It’s important to understand the products that are available to you and the insurance you have, to give you the best possible chance of qualifying for a claim. Here are 6 questions to think about before your next appointment with your financial adviser.
- Is 100% of your income protected against the risk of injury and illness?
- Do you know that we offer a Life Income benefit that pays your dependants a monthly income if you were to pass away?
- Have you experienced any life changes since your last appointment with your adviser, like occupation, marriage, having children, or buying a home? It’s important to notify your adviser of any of these changes in order to keep your policy up to date.
- Do you have Future Income Protector? This allows you to increase your cover in the future without any further medical underwriting. This is important because if you claim or your health changes, this can impact the changes you can make on your policy.
- Do you know what your waiting period is? Nearly two-thirds of all our claims lasted less than 30 days in 2018, and yet more than 60% of our clients have chosen waiting periods of 30 days or longer.
- Do you understand the premium pattern you have selected on your policy? There are 3 premium patterns available at FMI. A level premium may prove more expensive to start with but, for a given amount of cover, the cost remains constant over the duration of your policy so it’s cheaper in real terms the longer you have the policy. Age-rated premiums increase with age. The premium charged each year matches the probability of claiming in that year. As such, the premiums increase every year, and the increases tend to get steeper as you age.
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