|
Why do you need to protect yourself financially?
|
Being disabled is not something anyone wants to think about. We understand the importance of protecting our premises, vehicles and office equipment, but we often forget about our most important asset – our ability to earn an income. Working in a profession that especially requires your physical well being means that income protection becomes even more vital.
Becoming disabled, even for a short period of time, can have a serious impact on your ability to generate an income in order to support yourself, your family as well as your staff. Without your ability to work, the survival chances of your practice becomes minimised which may result in future earnings being effected, even once you are over your illness or disability.
Fortunately you are now able to protect yourself against the negative financial impact on your business and your family in the event of an unforeseen death, disability, illness or dread disease.
The IEASA Income Protection Plan product offering is tailor made to meet your specific needs as a Estate Agent and is exclusively available only to IEASA members. Having been developed in conjunction with IEASA, the IEASA Income Protection Plan product has the full support of the organisation. |
|
What are your options on the IEASA Income Protection Plan?
| As a practice owner, your needs are unique. Through the IEASA Income Protection Plan you are able to personalise the product specifically for yourself through the combination of lump sum and monthly income benefits. Each benefit is designed to cater for different needs such as large once-off expenses or your monthly running costs in the practice in the event of your death, disability or illness. |
What is a monthly income benefit?
| Should you be disabled due to an accident or illness, FMI will pay you a monthly benefit to replace your inability to earn an income for a period of up to 24 months or to retirement. This helps to maintain your current standard of living, ensure the survival of your business and maintain retirement plans. |
What is a lump sum benefit?
| Through the IEASA Income Protection plan, FMI can provide lump sum benefits to cover the large once-off costs that may be incurred as a result of your death, the diagnosis of dread disease or permanent disability. This includes provision for the adaption of your home, settlement of debt or even medical costs. |
What does the IEASA Income Protection Plan cover?
| Through the IEASA Income Protection Plan you are able to protect yourself, your business and your family with a comprehensive benefit structure. |
 Protecting you – the business owner
| The IEASA Income Protection Plan provides Temporary and Permanent benefits to protect the gross income you receive from your business, helping you to maintain your lifestyle up until retirement age without an interruption in your cashflow. The Dread Disease Enhancement Benefit provides for an extra boost of income to ensure that those additional expenses are taken care of in the event of you being diagnosed with a dread disease and unable to work. In the event of a permanent disability the Capital Disability benefit provides a lump sum payout to cater for any large expenses that may need to be settled. |
|
Special features include:
- 100% of your income is covered on the Temporary and Permanent Income Protection benefits
- No aggregation is applied on the Temporary Income Protection benefit
- Cover on a partial disability if you are at least 25% disabled
- Retrospective payments to day one on our Primary seven day waiting period on Temporary Income Protection
- No need to prove loss of income
|
Protecting your business
| When you are disabled your business will still incur running costs that will need to be catered for. The Business Overhead Protection Benefit covers these running costs including staff salaries to help ensure business continuity during your disablement. |
Special features include:
- 100% of applicable business expenses are covered
- Pays on an own occupation definition of disability
- Choice of 3 waiting periods and benefit terms
- Retrospective payments to day one on the Primary seven day waiting period
- No aggregation
Protecting your family
| In the event of your disability, all benefits offered on the IEASA Income Protection Plan help to contribute towards the protection of your family’s lifestyle. Furthermore FMI recognises that there are certain events, outside of your own disability, which incur additional medical costs and prevent you from working. To cater for these events, the IEASA Income Protection Plan offers a Spouse Benefit which pays out on disablement of your spouse and a Child Dread Disease Benefit which provides a lump sum payout on the diagnosis of a dread disease in your children. Additionally, this policy provides a Life Cover Benefit which will pay a lump sum to further, in conjunction with your personal financial portfolio, help secure your family’s future in the event of your unforeseen death. |
Special features include:
- Two claims permitted under the Child Dread Disease Benefit
- Life Cover is not reduced by any other benefit
- Own definition of occupation on the Spouse Benefit
What is FMI’s underwriting process?
|
FMI performs comprehensive underwriting upfront at application stage to ensure that no hidden surprises occur when a claim is submitted. Our underwriting philosophy has been tailored over the years to be finely tuned to ensure a fair risk profile is created of each client. Some unique features include:
- Our unique understanding of disability, gained from years of experience, has enabled us to achieve high acceptance rates which translates into a high claims payout ratio.
- FMI have introduced a convenient tele-underwriting service which has drastically shortened the application process as clients are contacted directly to gather risk information.
- FMI uses travelling nurses to gather medical requirements which enable nurses to perform medical tests at a time and place which is most convenient for the client.
|
What about FMI’s claiming process?
|
FMI value the fact that we are in existence to provide an essential service to business owners, who rely on our products to save their businesses and help their families when the unpredictable happens. Our philosophy is based on the fundamental principle of meeting client’s expectations with the least amount of inconvenience.
We understand that, when in claim, there are certain factors which may contribute toward a smooth and efficient process. These include quick turnaround times, speedy settlement of claims and fair assessments. A transparent process coupled with the availability of our claims assessors enable our clients to be part of the entire claims process. These factors, plus
pro-active involvement from FMI, help to ensure that our clients’ expectations are managed upfront so that no hidden surprises occur at decision time.
FMI’s philosophy is simple – we pay claims. When our clients take out a policy with FMI they are in fact expecting a future claim payout in the event of them being unable to work and sustain their business. These individuals’ livelihoods depend on certainty in our claiming process, which our years of experience have enabled us to provide.
|
Want to know more?
Want a quick overview?
How do you apply?
How do you claim?
Who do I contact?
|
