BROKER
INFORMATION
Prime
Asset Income Protection Cover is a stand-alone income protection benefit based on 100%
of gross income for self-employed persons or commission earners, and
pays for up to 6 months per accident or illness (statistics show that
the majority of incidents are generally covered by this benefit period).
We find this product combines well with traditional PHI covers where
the waiting period can be extended to 6 months, thus obtaining significant
premium savings.
The
success of this product over the last decade has been due to circumspect
marketing to highly motivated self employed professionals/commission
earners, who would rather be economically active as opposed to spending
extensive periods booked off work! This has resulted in premiums and
cover remaining particularly competitive.
The
scope of cover is relatively wide and there are no premium or age
loadings. Medical underwriting is done by initial exclusion, based
on the application i.e. any pre-existing condition is excluded by
endorsement, issued with the certificate of cover. However the insured
has the option to re-apply for full cover (granted at underwriters
discretion) after a 2 year period if medically confirmed to be clear.
Minimum entry age is 18, maximum entry age 60, and cover expires at
age 70, or earlier if insured retires from active economic involvement.
There
is a waiting period of 4 days in respect of illness (initial policy
inception illness waiting period 60 days) and immediate cover following
accident.
As
mentioned, the income benefit payable to the insured is based on 100%
of gross income, generally calculated on an annual average, subject
to the limit of the income bracket chosen. It is payable up to a total
maximum of 6 months per event arising from the specific illness or
accident.
Applications
may be faxed to our offices, with the originals to be posted. A standard
letter,certificate of cover,copy application,policy wording, endorsement
(if applicable) and disclosure document is posted directly to the
client, with a copy certificate forwarded to yourself, or we can route
all correspondence to you. Clients may contact us directly in the
event of a claim, or alternatively you may prefer to liaise on their
behalf.
In
the event of a claim, the insured completes the claim form and a doctor
is required to complete the medical certificate at the end of the
relevant period claimed for (per month if necessary). Proof of earnings
is also required, preferably an accountants letter, or tax return,
proof of bank deposit etc.
Commission
is payable to sub-agents on an on-going basis whilst they remain actively
involved in the marketing of this cover.
A
reasonable minimum target to maintain a viable sub-agency arrangement
would comprise a portfolio of at least 20 - 25 clients
