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How does it work?

The Legacy Protection Plan has five plan types, namely Bronze, Silver, Gold, Platinum and Diamond. Each plan type has an indicative gross estate value range, a maximum insured benefit and an inclusive Immediate Liquidity Benefit.

Your monthly premium will be determined according to your applicable age band.   Simply put, legal fees related to your deceased estate are recouped from the maximum insured benefit, after providing for the Immediate Liquidity Benefit payment. Therefore depending on your plan type and needs, you can ensure that 100% of such costs are covered in the event of death.

Please see the product summary below and refer to the example plan. Medical tests are not required for the Legacy Protection Plan and the Bronze and Silver plan types are completely non-underwritten.

 
 

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  •   Max. Benefit
  •   Imm. Benefit

BRONZE

  •  R 47 426.08
  •  R 10 400.00

GOLD

  • R 570 279.84
  • R 62 400.00

PLATINUM

  •  R 1 222 542.88
  •  R 83 200.00

DIAMOND

  • R 2 103 366.72
  • R 104 000.00

 

Monthly Premiums

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  • Ages 18 – 45
  • Ages 46 – 55
  • Ages 56 – 60
  • Ages 61 – 65

BRONZE

  • R34.32
  • R51.48
  • R77.22
  • R115.84

GOLD

  • R76.88
  • R115.32
  • R172.97
  • R259.46

PLATINUM

  • R100.90
  • R151.35
  • R227.03
  • R340.54

DIAMOND

  • R129.73
  • R194.59
  • R291.89
  • R437.84

 
 

The following scenarios best illustrate the Legacy Protection Plan at work:

DETAILS

  • Gross estate value1
  • Net asset value to be inherited via testamentary trust(s)2
  • Gross value of the property(ies) to be transferred and inherited3

1st SCENARIO

  • R 1 750 000
  • R 1 750 000
  • -

2nd SCENARIO

  • R 5 000 000
  • R 3 000 000
  • R 2 000 000

 

FEES PAYABLE

  • Executor fees 1)
  • Initial trustee fees (2)
  • On-going trustee fees (2)
  • Conveyance fees (3)
  • TOTAL FEES
  • LEGAL FEES PAYABLE BY THE DECEASED ESTATE

AMOUNT

  • R 70 425
  • R 19 950
  • R 351 691
  • -
  • R 445 266

AMOUNT

  • R 200 100
  • R 34 200
  • R 602 899
  • R 17 500
  • R 854 699

 

TYPE OF LEGACY PROTECTION PLAN

  • Age of policyholder at next birthday
  • Applicable age band
  • Legacy Protection Plan monthly premium
  • Inclusive Immediate Liquidity Benefit
  • Maximum insured benefit (4)
  • Percentage recovery of legal fees after immediate liquidity benefit

GOLD

  • 33 Years
  • 18 – 45 Years
  • R 76.88
  • R 62 400
  • R 570 279.84
  • 100%

PLATINUM

  • 51 Years
  • 46 – 55 Years
  • R 151.35
  • R 82 300
  • R 1 222 542.88
  • 100%

 
Notes to the examples provided:

(1) Note the following for this value and related calculation:

  • All liabilities of the estate are excluded
  • All personal life insurances wherein the estate is not the direct beneficiary are excluded
  • All employer pension and/or provident fund benefits, including life cover proceeds from such are excluded
  • A 3.99% fee is applicable, including VAT, including a R600.00 masters fee

(2) Note that the related calculation assumes the following:

  • A 1.14% initial fee, including VAT
  • A 1.6% p.a. ongoing fee on the assets under management, including VAT
  • That the trust has a duration of 13 years and an average asset growth rate of 7% p.a.
  • That the trustee fees reflected are a discounted present value based on a 6% p.a. inflation rate

(3) Note the following for this value and related calculation:

  • The calculation assumes that the value reflected for the property is that of a single property
  • The conveyance fees applied to the calculation are as per the guidelines issued by the Johannesburg Law Society

(4) This amount includes the Immediate Liquidity Benefit

This amount includes the Immediate Liquidity Benefit