Triarc Life Insurance – who are they?
Triarc life insurance is offered by Triarc, a relatively new company in the South African market. Triarc specialises in LGBTi* insurance issues, that is insurance for gays, lesbians, bisexuals, transgender and intersex. The company was launched in response to LGBTi complaints that the group's needs differed from those of regular insurance customers. Traditional insurance premiums are based on statistics, and statistically speaking (according to Triarc), the LGBTi community has fewer health problems, is more educated, and is less likely to have children, all of which mean different monthly premiums. Triarc also aims to make insurance shopping more comfortable for the LGBTi community, who may need to discuss issues such as sex change therapy, that more traditional life insurance companies may not be familiar with. Triarc was founded in 2011, and their policies are underwritten (financially backed) by SCOR and Guardrisk Life. The current managing director of Triarc is Andre Dique.
Where is Triarc Located?
Their head offices are at The Forum, North Bank Lane, Century City, 7441 Cape Town.
What Services Do Triarc Provide?
As well as Triarc life insurance, Triarc also provide a range of additional insurance policies, including disability, critical illness, HIV insurance, and medical and dental insurance.
Triarc Life Insurance
From reviewing their website, Triarc life insurance seems to be a flexible product. Initially, you choose the basic Triarc life insurance package, and then you select a range of add-ons. Once you have chosen the complete package of options that you want, you can adjust premiums and coverage accordingly until you have something that suits your needs and is affordable. Based on the information on the Triarc website, the Triarc life insurance policy includes the following features:
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Funeral cover, which will pay out a portion of your coverage within 48 hours of death being confirmed in order to help cover funeral expenses;
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Terminal illness cover, which will pay out 100% of your coverage in the event that a terminal illness is diagnosed and life expectancy is less than 12 months;
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The choice between a Level Premium (where premiums stay the same each month/year), or a Premium Pattern (with lower premiums at the start of the policy and an increase by a fixed percentage each year – without affecting your coverage amount), and also a Premium Guarantee option that guarantees your premiums will not go up over time;
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A Benefit Growth option, where you can choose to increase your coverage over time, though this will mean that premiums also increase over time.
Optional Add-Ons
As mentioned, you can add other policies onto your basic Triarc life insurance policies. This will add to your monthly premiums, but will also give you extra coverage for any of the following:
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Disability Cover, which will pay out some or all of your coverage if you become disabled and are unable to work (be aware that certain professions do NOT qualify for this coverage, including actors, policemen and pilots. Triarc life insurance recommends that these professionals instead opt for a Functional Impairment add-on), Triarc's Disability Cover automatically includes Functional Impairment Cover (see below);
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Functional Impairment Cover, which will pay out some or all of your coverage if you become disabled but can still work though maybe not in your original capacity (since Triarc life insurance's Disability Cover automatically includes this, Functional Impairment Cover is recommended only for those professions that do not qualify for Disability Cover);
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Critical Illness Cover, which will pay out some or all of your coverage if you are diagnosed with one of a list of critical illnesses;
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Income Protection Cover, which will pay out a monthly amount should you be unable to work, either permanently, or long term.
Triarc Life Insurance for HIV+ Customers
Triarc also offers life insurance, functional impairment cover and critical illness cover to HIV+ customers. Unfortunately, the Triarc life insurance website does not make mention of any special conditions. However, most companies that offer HIV+ insurance do require that customers undergo regular testing and agree to follow a certain medical protocol, such as a drug regime.
What Do Customers Think of Triarc Life Insurance?
Hellopeter, the consumer review website, does not list any reviews for Triarc life insurance. This is probably because the company is new in the market, and also because they are a niche insurer, specialising in a relatively small segment of the market. We can tell you that the Triarc Facebook page (which has over 14,000 Likes) has plenty of positive comments from satisfied customers but we cannot know how objective these are.
How User Friendly is the Triarc Life Insurance Website?
The Triarc life insurance website was easy to navigate, with lots of drop down menus that made it easy to find and 
compare options. It also had a lot of information, all written in an easy to understand way, with no technical life insurance terms and definitions, which made it easier to understand the options. The only thing we might comment on, was the fact that they did not list the conditions for their HIV+ policies. On the whole though, the Triarc life insurance website was very good: easy to use, easy to read, and very informative.
Triarc Life Insurance in Summary
Triarc life insurance offer specialised LGBTi insurance options for the lesbian, gay, bisexual and transexual community. They have a flexible form of policy that allows add-ons so that you can get the coverage that's right for you. Unfortunately, we can't tell you much about customer reviews for the company, however you can find a lot of information on Triarc's very helpful website. No matter who you are, life insurance is an important issue, and you will want to shop around a bit before making a decision. Click on the banner above to get a couple of free life insurance quotes.
* Disclaimer: We do not represent any of the companies, products and/or services reviewed, published or advertised on this website. Nor are we financial, health or insurance professionals or services provider. If you request a quote or purchase a product/service, it will not necessarily be given by the company reviewed on any specific page. Any decisions you make based on the information presented is at your own discretion and we advise that before doing so, you consult with the relevant professional.
Main subject: Triarc Life Insurance
