Prime
Asset Cover was established in 1989 to meet the income protection needs of self employed individuals, business owners, entrepreneurs
and commission earners.
In the event of illness or accident,
Prime Asset provides the solution by promptly
replacing the loss of income; to protect the financial
well being of the individual as well as the business.
Prime
Asset offers four income brackets to choose from, covering up
to 100% loss of gross pre-tax income earned, and pays for up
to six months per event. The income replacement benefit applies
immediately following accident, and after 4 days in the event
of illness.
In addition, Prime Asset will pay a 50% benefit
if the policyholder is only partially able to return to work,
as confirmed by a doctor's report.
Statistics
have shown that many incidents, whether accident or illness,
are generally of a short-term nature, and six months cover per
event is generally considered adequate. This has resulted in
exceptionally competitive premiums, and there are no premium
or age loadings.
Pre-existing
medical conditions are initially excluded from cover, but following
a 2 year clear time period on cover, the policyholder may apply
for full cover at no extra premium. At policy inception, illness
claims will not be covered for the first 60 days.
Cover
may be taken from age 18, and will continue to maximum age 70
if required. Maximum entry age is 60. Cancellation of the policy
can be effected by 30 days notice in writing to Prime Asset
Cover.
There
are very few exclusions under the policy, the most common being
cover in respect of influenza, laryngitis or sinusitis, myalgia
or chronic fatigue syndrome, HIV or sexually transmitted diseases,
mental/nervous or stress disorders, and back injuries which
cannot be detected by x-rays or scanners (where the benefit
will be reduced to 6 weeks). Professional sports people and
those actively involved in the military or police forces cannot
be covered.
For
further clarity, the policy wording should be referred to, and
is available on the website, or on request from Prime Asset
Cover.
Claims
Procedure
In the event of an accident or illness, a simple claim form
is completed by the policyholder, and a medical form is required
from the doctor, to be signed at the completion of each period
claimed for. Proof of earnings by way of accountant's letter,
tax return, or proof of income banked is required to substantiate
the benefit payable. Claims must be submitted as soon as possible,
but no later than 120 days after the occurrence.
I
underwent a surgical procedure which rendered me unable to work
from March until May. As an independent broker who believes
in buying that which he recommends to his clients I was counting
on my Prime Asset Protection Plan to compensate me for five
weeks of lost income.
My
claim (AMA1944) was submitted on 24 April whilst I was recuperating
and paid in full on 6 May, without delay. I was both impressed
by Prime Asset's efficiency and substantially relieved by the
benefit payment's effectiveness, to the extent that I can recommend
this income replacement policy unreservedly to anyone who feels
that they need one.
From:
Patrick Moore MA.ALSA Member FPI -
Financial Facilitator
