Claiming Certainty with Express Income

For a complete income protection solution, we believe in putting in place temporary income protection and then permanent income protection, ensuring that our clients are covered for all disability scenarios. However, we also understand that individuals have different cover needs and that some of our clients might want a straight-forward temporary income protection product to cover the gaps in their existing cover. With no medical underwriting and the same claim certainty as BPE, this is where Express Income comes in. Who is Express Income for? Temporary income protection doesn’t have to be expensive or complicated. Express Income bridges the gap by paying out a regular, monthly income when the Life Insured is unable to work as a result of temporary injury or illness. Express Income can be used for:

• Top-up cover: Most group schemes only cover 75% of an individual’s pensionable income while most disability benefits do not cover all types of income e.g. commission. This could leave your client under-insured during a critical time. With cover amounts up to R25 000 per month or 100% of income, Express Income provides monthly disability benefits that can act as a supplement to group coverage or a personal policy.
• To cover a temporary disability: Even if your client has some group cover in place, does it cover them for a temporary disability and how long is the waiting period? Most employee benefits carry a 3 to 6 month waiting period while standard Capital Disability and Permanent Income Protection benefits do not cover short temporary disabilities. This means that if your client experiences a disability for a period of time which is shorter than the waiting period or is only covered for permanent disability, they will be left without cover.
• Cover for the first time: Many new business owners feel that disability insurance is too costly or complicated for their needs. Taking time off work is not an option for most self-employed people so insuring against disability is essential. With affordable premiums, Express Income is a good starting point for an income protection portfolio.

Will my clients still have claim certainty? With Express Income, your client will still still enjoy FMI’s commitment to claim certainty. We:

• Use a unique risk assessment model, which focuses on duties rather than job titles
• Take into account volatility of income over time
• Do not underwrite at claim stage
• Do not aggregate on temporary income protection claims
• Allow for multiple temporary income protection claims

At FMI, we pride ourselves on paying valid claims. To learn more about our claims statistics and how to claim, visit our website.