Research by Discovery shows a growing trend among South Africans for life insurance that pays out in US dollars. Since its inception in 2024, Discovery’s Dollar Life Plan has seen a 20% annual increase in premium income from offshore risk planning, with volumes doubling in the last five years. Discovery Life Deputy CEO Gareth Friedlander highlighted the need for coverage that addresses specialised medical and education costs, given the global interconnectedness of many South Africans. According to the company, its Dollar Life Plan aims to provide affordable life insurance that pays out in dollars to support global lifestyles and hedge against currency volatility. The plan uses a single discretionary allowance to simplify premium payments and avoid forex complications, with a minimum monthly premium of $50.
