Channel Life doesn’t have a No. 5. But they do have a number of long-term insurance policies. Originally Anchor Life, Channel Life has since become a fully fledge BEE long-term insurance company. In January 1997, the company was acquired by PSG, which continues to underwrite their products through Sanlam Developing Markets. The company focuses on meeting the needs of the South African market and build lasting relationships with their clients, just like Chanel. Their range of products include the following:
The funeralprovider plan is a funeral insurance policy which covers funeral costs and endowments. It includes a funeral premium escalation which caters for the rising costs of funerals, which can cost up to R35 000. Funeral cover pays out immediately after death to cater for the costs of the funeral of the principle member on the policy. The cover includes the cost of coffins, catering, flowers, transport among others.
Channel Life’s funeral provider plan also comes with a temporary premium waiver which keeps the cover in place for three months after the principle member dies to enable secondary members or the rest of the family to organize their own funeral cover.
The lifeprovider plan is a life insurance policy with the option to include debility cover and cover for the member’s spouse. The plan exists for 10 years, 20 years or can be opted into for whole life. The insured life is covered for R200 000 and includes immediate payout for accidental death and family support.
The cover also includes funeral support, legal support, health advice, trauma assault and HIV treatment and emergency medical response. The life insured can be opted into by members of between 19 and 60 years of age.
The masterplan is a term policy which includes funeral cover and savings benefits for a principal life and spouse. The masterplan includes a death benefit, accidental death benefits and savings benefits with options to include family funeral cover, hospital cash plan, debility cover and funeral support services.
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