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Countless people make sure they have medical aid as well as gap cover to pay their medical bills if they get sick. However, they don’t often consider the bigger financial implications of not being able to work due to injury or illness. This is especially relevant in light of the Covid-19 pandemic we are currently facing. Whether you contract the virus and have to stay off work in self-isolation for 10 days, or have come into direct contact with someone who is positive, forcing you to self-isolate as a precaution, this may affect your income once you’ve run out of paid sick leave. Are you prepared? Here are four reasons to get FMI Income protection.
With so many products on the market, it is sometimes overwhelming choosing the right provider and income protection package. That’s where we come in. We’ve done all the hard work and research for you, so you can rely on our wealth of experience, trusting us to guide you in the right direction.
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FMI cover the uninsurable
FMI are a forward-thinking insurance company who create customer solutions that set an industry benchmark. They cover more occupations than any other insurer. They have pioneered income protection for the self-employed, non-professionals who, by insurance industry standards, have un-insurable occupations. FMI strive to protect these individuals who are in pursuit of their dreams and ambitions – stepping in when life is affected by an injury, illness or death – by providing you with a monthly income when you’re unable to work. From freelancers like graphic designers, tattoo artists, singers, and actors – FMI will endeavor to keep you covered.
FMI provide a dual benefit of lump sum and monthly payouts
FMI have a simple philosophy – they believe that you can’t throw a lump sum at a problem, expecting this to be the sole solution. This is why they insure 100% of your monthly income and use lump sum benefits for those additional expenses. They believe that your insurance should pay you a monthly income should you experience an injury or illness. In the event that you fall ill over a long period, this will enable you to cover any debt with your lump sum payout, whilst still providing you with a monthly income so that you have the money to cover your day-to-day expenses.
Reduces risk involved in lump sum pay outs
FMI income cover is designed to remove the risks inherent in a lump sum payout. This means that there is no need to figure out the lump sum amount that is required to provide a future income, no need to worry about investing a large sum of money and calculating the tax implications of investment returns, no need to worry about the impact of inflation or running out of money before you pass away, and reduced temptation to spend your lump sum payout on luxury items and holidays, leaving you with nothing to pay the bills. Furthermore, the income benefit premiums with FMI are typically more cost effective than buying insurance for the lump sum equivalent.
Delivery in the details
FMI are all about the details. Choosing them as your insurance provider has many added benefits that you won’t appreciate until you need them. For example, they may pay for second medical opinions, cover the costs of uber transport for you or your family while you are going through medical treatment, or cover consultation costs with a psychologist to help you navigate this new, scary season of your life that illness so often brings.
Alex Wardle & Associates are proud to be able to offer added value to our clients with the benefits that FMI brings. We believe that by partnering with experts in certain areas, it will allow us to provide a more professional service to you, our valued supporters, which we believe will add value to the service we endeavor to provide to you. This will in no way affect the relationship that we have built up with you over the years. If anything, we believe that it will only strengthen this relationship.
To find out more about how these benefits could be of value to you, please contact us to arrange a convenient date and time to meet.