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#It’sNotaTemporaryIncomeProtector
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Temporary Income Protector
… the first 24 months Sickness Benefit Temporary Disability Permanent Disability Temporary Income Protector Benefits that satisfy the need, usually up to 24 months SILSS Distribution Support Graduates
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Let’s now focus on disability, during the first 24 months
SILSS Distribution Support Graduates
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… the first 24 months Clients that qualify for a Sickness Benefit should never be sold a Temporary Income Protector-type Benefit! SILSS Distribution Support Graduates
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Sanlam’s Sickness Benefit
#It’s Not A Temporary Income Protector Benefit SILSS Distribution Support Graduates
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Sanlam’s Sickness Benefit
Temporary disability income benefits are often compared to Sanlam’s Sickness Benefit These two benefits cannot be compared, here are the reasons why! … the focus usually on features that are not that relevant to the purpose for which the benefit is being bought! SILSS Distribution Support Graduates
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Temporary Income Benefit
Sickness Benefit / Temporary Income Benefit Q&A The reasons why these benefits should never be compared Sickness Benefit Temporary Income Benefit 1 Is this benefit exclusively available to professionals and graduates? Yes No 2 Are all claim pay-outs during the benefit term free of aggregation? Yes No 3 If self-employed, does the definition of income include overheads? Yes No 4 Does the client experience comprehensive cover during “special leave”? Yes No 5 Is a sick note and a claim form the only requirements for a claim? Yes No SILSS Distribution Support Graduates
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The claims process Sickness Benefit vs Temporary Disability Income Protector
Sickness Benefit at claim stage What is the illness or injury? Have you been booked off by a MD? If yes, claim submitted… TDIP benefit at claim stage What is the illness or injury? What is you job description? Does this illness or injury prevent you from doing a material or substantial part of your job? If yes, claim submitted… No proof/loss of income required No aggregation Pays even whilst on leave There may be a request for proof/loss of income There may be aggregation SILSS Distribution Support Graduates
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Sickness Benefit / Temporary Income Benefit Q&A Wait there’s more!
6 Is the 7-day waiting period applicable to all claims? (E.g. sinusitis, flu, bronchitis) Yes No 7 Is the 7-day waiting period back-dated to day-1 for all claims? Yes No 8 Is hospitalisation a requirement for certain claims to be back-dated to day-1? No Yes 9 Does employment status e.g. self-employed determine whether your 7-day waiting period is back-dated to day-1? No Yes 10 Is proof/loss of income a measure that could be used at claim stage? No Yes SILSS Distribution Support Graduates
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Our score for the Sickness Benefit?
2 6 9 3 7 10 5 4 1 8 SILSS Distribution Support Graduates
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Why a Sickness Benefit to satisfy the temporary income protection need for qualifying clients?
Comprehensive cover Richness of benefits Ease of claim Speed of payment Exclusive risk pool (graduates & professionals) Certainty, certainty, certainty Peace of mind SILSS Distribution Support Graduates
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In summary A Sickness Benefit is different to a temporary income protector-type benefit The differences are so significant that these benefits should never be compared Sickness Benefit is therefore a straight forward choice for qualifying clients SILSS Distribution Support Graduates
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