is covered if you become disabled through illness or injury.
- Group Schemes: King Price Life provides group schemes tailored to different industries. These schemes allow businesses to offer life insurance to employees at reduced rates compared to individual policies.
- Critical Illness Cover: King Price Life provides critical illness cover, paying out a lump sum for serious health conditions like heart attack, stroke, or cancer.
Requirements of Discovery Life Insurance
- Minimum Premiums: Discovery Life’s plans start from as low as R200 per month, making it affordable for individuals with varying income levels.
- Financial Health: Discovery’s premium discounts and rewards are often linked to your level of physical and financial health, encouraging policyholders to maintain a healthier lifestyle.
- Financial Advisor: Some of Discovery’s more complex products, such as the Purple Life and Dollar Life Plans, require consultation with a financial advisor for a personalized quote.
Requirements of King Price Life Cover
- No Minimum Premium Disclosed: King Price Life does not explicitly disclose its starting premiums, as pricing varies based on customization and the specific cover chosen.
- Customizable Policy: Requirements for King Price Life Cover vary depending on the customization of your policy, such as life, funeral, or commuter cover.
Pros and Cons of Discovery Life Insurance
Pros:
- Market-leading comprehensive cover with additional benefits for children and education.
- High premium discounts (up to 48%) and cash-back benefits (up to 100%).
- Flexible plan options, including bespoke global and offshore cover for high-net-worth individuals.
Cons:
- Some plans, like the Purple Life Plan, require a financial advisor, making the process slightly more complex.
- Discovery’s premium discount system is heavily tied to lifestyle and fitness, which may not suit everyone.
Pros and Cons of King Price Life Cover
Pros:
- Affordable and highly customizable plans.
- No waiting periods for life cover.
- Salary protection and critical illness cover included as part of its flexible offerings.
Cons:
- Lacks the same level of reward programs or premium discounts as Discovery Life.
- Less extensive child protection and educational benefits compared to Discovery.
Who is Discovery Life Insurance Suitable For?
Discovery Life Insurance is suitable for individuals seeking comprehensive coverage with the added advantage of premium discounts and financial rewards. The product is ideal for families, especially those with children, as it includes extensive benefits for children’s education and protection. Additionally, high-net-worth individuals seeking bespoke global cover, or those interested in offshore cover, will find Discovery’s Purple and Dollar Life Plans appealing.
Who is King Price Life Cover Suitable For?
King Price Life Cover is ideal for individuals seeking flexible and affordable life insurance without complicated reward systems. Its customizable approach makes it a great option for those on a budget or individuals requiring specific coverages such as salary protection or funeral cover. Moreover, group schemes make it an attractive option for businesses or organizations seeking bulk coverage for employees.
Conclusion
Both Discovery Life Insurance and King Price Life Cover offer strong life insurance solutions, but they cater to different needs. Discovery Life Insurance shines with its comprehensive coverage, child and education benefits, and financial rewards. It is best suited for individuals seeking market-leading life insurance with added benefits.
On the other hand, King Price Life Cover, through Stangen, offers affordability and flexibility, making it ideal for those looking for basic yet reliable life cover with customizable options. Its lack of waiting periods and simple product customization make it a convenient choice for budget-conscious individuals.
Ultimately, the best choice depends on your personal requirements, budget, and lifestyle. If comprehensive coverage with rewards and long-term benefits is your priority, Discovery Life Insurance is the way to go. However, if affordability and customization are more important, King Price Life Cover might be your ideal solution.