Frequently asked questions
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Do my monthly MYLEGACY COVER™ premiums increase annually?
MyLegacy Cover™ premiums increase by the higher of 4% or CPI plus an age factor.
Can minor children be Beneficiaries of life cover?
Technically, yes. However, this is not best practice as your minor children’s finances still fall under the curatorship of their guardian. If you have minor children you should consider the use of a Testamentary Trust as a vehicle to protect their inheritance.
Does my MYLEGACY COVER™ pay-out form part of my estate?
Your life cover only forms part of your estate if you nominate your estate as the Beneficiary on the life cover beneficiary nomination form. However, ...
Do I pay Executor’s fees on MYLEGACY COVER™?
No. Because MyLegacy Cover™ is an extender benefit of the Legacy Protection Plan™, all your executor fees are indemnified regardless of who the nominated beneficiary is. If your life cover from another provider pays to an individual, it wouldn’t attract executor’s fees. However, life cover from other providers that pays to your estate or a trust will attract executor’s fees which can be charged at 3.5% plus VAT.
Who can I nominate as a Beneficiary on my MyLegacy Cover™?
Because MyLegacy Cover™ is an extender benefit of the Legacy Protection Plan™, you can nominate either an individual, a trust or your estate as the Beneficiary without incurring any executor’s fees.