Client Claims – What We Can Learn From Them

When most people think about 'disability', they imagine a freak accident leading to an extended hospital stay or a permanent lifestyle change. However, the term 'disability' covers a wide range of illnesses or injuries that prevent a person from working and generating an income. We are often asked what kinds of claims FMI receives?

Most of our claims are temporary in nature and we know that temporary disabilities (illnesses or injuries that take you away from work for a period of time) can have huge financial implications. We also know that a person is far more likely to suffer a temporary disability than a permanent one and that most claims last less than 30 days. That’s why we emphasise the importance of Temporary Income Protection that provides cover from Day 1.

Temporary disabilities tend to happen more than once in a lifetime and are often not what you’d expect. In 2011, 47% of our valid TIP claims came as part of a multiple claim on behalf of the policyholder and, over the last 6 months, we have paid out valid Temporary Income Protection claims, lasting less than 30 days, for the following reasons:

Our claims record shows that temporary disabilities are diverse in nature and can have a severe effect on a person’s ability to earn an income and maintain their lifestyle. At FMI, we believe that Temporary Income Protection is the foundation on which your Income Protection policy should be built. For more information on FMI’s product offerings, visit our website or contact the Financial Adviser Distribution Team on 0860 10 52 08 or sales@fmiwp.