Over 63? You’re Covered!

For the last 10 years, FMI has provided AIFA Advisers with a compulsory Income Protection scheme to protect themselves and their businesses in the event of a disability. We have increased the retirement age to 70.

Previously the normal retirement age for all AIFA employees was 63, meaning that your cover under this scheme ceased at that age. After discussions between AAA and FMI, it has been agreed that a number of benefits will be extended to provide you with cover until age 70:

• Temporary Income Protection Extender: TIP Extension cover of up to 75% of after-share earnings and R70 000 per month, whichever is the lesser, for 12 months, with a 30 day non-retrospective waiting period. Medical and financial underwriting applies to cover applied for in excess of the Free Cover Limit of R15 000. A 12 month pre-existing condition clause will apply to benefit amounts accepted under the free cover limit. Additionally, claims arising from psychological disorders will be excluded.
• Group Life Cover – This consists of life cover up to a maximum of R2 million, made up of:
• Compulsory Fixed Life Cover AAA: This benefit is fixed at 66% of your annual TIP cover. The premium for this benefit is paid for by AAA. This benefit is not medically or financially underwritten.
• Voluntary Fixed Life Cover Member: This optional addition to the compulsory Fixed Life Cover benefit is set at 66% of your annual TIP cover. The premium for this benefit is paid for by the member, with an age-rated premium pattern. Medical and financial underwriting applies.
• Voluntary Fixed Life Cover AIFA: This option is only applicable if the Voluntary Fixed Life Cover Member benefit is selected. Cover is fixed at 66% of your annual TIP cover. The premium for this benefit is paid for by AIFA. Medical and financial underwriting applies.
• Voluntary Flex Life Cover Member (AAA members only): This benefit can provide you with up to 5 times your annual actual after-share commission in Life Cover. Medical and financial underwriting applies.

Your cover will commence in June 2012 and will initially consist of a TIP Extender cover equal to the lesser of 75% of your after share earnings and R15 000pm. and Life Cover equal to 66% of your annual TIP Extender benefit amount. Any cover applied for in excess of these amounts will be underwritten and will be attended to on a case-by-case basis. FMI will contact you in this regard.

Should you wish to increase your cover urgently or if you have any questions, please contact FMI on the ABSA dedicated line 0800 00 53 22 or email fmiabsa@fmiwp.