BrightRock’s Temporary Income Protection
It is important for a client to consult with an independent broker to assess the fine print and what your temporary income protection will offer you! Some Existing or Traditional Income protection offerings have the following barriers to claim:
The market offers income protection but you need to read the fine print as they may aggregate against active income, or require the client to prove loss of income.
Usually offered for 24 months and this includes the waiting period.
The market may have a 24 month waiting period before they will trigger the permanent income protection.
Some companies offer a sabbatical period.
Some companies offer a retrenchment benefit or in some instances they will waive your life premiums and refer to this as a retrenchment benefit.
Some companies reassess you in claim.
Some companies exclude certain conditions from Temp claim.
Some companies cover pregnancy - others don’t.
Guarantee periods may differ on the income protection compared to the life quote.
Always take into account your Employee Benefits, as companies will aggregate against existing income protection and you could end up paying for 2 benefits yet will only receive one pay out!
Learn more about BrightRock’s cover for temporary expenses:
Help protect your most important asset — your ability to earn an income
The ability to earn an income is undoubtedly a person’s most important asset — that’s why it’s so important for clients to protect their most important asset with the best cover available in the market. Here is a closer look at the cover for temporary expense needs.
Why BrightRock’s cover for temporary expenses is the most comprehensive in the market
Clients will be assessed using the criteria that gives them the highest pay-out for the longest period. They don’t use objective occupational criteria but rather, assess clients based on:
Our sickness criteria — this is based on the client’s treating doctor’s sick-note and the doctor’s assessment of the client’s ability to function in their stated occupation; or
A comprehensive list of defined events with standardised payment periods. BrightRock has a list of more than 135 conditions that provide clients with the certainty of a pay-out for any one of those conditions.
We’ll never reduce clients’ claim payments by any active income they might earn. We will never ask a client to prove to us that they’ve suffered a loss of income and we never reduce a claim payment by any active income that a client might receive while in claim.
Our temporary expenses cover reinstates for related and unrelated conditions. Depending on clients’ cover choice, BrightRock will pay a maximum of either 24 or 36 monthly payments for a single claim. This cover will then reinstate in full for any unrelated condition. For related claims, after claiming for the full 24 or 36 months, cover will also reinstate, but only where the client has recovered enough to go back to work in the occupation noted in their Owner’s Manual for a period of at least 24 months.
A client’s waiting period will never reduce the maximum amount of payments they’ll get. The waiting period will never reduce the maximum pay-out period of a temporary expenses claim. For example, if a client who claims has selected a 24-month pay-out period with a three-month waiting period and meets our claims criteria for the full 24 months, they’ll qualify to receive up to 24 monthly payments, not 21.
Clients can increase cover for different needs, at different rates. BrightRock’s unique needs-match approach allows clients to structure their cover to match their various needs over time. For example, clients can choose for their household needs to increase by CPI while their healthcare needs cover increases by CPI+3% each year.
Clients can redirect premiums for cover they no longer need to other needs. Clients’ needs can change over time and it’s important that they have cover in place that can change with them. BrightRock is the only company that will allow clients to redirect their premiums for cover they no longer need to cover for new or previously underinsured needs — free of medical underwriting. This means that a premium under temporary expense can be directed towards life cover or even cover for additional expenses or a combination of both.
Please note that this is a summary of the cover for temporary expenses, and terms and conditions do apply. Please speak to your PBA broker for detailed information.