Mind the gap in your client’s disability cover

Brad Toerien, CEO of FMI Income Protection Specialists

Many Financial Advisers are missing a key piece in their planning for self-employed clients because they are not focussing enough on temporary disability cover. While small business owners, commission earners, and independent operators are usually cover

Insurance industry statistics show that only 6% of new disability premiums sold every year is for temporary disability. Brad Toerien, CEO of FMI Income Protection Specialists, believes this gap needs to be urgently closed by Financial Advisers because “frequent temporary interruptions to income generation are where the real risk lies, given that 3 people in 10 are likely to be affected by them”. This is especially important considering that the damage done lies not just in the immediate disruption to cash flow but in the long-term impact on small business stability.

FMI has just introduced a temporary income protection (TIP) product called EXPRESS INCOME which is a first in this space for individuals as it offers up to 100% temporary disability cover with no medical tests required to take out a policy. In short, there is no medical underwriting involved, making this a quick and simple process.

Toerien says FMI has gone out of its way to make the product flexible, simple, and accessible for both advisers and clients because too many people are shying away from this vital piece of their financial plan due to hassle and complexity. “The fact that there’s no need for a medical test and you get 100% cover makes this a breakthrough product,” Toerien explains. “In addition, we pride ourselves on no-fuss payments of both upfront commissions and all client claims.”

EXPRESS INCOME can act as a possible top-up for clients lacking full cover or as a gap-filler for those who might be caught short by delays in employee benefit payouts. The INCOME EXPRESS offering ranges from day 1 to 24 months cover with up to R25,000pcm or 100% of income with a choice of a 7, 14, or 30 day waiting period before claims are assessed. There are also substantive optional add-on benefits to protect your client and their family in the event of dread disease, hospitalisation, and death.