BrightRock launches New Group Life Technology
THERE is a NEW TECHNOLOGY Group Life offering in the market that was recently launched by BrightRock.
See the overview below of the unique benefits and why you and your company should consider a review!!!!!
Our Experience to date is double the cover for the same premium and of course the below unique benefit offering!
Members can get cover for trauma events for the first time under their death cover
Death cover is an essential part of any group risk cover — we understand that members want to make sure that their loved ones’ financial future is protected should they pass away. Our death needs cover pays out a lump-sum to the client’s beneficiaries should they not be alive anymore to provide for them. What’s more, members’ beneficiaries can also get claim-stage flexibility — they can choose to receive the pay-out as a lump-sum or a recurring pay-out at claim stage when they know what their financial needs are.
BrightRock’s group risk death cover protects the member’s asset and income needs, helping their beneficiaries to afford household and other expenses after their death. Our cover for income protection needs on death is based on the member’s future income. We calculate this based on the member’s remaining salary payments up to the scheme’s chosen retirement age. And for the first time in the market, members will get cover for trauma-related injuries under their death cover through BrightRock’s market-leading Trauma IQ assessment.
More about the Trauma IQ assessment
BrightRock’s Trauma IQ assessment is automatically included as a rider benefit with members’ death cover. We recognise that trauma-related events may create additional costs that aren’t catered for by traditional group risk cover. Our Trauma IQ assessment will pay out where members are injured as a result of a trauma event. We define trauma — for the purposes of the Trauma IQ assessment — as an injury suffered solely as the direct result of external, unforeseeable and visible means and occurring independently of other causes within four weeks of the acute accidental event.
BrightRock’s Trauma IQ assessment is a proprietary, intelligent and objective tool designed to calculate the lifestyle and financial impact of traumatic injuries. The Trauma IQ assessment looks at nine different factors — emergency treatment, surgery, hospitalisation in ICU, high care and general ward, temporary inability to perform the Activities of Daily Living, rehabilitation and reconstruction, and home nursing — that affect the impact and severity of a traumatic injury. It assigns points to each factor and combines these to provide an overall Trauma IQ score. We use the score to determine the pay-out the member should receive based on the impact of the claims event.
The amount we’ll pay-out will be the lesser of a percentage of their death cover or R250 000.
The Trauma IQ assessment provides funding for the additional costs that a member may face after suffering from and surviving a traumatic injury that their medical aid or other benefits may not cover. BrightRock’s group risk product is the only product on the market that gives every member belonging to a group scheme automatic protection for injuries and accidents as part of their death cover.
Market-leading additional expense needs cover
Suffering from a serious illness or injury can wreak havoc not only on a member’s health, but their finances as well. The additional expenses that come with being seriously ill might not be fully covered by income protection cover or their medical aid or other benefits. BrightRock’s additional expense needs cover is market-leading — this cover helps members to provide for the additional expenses they may incur as a result of their condition. These expenses include lifestyle adjustments or out-of-pocket healthcare costs not fully covered by medical aid.
Our additional expense needs cover pays members a percentage of their cover amount, depending on the severity of the member’s condition. We have worked tirelessly to ensure our cover is the most comprehensive in the market, giving certainty by removing traditional barriers to claim. Some of the examples of where we have done this are:
Industry-leading clinical definitions — group risk members will have access to BrightRock’s industry-leading set of group clinical claims conditions. We developed our list of conditions with international clinical and risk experts to ensure our clinical claims criteria are objective and transparent. Condition-specific waiting periods (where applicable) are shorter than the market norm, definitions are less onerous and clearer. These lump-sum pay-outs range between 25% and 100% of members’ cover amount. The cover automatically includes the Trauma IQ benefit, with pay-outs ranging from 1% to 100%. It will work in exactly the same way as it does when clients have it under their death cover except that the cover amount is based on their additional expense needs cover, which might be different from their death cover (the amount we’ll pay-out will be the lesser of a percentage of their additional expense needs cover or R250 000) ;
No general survival period — BrightRock has removed outdated and unfair general survival periods that typically range between 14 and 31 days in the market;
Members can claim up to 200%, on their first claim, on every condition through BrightRock’s extender benefit. Our extender benefit pays out if clients haven’t recovered and fail ADLs after receiving their additional expense needs pay-out. They will receive monthly pay-outs, up to a maximum total pay-out of 200% of the cover amount for one claim or for a related set of claims;
Unlimited unrelated claims, and cover reinstates immediately. Our cover for additional expense needs reinstates for unrelated claims. That means that members will get full pay-outs for all unrelated conditions as long as they meet our claims criteria — we don’t have an overall body system limit for unrelated claims;
Automatic cover for children covered for the same conditions, from birth, plus 28 additional child-specific conditions, with no general survival period. The cover amount is equal to 10% of the member’s additional expense needs cover amount where childcare cover has not been purchased, and 20% of the member’s additional expense needs cover where childcare cover has been purchased by the scheme.