How does it work?
The Shackleton Life Immediate Needs Policy for immediate expenses pays out the Selected Sum Assured amount as a lump sum directly to the nominated beneficiary, usually the spouse or dependents, within two working days of receipt of the death certificate and all claim documentation supporting a valid claim. This amount can be used to pay for the immediate or final expenses associated with the fact that the deceased’s bank account has been frozen.

The policy is a whole of life policy meaning that it can be kept for your whole of life as long as you continue to pay the premiums, there is no term associated with the policy.

You can choose cover for any amount between R50 000 – R200 000 cover

Minimum entry age – 18 years old

Maximum entry age – 60 years old

Why the Shackleton Life Immediate Needs Product?
 

Did you know that when you pass away all your bank accounts are frozen as soon as possible after your death until an Executor is appointed, and your dependents cannot access your bank accounts for their day-to-day living expenses.

For a family this is a difficult time: If you are the breadwinner this could be disastrous for your dependents, as they would need access to the money in your accounts to pay for immediate expenses such as household bills, day-to-day expenses, food, bonds, vehicle instalments, school fees, etc.

Without access to money from your bank accounts where will they get funds for day-to-day expenses while they wait for the Estate to get finalized?

The Immediate Needs benefit pays your nominated beneficiary between R50 000 – R200 000 to be used for your dependents’ immediate needs and expenses within two working days of receipt of the death certificate and all required claims documentation.

A family may have Life Cover, but this typically takes a while to pay out and is usually put in place for a specific need, and not for the immediate day-to-day living expenses required by others after your death.

This is why it is important to consider a policy such as Immediate Needs to provide for immediate living expenses.

The Immediate Needs policy will pay the beneficiary named in the policy within two working days of receipt of all claim documents supporting a valid claim, to enable them to pay for these immediate expenses by giving them access to the money required during this difficult time.

Benefits
The Shackleton Life Immediate Needs Policy for immediate expenses has the following benefits:

1. No medicals or blood tests required – With the Shackleton Life Immediate Needs Policy, there are no medicals or blood tests required and as long as you are over 18 and under 60 years of age at entry, everyone qualifies. There is however a 3-month waiting period for Natural Death and General Exclusions applicable (see payment of benefits below).

2. Whole of Life Policy – the policy is a whole of life policy, which means that there is no term to the cover and as long as you are paying your premiums, you may keep the policy for your whole life. 

3. Nominate a beneficiary – It is important that you nominate a beneficiary, being the person who will be responsible for these expenses in the event of your death. The sum you are assured for will be paid directly to the beneficiary. 

4. Joint Policy – Two lives may be insured under one policy. Each Life Assured shall be entitled to the full Sum Assured provided that the premiums are paid in accordance with the policy and subject to the terms of the policy and payment of benefits. In the event of the death of one Life Assured, the policy will continue in the name of the surviving Life Assured with a recalculated premium on the remaining life assured’s age and risk factors. 

5. Up to R200 000 cover.

6. Ease of application – we handle all the paperwork ensuring you ease of application. 

7. May increase your cover at any stage – as long as it remains below the maximum and you are under 60 years of age, you may increase the cover at any stage. Exclusions and waiting periods will apply to the increased amount 

8. Payout within two working days of receipt of death certificate and all claim documentation supporting a valid claim. 

9. Payment of Benefits

 

• In terms of any Accidental Death Claim the full Sum Assured will be paid within two working days of receipt of all claim documentation on a valid claim, provided the policy is in force and premiums are up to date. 

• In terms of any claim for death due to Natural Causes the following levels of benefits will apply from the Commencement of Insurance, and any reinstatement and any increase:- 
  • First 3 months: – 0% of the Sum Assured (waiting period)
  • 3 months to 6 months: – 50% of the Sum Assured.
  • 6 months to 12 months: – 80% of the Sum Assured.
  • 12 months onward: – 100% of the Sum Assured.