View our 2011 BPE Product Enhancements.
Questions about this Presentation?
Questions
Question: “If I can’t work for three months will I get any income benefit, and based on what is it calculated?”
An FMI policy pays out if you can’t work because of a disability caused by an accident or illness.
The amount of payout depends on the following factors:
- The cover amount you selected at application stage for all TIP benefits. The cover amount is the amount you will be paid out for per month that you are unable to work.
- The duration that you are unable to fulfil your duties. The benefits pay out for as long as you are unable to work. The longer your disability, the longer you will be paid out for.
- What waiting period(s) you selected on application for your TIP benefit. For example, If you were unable to work for 3 months and you had selected a Primary Waiting period, you would be paid for the full three months, while if you had selected a monthly waiting period you would be paid out only for the last two months of the disability.
- What other ancillary benefits you selected. Ancillary benefits like the TIP Dread Disease enhancer and TIP Hospitalisation Enhancer will increase your claim payout if the claim is as a result of a dread disease or if you are hospitalised.
Please follow this link to the relevant pages with some examples to give you clarity on the above.
Question: “How do the rates compare to the ABSA Group Scheme?”
Thank you for your question. The amount of payout depends on the following factors:
- The basis of the rates for both the Absa Group Scheme and the BPE product differ significantly. Members of the Absa Group Scheme pay a flat rate for cover regardless of their age, smoker status, gender etc. In effect this flat rate on the Absa Group Scheme represents the average rate for all members of the Absa Group Scheme. The BPE product, on the other hand, has premiums that are determined by all relevant factors for that individual.
- The answer to your question is that the comparison between the Absa rates and the BPE rates depends on your specific circumstances. The less likely you are to be in claim compared to the average member of the Absa Scheme, the better your rates would be on a BPE product and vice versa.
Question: “Could you please elaborate on the terms of the Maternity Benefit?”
Thank you for your question about Maternity Benefits.
- FMI will pay you one month’s Temporary Income Protector benefit and Business Overhead Protector benefit after you have given birth to a child. Complications during and after childbirth will be treated as a normal claim.
- It is important to note that the benefit will not be paid if your date of conception is before the commencement date of your policy.
- For example, in January 2009 you cover yourself under a BPE policy with a cover amount of R20 000 per month on your Temporary Income Protector benefit and R20 000 per month on your Business Overhead Protector benefit. You fall pregnant and have the baby in December 2010. We will pay you one months Temporary Income Protector benefit of R20 000 and a one month’s Business Overhead Protector benefit of R20 000, totalling R40 000. Should you then have complications post birth, your inability to work would form part of standard cover and be treated and assessed as a normal claim.
Apple iPad 2 Competition is closed…
The winner will be announced on Friday the 7th of October. Thanks for all the entries so far.
Terms & Conditions:
Only FAIS licenced Financial Advisers may enter this competition. * If the qualifying questions are correctly answered, then that entry will be eligible for the draw * The start date of the competition is the 1st August 2011 and closes on the 30th September 2011 * The winner shall be selected from a random draw of all responses * The winner will receive an iPad 2 * FMI will not be held liable for any additional expenses * Winner will be announced on Friday the 7th of October 2011 * The judge’s decision is final and no correspondence will be entered into * Prizes are not transferable and/or negotiable * Only one entry per person is permissible * Entering this competition indicates acceptance of all the above terms and conditions.