I’ll be honest—I didn’t think about life insurance until much later than I probably should have. For years, I assumed it was something older people worried about, the kind of thing my parents mentioned in passing when they were updating their will or talking about “being prepared.” To me, it sounded distant and maybe even a little morbid. But then, life happened. A friend got married, another had a baby, and suddenly, we were all adults trying to make sense of mortgages, medical aid, and—yes—insurance.
That’s when I first came across Momentum’s Myriad Life Insurance. At first glance, it seemed like just another life policy, and I nearly scrolled past. But the word “Myriad” caught my attention. It suggested flexibility, like there was room for different types of people and their unique stories. And if there’s one thing I’ve learned, it’s that no two people walk the same financial path.
The promise was big: tailored protection for every life stage. Bold claim, right? But what does that even look like in real life? That’s what I wanted to unpack—because if you’re like me, you want to know exactly what you’re paying for and why it matters.
Why Life Insurance Feels So Complicated (and Why It Doesn’t Have to Be)
If you’ve ever tried to read through a life insurance brochure, you know the struggle. It’s a maze of jargon—terms like “sum assured,” “premium structure,” and “beneficiary clause” thrown around as if we all have an actuarial degree. It’s enough to make most people close the browser tab and promise themselves they’ll “get to it later.”
But here’s the thing: life insurance isn’t really about the paperwork. It’s about security, about creating a buffer for the people you love when the unpredictable happens. We all know the big “what ifs” that can derail a family’s finances: illness, disability, untimely death. These aren’t cheerful thoughts, but they’re real, and ignoring them doesn’t make them go away.
Momentum seems to understand this psychological hurdle, which is why Myriad doesn’t present itself as a one-size-fits-all product. And that’s important because life isn’t linear. The needs of a 25-year-old starting out in their career are wildly different from a 45-year-old supporting kids and paying off a home loan. The challenge is how to design a plan that grows with you instead of locking you into something that stops making sense five years later.
The Core Idea Behind Myriad: Adaptability
What drew me in was how Myriad positions itself less like a rigid policy and more like a financial toolkit. You’re not buying one big slab of insurance—you’re building a structure piece by piece. Need income protection now, but you’re not worried about estate duty yet? Add the first, skip the second. Planning for retirement while paying off a car? They have something for that too.
I like that approach because it feels closer to how real life works. Things change. Jobs change. Families expand. Kids arrive (with their endless school fees). You might start as a freelancer and later take a corporate role with benefits. Traditional life insurance often expects you to predict all this upfront and commit to a plan that assumes you’ll stay exactly the same for 30 years. Spoiler: you won’t.
But does flexibility always equal simplicity? Not necessarily. With Myriad, the sheer number of options can feel overwhelming if you’re someone who likes things neatly packaged. Some might even argue that this buffet-style approach makes it harder to decide. And they’d have a point. It’s a bit like walking into a restaurant with a 10-page menu—great if you know what you want, paralyzing if you don’t.
Breaking Down the Life Stages (and Why They Matter)
Momentum talks a lot about “life stages.” Sounds nice, but what does it mean practically? Here’s how I interpret it after a few hours of reading and talking to a financial adviser:
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Starting Out: You’re in your twenties or early thirties. Probably renting, maybe paying off student loans. At this stage, you might not need a huge life cover because no one depends on your income—yet. What you do need is income protection and severe illness cover. Why? Because if something happens to you now and you can’t work, you’re not just losing a paycheck; you’re derailing your entire financial future.
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Building a Family: Fast forward a few years—you have a partner, maybe kids, definitely more bills. This is when traditional life cover becomes essential. If something happens to you, your family needs a financial cushion big enough to cover things like the mortgage, education costs, and day-to-day living.
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Peak Responsibility Years: This is the pressure-cooker stage—probably your forties or fifties. You’re juggling school fees, aging parents, possibly helping kids with university, and still trying to build your retirement fund. You need comprehensive cover here because the financial stakes are high.
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Pre-Retirement & Retirement: Once the kids are out of the house and the mortgage is nearly paid off, your priorities shift. You might reduce life cover and focus more on retirement income and estate planning.
What I like about Myriad is that you don’t have to guess the exact timing of these stages. You can tweak your plan along the way. In theory, at least. The caveat? Making those adjustments requires discipline and regular check-ins with your adviser.
Features That Stand Out (and a Few That Made Me Raise an Eyebrow)
One feature I genuinely appreciate is the Severe Illness Benefit. It’s not just about the big C (cancer)—it covers a wide range of conditions, which makes sense because life doesn’t stick to predictable patterns. I also like that payouts can be partial, so you’re not waiting for the worst-case scenario before you get financial relief.
Then there’s the Income Protection option. If you’re self-employed or in a gig economy role (hello, freelancers), this is a lifesaver. Your income is your biggest asset, and losing it even temporarily can be devastating.
But here’s something I wasn’t entirely sold on: the complexity of add-ons. Myriad offers so many riders and benefits that it can feel like you’re buying insurance for your insurance. Want disability cover? Sure. Want to include accident cover? Okay. Want your premiums back if you stay healthy? Also an option. It sounds great until you start adding up the cost and realize you’ve turned a manageable premium into a small mortgage.
That’s not a criticism unique to Momentum—most insurers do this. But it’s something worth keeping an eye on. Flexibility is fantastic, but only if you’re not bending your budget out of shape.
How Real People Use It (Including Me)
Let me share a quick story. A friend of mine—let’s call her Lindi—started a business in her late twenties. At the time, she didn’t think life insurance mattered. Fast-forward five years: her business was thriving, but then she got diagnosed with an autoimmune condition that left her unable to work for months. Luckily, she had added income protection and severe illness cover to her Myriad plan a year before. That payout kept her business afloat and covered her living costs until she recovered.
When I set up my own cover, I started small: basic life cover and a little severe illness protection. No kids, no house, just enough to make sure my parents wouldn’t be saddled with debt if something happened to me. Over time, as my responsibilities grew, I added more layers. It wasn’t about chasing every possible benefit; it was about asking, What risk would hurt the most right now?
The Emotional Side Nobody Talks About
We like to pretend insurance is purely rational—just numbers and calculations. But the truth? It’s emotional. Signing up for life cover forces you to imagine scenarios you’d rather avoid: death, disability, illness. It can feel heavy.
Momentum seems to get that, at least to some degree. Their messaging leans on empowerment rather than fear, which I appreciate. Still, I wonder: does the industry as a whole do enough to make this process less clinical? Could we make it feel less like ticking boxes and more like writing a safety net for your future self?
Is Myriad Worth It? My Take
If you want a product that adapts as your life changes, Myriad makes sense. It’s not the cheapest option on the market, but flexibility rarely is. It also works best if you’re proactive—checking in every year, tweaking benefits, and being honest about your financial reality. If you prefer a “set it and forget it” approach, this might feel overwhelming.
One last thought: don’t do this alone. Even if you consider yourself financially savvy, life insurance is one of those things where a second opinion saves headaches. Talk to a certified adviser. Ask annoying questions. Challenge assumptions.
Because here’s the thing: the goal isn’t to buy the perfect policy—it’s to buy the one that fits your life right now, with enough room to grow. And if Momentum’s Myriad helps you do that without locking you into a rigid plan, then maybe it’s worth more than just a glance.
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