Life-, Disability, Critical Illness, Income Protection
Temporary disability:
To provide you with a monthly income for 24-36 months, escalating with inflation, to sustain your standard of living in the event of disease, injury or an accident, when you have been booked off by a Medical Practitioner.
Permanent disability:
To provide you with a lump-sum and a monthly income, escalating with inflation, after 24 months and once permanence has been established, to sustain your standard of living in the event of disease, injury or an accident, when you have been declared permanently disabled by a Medical Practitioner.
Aggregation of income
When a client becomes PERMANENTLY DISABLED some insurers use the concept of Aggregation to lower the payment of the disability salary.
They will take all your Income received like rent, alimony etc into account when calculating the final claim amount. All income will be deducted from the pay-out which can mean that the whole financial plan falls flat when the client most needs the income. We want to provide claim certainty!
Companies that DONíT AGGREGATE are PPS, Brightrock and Momentum. All the other companies aggregate.
Payable as a lump-sum in the event of permanent disability to settle all household debts and to provide capital for lifestyle changes.
We always provide our clients with sustainable premium patterns. We want to avoid a situation where our clients canít afford their premiums anymore when they need the coverage most!
PAID-UP STANDARD PREMIUM – BEST PREMIUM PATTERN
Most expensive premium to start with but over time becomes cheaper in relation to others. Premiums stop at 65 but Cover remains.
STANDARD / LEVEL PREMIUM
More expensive than age-rated but has fixed benefits and a premium escalations.
AGE RATED PREMIUM
Very affordable to start with (90% of policies are sold with this premium pattern). Becomes unaffordable over long term due to high escalations.
FLEXI / AGGRESSIVE PREMIUM
Lowest possible premiums with massive 15% + yearly escalations.
Suitable for short-term Business Insurance coverage and Contingent Liability needs.
At PWG we have contracted with all leading Medical Aids and Gap Cover Providers.
Late joiner penalties:
Important note:
Many advisors do not fully understand the practical calculation of late joiner penalties. We can add SIGNIFICANT value here and possibly reduce or even remove late joiner penalties!
Gap cover is a short-term insurance policy that works in conjunction with your medical aid.
Gap cover provides shortfall cover where doctors and specialists charge above medical aid rates as set out by the Council of Medical Schemes; commonly known as ìcontracted outî rates.
A co-payment is a fixed amount that your medical aid scheme requires you to pay from your own pocket for a specific medical treatment or procedure. Co-payments are typically for in-hospital procedures. With increasing private healthcare costs, co-payments have become larger and more common.
Important to note: Your medical aid is responsible for PMBís (Prescribed Minimum Benefits) 100% of the cost of the diagnosis, treatment (by a doctor or at a facility) as well as the prescribed medication, not the medical aid rate.
Co-Payments & Gap cover are not payable in cases such as life-threatening situations, e.g.: Motor vehicle accidents, heart attacks, etc (not limited to). The medical aid is responsible for these payments.
