Some South Africans are diversifying their risk cover to include life insurance that pays out offshore, in US dollars, this is according to the Discovery Life 2024 Dollar Life research paper.
The white paper was released to mark the 10-year anniversary of Discovery Lifes Dollar Life Plan.
The Discovery Life Dollar Life plan is an offshore life insurance policy that pays out, offshore, in US dollars in the event of the policyholders death, disability, or severe illness.
According to the research, since the Dollar Life Plans inception, the year-on-year increase in premium income from offshore risk planning has averaged over 20 growth per year.
Premium volumes have more than doubled over the last five years when compared to the first five years, it said.
