Altrisk widens net for accidental disability

Until recently it has been difficult for people with very physical occupations – such as professional sportspeople and builders – to obtain affordable disability benefits. This is because they present an above normal risk that insurers have been hesitant

Altrisk, however, recognises that accidents can happen to anyone and having the ability to offer some degree of disability and income protection benefits to an individual to insure their lifestyle and protect their family against the risk of changes to income is of great importance. That’s why we’ve introduced an Accidental Disability benefit that pays out a lump sum, should the disability be as a result of an accident. We’ve also introduced an Impairment Income benefit that pays a monthly income, based on the insured’s ability to perform daily activities, rather than the ability to perform their specific occupation.

“Our entire approach at Altrisk is one of adopting a holistic approach to managing risk. This has resulted in us being one of the most dynamic insurers in terms of product development and providing appropriately priced cover for those who would traditionally be uninsurable,” says Andre Froneman, product specialist at Altrisk.

Accidental disability in a nutshell:

· Only provides cover in the event of a total or irreversible disability due to an accident; which is defined as an external, unexpected or violent event.

· Covers the insured against:

o the loss of, and the loss of the use of, limbs

o loss of sight

o loss of hearing and speech

o traumatic brain and spinal injuries

o major burns to the body.

· Provides cover against the loss of ability to perform daily activities.

· The accident-only benefit requires limited underwriting.

· There is no waiting period.

· A three month survival period is applicable. The maximum benefit is R5 million.

· There is only one exclusion – self-inflicted injuries.

Impairment income – the facts:

· Not related to the insured’s specific occupation, but rather the inability to perform three or more activities of daily work. These activities are:

o walking

o bending or lifting

o communicating

o reading

o manual dexterity

· Pays a monthly benefit for up to 24 months per claim.

· A maximum benefit of 100% of the insured’s income or R100000 per month.

· The waiting period for self-employed individuals is seven days, and one month for those with an employer.

· The insured can choose to be covered up to their 60^th, 65^th or 70^th birthday.

· Includes a built in premium waiver.

· Premiums are tax deductible.

· Altrisk will consider professional sportspeople for cover.

· There is only one exclusion – self-inflicted injuries.

“Our Accidental Disability and Impairment Income benefits are further enhancements in our quest to deliver complete insurance solutions and we are proud to offer them to the market,” concludes Andre.