Anniversary Date: Means the date, one year from the Cover Start Date of your policy and every year after that for the duration and life of the policy, unless your Policy Schedule explicitly states otherwise.

Accelerated Benefit: The cover amount is reduced under any related benefit on the policy if a claim pays out under an Accelerated Benefit.

Accidental Death: An event which is:

  • sudden and unexpected;
  • takes place at a distinguishable location and time;
  • has a visible, violent or external cause; and
  • ends with the death of the Life Assured.

Accidental Death Benefit (ADB) Cover: The Life Assured is covered for Accidental Death with an Accidental Death Benefit and not for death due to Natural Causes.

Aggregation of Cover: Aggregation of Cover is the sum of life insurance benefits owned by the Policyholder/Owner across all insurers and is used to calculate the allowed maximum cover. Insurers use aggregation to stop clients from buying life insurance for financial gain.

Annual Benefit Escalation: The percentage that cover increases. The increase occurs annually on the Policy Anniversary.

Annual Premium Escalation: The percentage by which premiums increase annually on the Policy Anniversary.


Beneficiary: Refers to the person or institution noted in the life insurance policy to whom the insurer pays the cover amount to on the death of the Life Assured.


Contract Term: The length of time the Life Assured will enjoy cover under the contract. Your Period of Insurance is shown in your Policy Schedule.

Cooling-off Period: This is the 30 (thirty)-day period from the date you receive your policy documents. If the Policyholder/Owner has not made any claims, then they may reconsider and/or cancel their contract during the Cooling-off Period, without incurring any penalties.

Cover Start Date: Means the latest of the following dates you have agreed to with iWYZE Life, the date:

  • on which cover starts, as shown in your Policy Schedule; and
  • that any change to your existing policy becomes effective – the Cover Start Date of this change will appear in your Policy Schedule.

Covered Events: Covered Events include death related to natural (‘Natural Death’) and accidental causes (‘Accidental Death’) as well as a terminal illness diagnosis (‘Terminal Illness Cover’).


Deferment Period: The period of time that has to pass, after an event occurs leading to a claim. The Life Assured is only entitled to receive a benefit once this period has elapsed.


Financial Services Provider: Refers to the authorised Financial Services Provider that provides the life insurance policy.

Financial Underwriting: Measures the potential financial loss to iWYZE Life which in turn determines the proposed Sum Assured and cover type we can accept.


Hazardous Pursuits: Activities (usually of a physical nature) that increase the risk of death for the Life Assured. These activities may include, but are not limited to, rock climbing, scuba diving, paragliding, hang-gliding, fighting (except in self-defence) and speed contests. iWYZE Life may apply special conditions to the policy or exclude a benefit when taking up cover or if the Policyholder/Owner discloses participation in a new activity.


In Force: Means the policy benefits have not expired or been cancelled; premiums are paid and are up-to- date.

Insurable Interest: A recognised relationship between the Policyholder/Owner and the Life Assured that would result in loss, patrimonial or otherwise, to the Policyholder/Owner in the event of the death of the Life Assured.


Life Assured: The person whose life events, as defined by the policy terms and conditions, determine whether and when benefits become payable.

Life Cover: In the case of the death of the Life Assured, this refers to the life insurance benefit that pays out.


Material Information: Means the information that a reasonable person would consider necessary to enable iWYZE Life to correctly determine their risk.

Medical Underwriting: Assesses the health status of the Life Assured to determine whether we will offer or reject cover and what the premium for this cover will be.


Natural Death: A death that occurs from natural causes such as disease or old age and not a death resulting from a violent act or an injury sustained in an accident.


Policy Anniversary: The date, one year from the Cover Start Date, and every year after that for the duration and life of the policy.

Policyholder/Owner: This term refers to the person or the institution who own the policy and that iWYZE Life corresponds with. The Policyholder/Owner is ultimately responsible for ensuring that the policy premium is paid even though someone else may be paying premiums on the policy.

Policy Schedule: The Policy Schedule sets out the type of cover you have bought, the people who are insured, the Contract Term, the amounts you are insured for, general and specific exclusions and the premium you must pay. Any changes to your policy will be shown in your Policy Schedule.

Premium Guarantee Period: The length of time for which iWYZE Life guarantees premiums not to change, other than through compulsory annual premium escalations or compulsory regulatory changes.

Premium Payment Term: The defined time that premiums must be paid for cover.

Product Supplier: The authorised Financial Services Provider that is the underwriter of the life insurance policy.


Spouse: Means a person who is:

  • the partner in any marriage, civil union, or customary union recognised by South African law; or
  • living with the Life Assured in a relationship that is intended to be permanent and who is named in the Policy Schedule.

Stand-alone Benefit: A Stand-Alone Benefit means that if you claim on one benefit under your policy it will not affect or reduce cover amount relevant to the other policy benefits.

Sum Assured: The amount of cover applied for by the Policyholder/Owner. The cover amount for the Sum Assured remains the same for the duration of the policy.


Terminal Illness Cover: The benefit that pays out the full Life Cover amount to the Policyholder/Owner in the event of a terminal illness diagnosis. The pay-out is on condition that:

  • they are still alive;
  • a diagnosis from a doctor and the insurer’s chief medical officer’s (CMO) is received confirming that the Life Assured has a terminal illness resulting in a life expectancy that falls within a defined time frame – as defined by iWYZE Life.


Underwriting: The process during which iWYZE Life determines the level of cover we are prepared to offer. This process takes into consideration factors such as age, gender, education, occupation, income, current life insurance cover, avocation (activities that the Life Assured takes part in outside of employment e.g. bungee jumping, rock climbing, etc.) personal health status, family health history, travel pattern and Insurable Interest.


Waiting Period: The period after taking out the policy during which time premiums are payable but the Policyholder/Owner cannot claim certain benefits.

We/us/our: Refers to iWYZE Life underwritten by Old Mutual Life Assurance Company (South Africa) Limited (Reg. No. 1999/004643/06), a Licensed Financial Services Provider (FSP Licence No. 26/10/703). See also ‘Product Supplier’ and ‘Financial Services Provider.’

Whole of Life: A life insurance benefit that provides cover for the entire lifetime of the Life Assured.


You/your/yourself/yours: Means you, the Policyholder/Owner. In certain Policy Sections, this may include your Spouse and/or any family member who lives with you and who are financially dependent on you.