Benefit

FMI

Benefit Offsets – Some insurers reserve the right to reduce the Income Benefit by amounts received from other sources.

FMI doesn’t aggregate on our Temporary Income Protection (TIP) benefit, which means that we do not reduce your client’s income benefit during this time.

Claims Escalation – Claims escalation is a separate provision from the cover indexation benefit found in most policies, which will increase “potential” benefit levels prior to a claim.

FMI offers a 0%, 5%, 7.5% and 10% claims escalation benefit per annum.

Cover Indexation – This benefit allows the cover amount to be indexed at a specific rate and protect the “real” value of the benefit.

FMI offers a 0%, 5%, 7.5% and 10% annual cover indexation.

Disability Definition – Prior to receiving the full income benefit, the insured is required to satisfy the policies definition of disability. It is important that the broadest definition is selected to ensure that the Insured’s chances of having their claim admitted are maximised.

FMI’s definition of disability is based on the claimant’s inability to perform their stated occupation not on their loss of income. 97.3% of all our TIP claims were paid in 2008.

Recurrent Claims – Some policies allow for a period of disablement to be considered a recurrence of a previous disablement if the subsequent period of disablement occurs within a defined timeframe. As a result there is no need for the client to undergo a further waiting period before being eligible for benefits.

Repeated periods of illness are treated as one claim at FMI. Therefore our clients don’t have to wait for the full waiting period if the disability re-occurs, unless separated by 24 months.

Guaranteed Insurability Benefit – A GIB benefit allows the policyholder to increase their cover amount without evidence of health or financial underwriting.

FMI’s GIB benefit offers clients the option to increase cover by 20% every 3 years, on their policy anniversary, without medical underwriting.

Retrospective Benefit – This benefit will waive the waiting period for a current claim, allowing for benefit payments to be calculated from day one of disability.

FMI offers a primary waiting period on BPE and PE, which backdates the claim to day 1, should the claim period be over 7 days for an accident and 14 days for an illness.

Waiver of Premium – Most policies allow for premiums to be waived in the event of a client becoming disabled.

FMI will pay our client’s premium whilst in claim. Additionally, this benefit is paid on a pro-rata basis, whilst the Life Assured is in claim, ensuring that clients will not need to wait a full month before being able to enjoy this benefit.