Now you can protect yourself, your family and your business from the consequences of you being unable to work due to injury or illness...

Prime Asset Cover - Protecting the Prime Asset in your business - YOU!



Prime Asset Income Protection Cover is a stand-alone income protection benefit based on up to 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 up to 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 or e-mailed to our offices, with the originals to be posted. A standard letter, certificate of cover, policy wording, endorsement (if applicable) and disclosure document is posted directly to the client, with a copy 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




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