#21Lives

Our Temporary Income Protection benefit is just another way we do Life better

Cornelia Welsch, who we fondly call ‘Tannie Connie’, welcomed us warmly into her bright and cheerful home. She runs her own business, offering administration services to brokerages and she values her standing as an equal breadwinner to her husband.

She has had various illnesses over the years, totaling 16 claims that have kept her off work for intermittent periods, including a cyst, tonsillitis, carpal tunnel and a bladder infection. Fortunately, due to her FMI policy, which she took out in 19999, her income stream has never been interrupted over the 387 days she has been off work.

Some people choose to rely on their rainy-day fund instead of income protection. While that may help the first time they’re unable to work, the reality is that more than 50% of the claims we pay are for people who have claimed before. Thankfully Connie realised that she needed to protect her income before it was too late. After an injury or illness, you may not qualify for income protection or it may come with onerous exclusions.

What makes FMI’s temporary disability cover so unique is that, unlike most insurers that exclude all sorts of circumstances, we specify exactly what’s included – we call this Defined Event cover. Claim payments are linked to over 200 common defined illness/injury events, each with their own guaranteed payment periods, which means that clients don’t need to prove they cannot work, and it ensures speedy pay-outs.

Some key considerations when doing risk planning: