What is your most important asset and have you got it covered?
In terms of Risk cover we get many requests for assistance with Life Cover and for Disability and to a lesser extent until illustrated Dread Disease.
At PBA Financial Services we do a risk analysis to assess your actual needs and always highlight your most important asset which is your income and the importance of protecting your income should you not be able to work on a temporary basis and/or a permanent basis.
Imagine the peace of mind you will have; that, should you be unable to work and earn an income due to sickness or injury, you can ensure you are fully covered for 100% of your net income(tax free), either till you return to work or until retirement age.( Can select whole of life at certain companies)
Also note that the claim criteria will be different at various product suppliers so it is important to discuss your needs and we will assist you in finding the best fit for your specific needs.
There is a variety of waiting periods that can be selected, and we will ensure that the correct waiting period and most comprehensive benefit is linked to your portfolio; an example of this would be either a 7 day or 1 month retrospective waiting period for business owners or professionals. This simply means that if you are booked off sick for longer than 7 days, your net income will be paid to you for the period you are booked off, or in terms of a 1 month retrospective waiting period, you would need to be booked off for longer than 1 month and you can receive 100% of your net income.
For salaried employees you are usually covered for the first month based on your sick day cycle and in some instances for up to 3 months, but here we can structure anything from 1 month, 2 months, 3 months, 6 months to 12 and 24 months. The longer your waiting period the less expensive your premium.
On a permanent basis, an example would be if you lose the use of your arm or you are diagnosed with Parkinson’s disease, the benefit will trigger payment till selected expiry age., However, the rules will differ at different product providers, so it is important that this is assessed so you are made aware of what you are actually covered for and what will trigger a claim for you.
You can only claim a maximum of 100% of your net, if you have income protection on your group life offered by your company. These, in many instances, are watered down versions which you can top up with individual cover.
Whilst there are new unique benefits available in the market, you need to assess your benefits so we can make sure you have the best possible solution just for you.
Let us know and we can ensure you have peace of mind and that your most valuable asset - your income - is protected.
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Contact one of our advisors for more information.
Phone: 011 803 9686