30 June 2021
DREAD DISEASE & DISABILITY INSURANCE FEATURE
Why lump sum cover is inadequate when fighting cancer BY STEVE PIPER Chief Distribution Officer, FMI (a Division of Bidvest Life Ltd)
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hen we first developed our critical illness product back in 2016, we set out to truly understand the underlying issues people had to deal with when faced with a critical illness such as cancer. We talked to many fighters and survivors who had experienced cancer first-hand and we established that a key dilemma for cancer patients is whether to continue working or not post diagnosis. This is also true for many other critical illness claimants. However, no two individuals are the same – many find returning to work a welcome distraction, while others find being able to stop working altogether helps enormously to eliminate stress and increase overall wellbeing. With the intermittent nature of radiation or chemotherapy treatment, there is often a financial impact created due to reduced working hours and time off required
for treatment and recovery, post each treatment session. Either way, both scenarios have financial repercussions that can add to the burden at an already challenging time. Countless patients also discussed with us the importance of embracing healthier habits, such as organic diets or attending yoga classes. For many, the emotional support found in counselling offers real relief, not only for themselves but for the whole family. Unfortunately, this all comes at an additional cost.
“We believe optimal cover is a combination of income and lump sum benefits” The spouse also often endures additional strain when picking up all of the family’s day-to-day responsibilities such as
family meals, school runs, lunchboxes and grocery shopping, all while meeting the daily demands of work and additional time off required to take their ailing spouse to doctors’ appointments and treatments. It’s with all this in mind that we developed our unique Critical Illness (CI) Income solution. By providing a monthly income, FMI’s CI Income benefit ensures your clients will receive 130% of their temporary income protection cover for 12 months1, even if they continue to work. To offer further support for the family, CI Assist2 provides services to the value of R50 000 for counselling, transport and childcare. For expert medical guidance, policyholders also have access to our Medical Second Opinion3 service where they can receive an independent review of their diagnosis and treatment plan from a selection of the world’s leading medical centres. This offers them the peace of mind that they’re receiving the best possible treatment. While there are many advantages to opting for lump sum cover to pay for
once-off additional costs, this benefit falls short in addressing the lifestyle-related costs and daily reality of those fighting a critical illness. That’s why we believe optimal cover is a combination of income and lump sum benefits. When it comes to protecting your clients against the risk of a critical illness, the single most important thing you can do is to ensure they have a policy such as CI Income in place. This allows both you and your clients the peace of mind that financial and emotional support is in place when it’s needed most. Less the selected waiting period CI Assist is an automatically included benefit, at no additional cost, for all Critical Illness policyholders 3 Medical Second Opinion is automatically available to all FMI Individual policyholders, at no additional cost 1
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My income impacts my family, my parents, and my employees and their families. – Siphiwe Nyanda
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Insure your clients’ income against injury, illness and death. For 25 years, hardworking South Africans have trusted FMI to replace their monthly income when they've been unable to earn due to injury, illness and death. Today, we cover more occupations than any other insurer.
Client Care : 086 010 1119 FMI is a Division of Bidvest Life Ltd, a licensed Life Insurance Company and authorised Financial Services Provider FSP 47801 | The testimonial for Siphiwe Nyanda does not constitute as financial advice.
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