We believe there s a better way to do life insurance

Transcription

1 FMI Individual We believe there s a better way to do life insurance FMI Individual is the only product in the market that includes a suite of income benefits to replace 100% of your income in the Life insurance benefits should protect your greatest asset your income. You have big dreams for the future and you work hard every day to create a secure, happy lifestyle for your family. What would happen to you if your income stopped, even for a short while? FMI Individual includes Disability, Critical Illness and Life cover to protect you against any risk event that could prevent you from earning that income for you and your family. A combination of income and lump sum benefits for all three risk events benefits - ideally suited to meet monthly expenses like groceries, electricity and education. Lump Sum benefits - perfect to allow for any once-off expenses like estate duty and to settle large debts. Disability cover For temporary and long-term injury or illness Critical Illness cover To help you and your family cope with the impact of a serious illness Life cover To provide for your loved ones, even if you are no longer around Monthly income benefits are a better way to protect your income. This belief is core to everything we do at FMI. In the past, the rule of thumb for the insurance industry has been to offer mainly lump sum benefits especially for Critical Illness and Life cover. But income benefits are easier to understand and plan for, and more cost efficient: You don t need to make assumptions when calculating what lump sum is required to provide a future income (planning risk) You don t need to worry about investing a large sum of money, and the future impact of inflation (investment and inflation risks) You don t need to worry about running out of money before you die (longevity risk) You won t be tempted to spend your lump sum pay-out on the wrong things (behaviour risk)

2 Disability cover Cover against any injury, illness or disability (both temporary and long-term) that may prevent you from being able to do your job. This could be anything from a broken ankle to a hysterectomy or permanent paralysis. Lump Sum Temporary Protector (TIP) 100% of your after-tax monthly income up to R What waiting periods are available? You can split your cover across 7, 14, 30, or 90-day waiting periods. What benefit terms are available? 3, 6, 12, or 24 months. You can choose for your cover to end at age 55, 60, 65, 70, or 75*. Defined Events, OR Occupational Disability, OR Functional Impairment. * 75 At age 70, your TIP benefit is replaced by TIP 75 which pays up to R per month If you are unable to work. Your claim will be paid for a maximum of 11 months after a 30 day waiting period. al add-ons to TIP TIP Hospitalisation Enhancer Spouse Protector Retrenchment Protector Business Overhead Protector (BOP) How can I structure my cover? Cover up to 100% of your monthly overhead expenses to a maximum of R The same flexibility in terms of waiting periods and benefit term options on TIP also apply on BOP. You can choose for your cover to end at age 55, 60, 65, or 70. Defined Events, OR Occupational Disability, OR Functional Impairment. Extended Protector (EIP) 100% of your after-tax monthly income up to R When will my payments start? Your payments will start at the end of your TIP benefit (3, 6, 12, or 24 months). You can choose for your cover to end at age 55, 60, 65, 70, or Whole of Life*. Temporary or permanent Occupational Disability, OR permanent Functional Impairment. * Whole of Life At the earliest of retirement or age 70, your EIP benefit is replaced by the Long-term Care Protector which covers 75% of your EIP benefit amount. This will pay you a monthly income for the rest of your life if you become permanently functionally impaired. Disability Lump Sum (DLS) How can I structure my cover? Your cover can be standalone or accelerated, or a combination of both. What is the maximum cover available? R You can choose for your cover to end at age 55, 60, 65, or 70. Occupational Disability OR permanent Functional Impairment. We do things differently at FMI... You can split your cover across multiple waiting periods! And, our 7-day waiting period is perfect for commission earners, contract-workers and the self-employed - not only professionals. 75 is the new 65! Our unique TIP 75 option allows you to protect your income until the age of 75! You can choose to protect 100% of your income with us! Most products in the market limit you to 75% cover after 24 months. Permanence isn t required! On our Extended Protector, permanence isn t required for your claim to be paid. Our market-leading defined event claims criteria brings a whole new meaning to claims certainty! Our list of 200 defined events with guaranteed payment periods makes claiming with us even easier and more objective than ever before. We cover more occupations than anyone else... Our Event Based disability benefits are a first in the market - offering cover to many occupations that couldn t get traditional income protection before! (See brochure for nontraditional occupations) The most comprehensive claims criteria in the market! Max entry age of 65 Defined Events each event pays for a guaranteed period, even if you continue to work! Occupational Disability pays if you re unable to do your own job as a result of an accident or illness. If you can still do some of your work, you can choose to have your partial claim assessed on a percentage disabled or loss of income approach. Functional Impairment pays for a permanent loss of function in the body. The percentage paid is based on the severity of the impairment.

3 Critical Illness cover Cover against all serious illnesses or conditions, such as heart attack, cancer, and stroke. Our Critical Illness cover complements our Disability cover by giving you all the financial, practical and emotional support you need. Our goal is to make sure that you only have to worry about getting better - and we ll cover the rest! Lump Sum Critical Illness (CII) What does this benefit do? If you add our CII benefit to your TIP benefit, you will receive a guaranteed claim pay-out of 130% of your TIP cover amount for one year*. This benefit will pay out for any SCIDEP critical illness event or any other event with a 100% pay-out in our Critical Illness table for the CI Lump Sum benefit. Why do I need this benefit? protection benefits typically rely on an occupational disability definition, meaning you must be unable to work to receive a payment. With our CII benefit, your payments are guaranteed, even if you re able to work. This allows you to take the time needed to focus on recovery while dealing with treatment, and some time off afterwards. The extra payment of 30% during the first year will help contribute towards the increased costs associated with a critical illness. Will my pay-out be reduced if I am receiving any other income? We will not reduce the payment as a result of you receiving any other money during this period, even if you re still working. Will my payments stop if I die before the end of the 12-month payment period? The first 60 days of your claim payment is guaranteed. Your pay-out will stop after your death. * The year includes your waiting period, and will be limited to your chosen benefit term. Child Protector What does this benefit do? It pays a monthly benefit if your child is diagnosed with a condition defined in our Juvenile Critical Illness table or if they re diagnosed with an illness that has a 100% pay-out in our Critical Illness table for the CI Lump Sum benefit. Each child can be covered for 50% of your after-tax income, up to R per month. How long does this benefit pay for? The payments are made for 24 months* following diagnosis and will continue until your child s 18th birthday, if they meet the Childhood Disability Definition. * Payments would stop if the child passes away before their 18th birthday. FREE - CI Assist Worth up to R per claim! A suite of benefits included on both CII & CILS, designed to give you and your family the support you ll need through the recovery process Counselling individual and family sessions Child care au-pair services to help with the kids Travel services to and from treatment Emergency travel services to hospital Temporary home and work conversion Critical Illness Lump Sum (CILS) What is the maximum cover available? R You can choose for your cover to end at age 65, 70, or Whole of Life. How can I structure my cover? Your cover can be standalone or accelerated, or a combination of both. What is the Extender If selected, the Extender covers 107 additional critical illnesses that pay from 5% to 15% of the benefit. What is the Top-Up? If you select the Top-Up, the amount you are paid for certain critical illnesses will be increased. All SCIDEP critical illnesses will pay 100% of the benefit, instead of according to the severity. All other events that usually pay 50% or 75% will now pay 100% of the benefit. What is the survival period? If you have a standalone benefit and you die within 14 days of meeting the definition of a critical illness, no benefit will be paid. How comprehensive is the Critical Illness cover? Our CILS benefit is as comprehensive as the best in the market, with a list of up to 274 critical illness events. Plus, it has been future-proofed with the introduction of our unique Hospital expense benefit. FREE cover for your children! All your biological or legally-adopted children are automatically covered for 10% of your benefit to a maximum of R In addition to your list of critical illnesses, they will also be covered for a number of child specific conditions. We do things differently at FMI... Breast Reconstruction* - we will pay out an additional 15% of your sum insured (up to R ) if you undergo breast reconstruction surgery after a mastectomy. Early cancer* - where the rest of the market specifies a list of events, we cover ALL early cancers - with the only exceptions being prostate and skin cancers. Plus, we don t require you to be receiving treatment to qualify for a claim. Hospitalisation expense benefit* - this event will pay 15% of your sum insured if your hospital account exceeds R in a 12-month period, even if the reason for your hospital bills wasn t classified as a critical illness. Hospitalisation Death benefit - if you re hospitalised for at least 24 hours as a result of a listed critical illness and you die within 14 days of admission, we will pay out up to 25% of your benefit, up to R *Available on Extender only Max entry age of 70!

4 Life cover A combination of income and lump sum benefits allows you to provide for any once-off costs (for example estate duty), and leave your family with the income they need to afford the life you had always planned. Lump Sum Life (LI) You can cover up to R per month across all your selected beneficiaries. What is the maximum entry age? You can take out cover up to age 75 on both fixed term and Whole of Life. For how long will my beneficiaries receive an income? PAYMENT TERMS Fixed term: 6 or 12 months Fixed term: 2 or 5 years *Child's birthday: 18, 21 or 24 ADULT CHILD BUSINESS Any business with Anyone aged 18 Anyone aged 23 an insurable or older or younger interest in your life Life Lump Sum What is the maximum cover available? R What is the maximum entry age? You can take out cover up to age 75 if you select the Whole of Life option. You can choose term cover, Whole of Life cover, or a combination of the two. The term options are to age 55, 60, 65, or 70. Benefits included for FREE Max entry age of 75! Terminal illness benefit - pays your full cover amount on diagnosis of a terminal illness with 12 months or less life expectancy. Immediate expenses benefit - pays up to R within 48 hours of receiving confirmation of your death. *Life insured's retirement age: 55, 60, 65 or 70 Whole of Life - beneficiary Did you know? *For these Life benefits, you can select a decreasing premium pattern! Did you know? We offer a unique suite of flexible Life benefits that allows you to choose how much income you would like to leave each of your dependents, and for how long! No-underwriting conversion options - built in for FREE! If you choose a Life benefit that would pay until your retirement age or to your child - your cover doesn t fall away. On these benefits, if you are still alive when your Life benefit ceases, your cover will convert to Whole of Life Lump Sum automatically, and without underwriting. The following conversion rules will apply: For Life benefits that pay to your child s specified birthday or to your retirement age, your income benefit is multiplied by 60. For Life benefits that pay for a fixed term, your income benefit is multiplied by the number of months in your fixed term. This conversion happens when your child reaches age 24. FREE Medical Second Opinion Don t forget! ALL our policyholders get access to Medical Second Opinion We re the first life insurer in South Africa to partner with Mediguide to bring you the expert Medical Second Opinion service. This fantastic free benefit gives you access to world-class specialists to ensure peace of mind that you ve received the right diagnosis and the best possible treatment plan. This is just one way we try to make things easier for you, so that you have all the information you need to make critical decisions about your health. Plus, you don t need to be in claim to take advantage of this great service! It s available to all our Disability, Critical Illness and Life cover policyholders, at any time. For an extra R10 pm you can also give your whole family access to the benefit. Wanting more info? You ll find it on our website!

5 When your life changes, your insurance should too That s why FMI Individual includes a number of future insurability options that allow you to increase or decrease your cover in the future, even if your health has changed, or if you have already claimed. They re available even if you were accepted with a loading or an exclusion, and you can make use of all these options together. Benefit Increase You can select for your cover to increase on every policy anniversary by 0%, 5%, 7.5%, 10%, or CPI, capped at 10%. Change in Circumstances You can increase your cover by up to 25% in the event of marriage, divorce, childbirth, adoption, death of your spouse, or purchase of a property. Continuation You may increase the term of your policy by a further five years, up to the age of 70 if you need to work longer. Future Protector You can choose to increase your cover by up to 300% within a specified time period, which is based on your age at the start of your policy. Reinstatement If you reduce your cover on your policy anniversary, at your next anniversary you are able to reinstate it to the previous amount. Freeze Benefit Going through a tough time? You can freeze your cover and premiums for either 3 or 6 months, and still keep your policy in place! This option is available if your policy is at least one year old, and you can exercise it once. Review Child Protector and all Disability benefits - if you re under 35, you can increase your cover by up to 20% every policy anniversary. Between the ages of 35 and 55, these benefits can be increased by 2 x CPI up to 20%. Critical Illness Lump Sum and Life benefits - can be increased by up to 10% every policy anniversary, until the age of 55. For which benefits are these options available? Benefit Increase Future Protector Review Reinstatement Change in Circumstances Freeze Benefit Continuation Benefits Temporary Protector/ CI Business Overhead Protector Extended Protector Child Protector Life Lump Sum Benefits Disability Lump Sum Critical Illness Lump Sum Life Lump Sum

6 1. Life insurance done better 8 reasons to choose FMI... We offer a combination of monthly income and lump sum benefits for Disability, Critical Illness and Life cover This means that you can tailor your cover to your unique circumstances! No work means no pay in my industry so when I fell ill, I was relieved to have my FMI policy in place. Not only do they pay, they pay quickly. 5. You are not restricted to the traditional retirement ages - 75 is the new You can choose an income benefit to replace 100% of your monthly income for all 3 risk events! Because income benefits are a better way to Very few of us want to or are able to retire when we thought we would. That s why FMI Individual offers some of the oldest entry ages in the protect your income. market and temporary income protection up to the age of 75! 3. You can increase your cover in the future - even if your health has changed or if you have claimed before, without any medicals! This means that when your life changes, your life insurance can too. 6. For any injury or illness, you get access to the world-class Medical Second Opinion service, free of charge You can receive an independent review of your diagnosis and treatment plan from a selection of the world s leading medical centres. 4. We cover the widest range of occupations Whether you re self-employed or earn a salary, whether you re a scuba diver or an accountant - everybody should be able to protect their income! That s why we develop solutions flexible enough to be tailored for you. 7. We make claiming easy! With over 21 years of experience, we have developed our products and processes to speed up claim pay-outs and remove subjectivity. Our most recent innovation is the introduction of our Defined Event claims criteria, this guarantees claim payments for up to 200 specified events....to the claims department, thank you so much. In the 15 years I have been with FMI I have claimed for operations, illnesses, and accidents, and not once was I disappointed with the manner and professionalism my claim was handled. FMI thank you, I would have otherwise had to close the doors of my business. 8. We treat our clients like family... We ve always had a very real, personal approach to the way we do business; such as a personal claims manager for each of our clients, and a telephonic interview with one of our qualified underwriters. For more information, visit FMI is a Division of Bidvest Life Ltd, a licensed Life Insurance company and authorised Financial Services Provider FSP 47801