FMI’s Child Protector – A Market First!

A seriously ill child might mean drastic lifestyle changes such as full-time medical care, a parent needing to take time off work, or the employment of a care giver. This means that, if your client’s child falls critically ill, it will have a severe impact on their ability to perform their occupation and earn their income. An optional BPE benefit, our Child Protector benefit has been designed to help individuals cope financially if their child was to suffer from a critical illness.

How does the Child Protector work?

The Child Protector pays out a monthly income if a nominated child is diagnosed with one of the listed critical illnesses in FMI’s Juvenile Critical Illness Table. Once 24 months of benefit have been paid, payments will continue for the rest of the child’s life, until their 18th birthday, if they meet the Childhood Disability Definition (available on request).

If individually nominated on the policy, biological children, step children, and legally adopted children will be covered. The child must be unmarried, older than 1, and younger than 18 in order to qualify for cover. The policy will pay out for a maximum of one claim per child. And, the benefit amount increases, as temporary cover is increased.

With a maximum cover of R15 000 or 50% of the policyholder’s total temporary income protection cover (whichever is the lesser), your client can rest assured that this benefit will reduce the impact on their income, should their child become critically ill.

What illnesses are covered?

Because child illness is more common than we would like to believe, FMI covers a wide range of childhood illnesses. These include (but are not limited to):

• Cancer
• Bacterial Meningitis
• Encephalitis
• Heart Valve Surgery
• Kidney Failure (End-Stage Renal Failure)
• Major Head Trauma
• Major Organ Transplant
• Muscular Dystrophy

What about proof of medical costs?

There is no requirement to provide any proof of expenses relating to the care of the disabled child in order to obtain a pay-out for this benefit.

What if my client already has the Child Protector benefit?

The current Child Protector pays out a fixed benefit of R20 000, as a lump sum payment. If your client upgrades to the enhanced Child Protector, they will receive cover equal to 50% of their temporary cover, up to a maximum of R15 000 per month. And, this benefit will pay out as a monthly income until the child’s 18th birthday, as per the terms of the policy. To upgrade your client’s policy, contact our Client Services team on 086 010  1119 or [email protected]

Protecting more than immediate income

The last thing anyone wants if their child falls critically ill is to worry about how they will pay for unexpected expenses. The Child Protector can help parents to focus on what is really important during a stressful time.

Optional benefits, such as the Child Protector, have been added to enhance BPE’s core benefits of temporary and permanent disability cover. They take into account the changing needs, family responsibilities, and the unique risk profile of each policyholder.

To learn more about BPE, visit the FMI website.

For more information on FMI’s product offerings, contact the Financial Adviser Distribution Team on 0860 10 52 08 or [email protected]