Your clients should be able to claim on multiple benefits for the same condition

By: Clyde Parsons, Chief Innovation Officer, BrightRock

Clyde Parsons

Getting your clients insurance that can precisely match their needs is vital. This ensures that the client can be fully protected when they claim. A comprehensive life insurance policy will include temporary disability, permanent disability, critical illness, and death cover. As these benefits cover different needs, it’s essential to ensure that your clients not only have cover that matches their needs, but cover that they can receive multiple claims for.

At BrightRock, we’re committed to ensuring that clients structure their cover correctly. Our needs-matched product structure enables advisers and their clients to see the cover they need by linking the different insurable events – temporary illness or injury, permanent illness or injury, and death – to the specific financial needs that may arise in each event. Our clients have benefited from this needs-matched structure and market-leading claims criteria.

One such client was a 64-year-old medical doctor who needed triple bypass surgery. The doctor benefited from unique features, ensuring a higher pay-out and greater claims stage flexibility compared to what he would have received with other providers. The bypass surgery met our clinical criteria for both his temporary disability and additional expense needs cover, or as it is more commonly called in the industry, critical illness cover. We paid a total of more than R3m across these two benefits, resulting in a more comprehensive pay-out that met both his income and asset protection needs.

While the client was booked off for 10 days by his doctor, which met our sickness criteria, we extended his temporary expenses pay-out to a guaranteed four months because his condition met a clinical definition, applying the longer of the two durations. What’s more, BrightRock doesn’t aggregate pay-outs against active income, offering the full cover amount even if the client resumed earning an income after the period they were booked off for.

Claims statistics for multiple claims

When clients file a claim, we find that they often qualify for pay-outs on different benefits. In fact, our approach is to proactively look across all the client’s benefits to see if they qualify for a pay-out. With us, they only have to complete one form, and we’ll then assess the claim to see if it meets criteria across different benefits.

The most common claim benefit combinations are temporary expenses cover and additional expense needs or critical illness cover, which make up 34% of the multiple claims BrightRock has paid to date. Equally impactful are combinations involving death cover and additional expense needs, constituting 13% of the multiple claims we’ve paid. This emphasises the importance for your clients to have standalone additional expense needs cover that doesn’t accelerate other benefits, ensuring a robust safety net for our clients on their death.

Tagged under:

Visit the official COVID-19 government website to stay informed: