New from the Momentum Collective Benefits
MCBs Partial Benefit on partial disability provides added financial security when it is needed most
New from the Momentum Collective Benefits stable is a partial payout option on its innovative 3D Protector Disability product, which meets the real life financial needs of affected employees who can still return to work or be rehabilitated.
"We realise that not all cases of disability are black and white. In many instances if a person has suffered a disability due to injury or illness they may be able to return to work eventually, be retrained or accommodated in another position. However, this will have a financial impact. The partial benefit on the 3D Protector is there to provide a pro rata payout to provide financial assistance at this time," says
Strategic Marketing Manager for Momentum Collective Benefits, Jay Naidoo.
He explains that the 3D Protector is an innovative occupational impairment product that provides a transparent and objective assessment process and meets the needs of an employee who is unable to work. The level of disability is rated and a lump sum is paid out to a claimant who scores a total of six points. However, there are often instances where the affected employee scores less than six points because she/he is only patially disabled.
"In this instance, although they dont qualify for the full benefit, they are still able to claim a partial benefit on a pro rata basis, according to the level of disability," Naidoo says.
The aim is to provide financial assistance to those employees who have suffered a level of disability, but who:
* Are able to return to work, but perhaps not at the same salary level
* Have to spend an extended period away from work without pay
* Are able to work, but need funds to help them adapt to a new disability or condition
* Could return to work if rehabilitation could be provided.
Naidoo explains that the rider benefit is designed to provide financial security and support the employees efforts to be a productive member of society. For example, the partial benefit could be used to help an employee with a slight hearing impairment to make adaptations to his telephone, home and workplace that would improve his day-to-day living and possibly enable him to return to work after a period of adjustment.
Aside from helping to underpin corporate staff retention strategies, the product also affords employers greater flexibility in how they structure the benefit to suit their specific needs. For instance they are able to select how many points must be scored on the assessment scale for a claimant to qualify for a benefit, three being the minimum. They can also choose the percentage that will be payable at each level of partial disability.
