Does Your Client’s Income Depend On Their Spouse?

A family runs as team with each member performing a set of daily tasks. What would happen to your client’s ability to earn their income if their spouse suffered a disability and was unable to contribute in their usual way to the household? Would they have to take time off work? Do extra chores instead of working in their business?

That’s why we offer optional Family Responsibility benefits on Business Person Elect, including our Spouse Protector benefit. The Spouse Protector will pay a monthly benefit if your client’s spouse is unable to perform their occupation as a result of a disability from an accident or illness.

Housewives are covered!

Is your client’s spouse a housewife or home executive? At FMI, we recognise the important role played by stay-at-home spouses and this role is included in our list of occupations.

How does the benefit work?

The benefit amount is linked to the Temporary Income Protector benefit and equals the cover amount or R20 000 per month, whichever is the lesser. The benefit will pay for a maximum of 3 months after a 14 day waiting period if your client’s spouse is unable to perform their occupation. Payments will cease in the following cases:

• Spouse’s full recovery
• The day we consider the spouse able to go back to his / her own occupation
• The anniversary of the date of commencement of the policy following the chosen cease age
• The end of the benefit term of 3 months

Is proof of marriage required?

Your client only needs to provide proof that someone is their spouse when they want to claim on the Spouse Protector benefit, not when they apply for it. We do, however, need to be informed in advance in the case of common law spouses. A spouse may be the same gender as the policyholder and a maximum of 1 spouse is covered under this benefit. Divorced spouses are not covered. Read more about who qualifies as a spouse here.

With FMI’s Spouse Protector, your client’s income will be protected with a benefit that truly responds to the needs of today’s market. To learn more about BPE and the 2013 enhancements, visit the FMI website.

Policyholders who have a BPE policy can upgrade their policy to include all or a selection of the BPE enhancements, the majority of which will be available without underwriting. For more information of these upgrades, contact the Financial Adviser Distribution Team on 0860 10 52 08 or [email protected].