Let’s get technical – Cover for Students and Homemakers
Whilst students and homemakers don’t earn an income per se, we know the impact they make has huge financial value. Find out how we're able to offer cover to these individuals.
Continue ReadingChoosing the right waiting period is arguably one of the most important decisions any customer will make when taking out an Income Protection policy. Making the wrong call can leave your clients disappointed and unable to meet their monthly obligations. At FMI we’ve seen how even temporary claims can have long-lasting financial consequences. Take one of our policyholder’s Daniela Leigh, as an example, an estate agent with a 7-day waiting period on her Income Protection policy. Daniela lives bravely with the auto-immune disease, Lupus, which results in periods where she’s too ill to work. She’s had 5 claims with us, a total of 170 day in claim. Had she selected a 30-day waiting period, she would’ve qualified for 2 claims, with only 33 days in claim – a scenario which could’ve had a massive impact on her financially. All this, due to one simple decision around her waiting period.
Alarmingly, more than 60% of our clients have chosen waiting periods of 30 days or longer1. And yet, over half our claims in 2018 lasted less than a month. As an adviser, you have an opportunity to make a real difference by setting the record straight, help your clients understand the importance of choosing the shortest waiting period possible.
We believe there are 4 main reasons why many South African policyholders are unknowingly choosing longer waiting periods, and in most cases unfortunately, to their disadvantage:
The issue of waiting periods is a key opportunity for financial advisers to step in and advise their clients of the different options available and potential consequences of their choices.
1FMI Claims Stats 2019
2The South African Savings Institute Dec 2017 SARB Quarterly Bulletin
Whilst students and homemakers don’t earn an income per se, we know the impact they make has huge financial value. Find out how we're able to offer cover to these individuals.
Continue ReadingKeeping up with advancing technologies is key to remaining, not just ahead of the game, but in the game.
Continue ReadingAs the digital world facilitates more and more human connections, it’s your ability to leverage these connections that will lead you towards success.
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