mandy’s(story...problems(with(currentmarketoffering(...
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Mandy’s story
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Our objecDve
A criDcal illness soluDon that would take care of everything, so people like Mandy would only have to
focus on ge*ng be,er.
What do people really need?
We spoke to real people who’ve fought the ba9le against a criDcal illness
This is what they told us
The 6 needs of CI cover
What do advisers want?
A comprehensive product
“it must pay”
Simple, easy to understand
definiDons – don’t like ADLs and long assessment periods “I’m not a doctor”
Must pay 100% for major condiDons “I can’t tell my clients they only have half cancer”
Strong future insurability
“this is a benefit you keep for life”
CriDcal Illness cover is essenDal
But, how much cover is needed?
“All my clients take R1m” “I always recommend
1X annual salary” “As much as they
can afford”
Problems with current market offering
1. CriDcal illness benefits offer only lump sum payouts
Problems with current market offering
1. CriDcal illness benefits offer only lump sum payouts • Not suitable for most needs
Problems with current market offering
1. CriDcal illness benefits offer only lump sum payouts • Not suitable for most needs
Problems with current market offering
2. Income ProtecDon benefits • Don’t cope well with intermi9ent treatment • Don’t allow for recuperaDon
Problems with current market offering
2. Income ProtecDon benefits • Don’t cope well with intermi9ent treatment • Don’t allow for recuperaDon
Problems with current market offering
2. Income ProtecDon benefits • Limited to 100%
Problems with current market offering
3. Insurance benefits typically ignore the “so]er” issues
Problems with current market offering
4. Forced to use lump sum benefit to “approximate” for all the other needs
“In rela(on to the levels of life cover and disability cover that are sold, the level of cri(cal illness cover is surprisingly high. There is a possibility that this might point to some
consumers perhaps incorrectly buying cri(cal illness cover as a proxy for disability cover”
True South report into Disability Cover – March 2013
CI invented in 1983
• Since then the world has changed but CI products not really evolved • Has CI kept pace with a changing world?
ü IP invented ü New medical advances ü Medical aid advanced
It’s Dme to hit refresh
The FMI soluDon
CriIcal Illness Lump Sum Comprehensive & flexible
CriIcal Illness Income 130% of income protecDon sum-‐insured for 12 months
FREE Medical Second Opinion Independent review of your
diagnosis and treatment plan from internaDonal specialists
FREE CI Assist To help you and your family with the emoDonal toll and daily stresses of
coping with a criDcal illness
The FMI soluDon
The power of our CriDcal Illness soluDon lies in how all 4 benefits work together
CI Lump Sum
The FMI soluDon
The power of our CriDcal Illness soluDon lies in how all 4 benefits work together
CI Lump Sum CI Income
CI Income
The FMI soluDon
The power of our CriDcal Illness soluDon lies in how all 4 benefits work together
CI Lump Sum CI Income
CI Income
Medical Second Opinion
The FMI soluDon
The power of our CriDcal Illness soluDon lies in how all 4 benefits work together
CI Lump Sum CI Income
CI Income
Medical Second Opinion
CI Assist CI Assist
The FMI soluDon
The power of our CriDcal Illness soluDon lies in how all 4 benefits work together
CriIcal Illness Lump Sum
• The Extender OpDon Cover for an addiDonal 107 criDcal illness events that pay from 5% to 15% of the sum insured
• The Top-‐up OpDon Payments for all SCIDEP condiDons and events which usually pay 50% or 75%, increased to 100%
• Maximum cover – R5 000 000
• Maximum entry age -‐ 70
• Cover to age 65, 70, or Whole of Life.
• Standalone, accelerated, or a combinaDon of both.
• 10 year premium guarantee
What sets our CI Lump Sum apart?
A comprehensive list of events
What sets our CI Lump Sum apart?
A comprehensive list of events
UlDmate Catch-‐all
What sets our CI Lump Sum apart?
Early payments on diagnosis
HospitalisaIon Death benefit
Improved quality and breadth of cancer cover
A comprehensive list of events
UlDmate Catch-‐all
The UlDmate Catch-‐all
• Loss of independent existence • Terminal illness • HospitalisaDon Expense benefit
• If hospital bills exceed R250 000 over a 12 month period – single or mulDple hospital visits. 15% of your sum insured
• A pay-‐out for condiDons that are not covered by any criDcal illness product in the market. • Cover is future-‐proofed against any condiDons or procedures which don’t exist today.
A comprehensive list of events
UlDmate Catch-‐all
Early payments on diagnoses
• Where ADL’s or assessment periods are required
Eg: 25% on diagnosis of a stroke
Balance received a]er meeDng the full definiDon
Early payments on diagnosis
You are not out of pocket while wai(ng to qualify for a larger pay-‐out
HospitalisaDon Death Benefit
• 25% of your sum insured (up to R250 000) if you die within 14 days of being admi9ed to hospital for a listed CI event
HospitalisaIon Death benefit
Improved quality & breadth of cancer cover
Improved quality and breadth of cancer cover
1 in 8 men and 1 in 9 women in South Africa are diagnosed with cancer.
The incidence of cancer is expected to rise by 78%
by 2030.
More than 50% of CI claims in the industry.
Improved quality & breadth of cancer cover
• Breast reconstrucDon benefit ü AddiDonal pay out for breast reconstrucDon
surgery – 15% (up to R100 000). • Prostate cancer
ü Increased pay-‐outs for less aggressive Prostate cancers – 25% for stage T1, regardless of Gleason Score.
• Early cancers ü Early cancers and no treatment required.
Improved quality and breadth of cancer cover
CriIcal Illness Income
Income protecDon perfected for criIcal illness
130% of your temporary income protecIon cover for 12 months • If you are diagnosed with any SCIDEP event -‐ regardless of severity level • Any event with a 100% pay out
no occupa(onal assessment & payments are guaranteed even if you earn an income • Ex. CABG claims – average 143 days off work
100%
Other advantages to CI Income…
• Not forced to use a lump sum pay-‐out to provide for a future income
Simplifies the planning process
Saves your clients money • Cheaper than equivalent lump sum amount
Let’s look at an example
Allows you to reduce your lump sum cover or remove altogether if you only want cover for common and major condiDons @ 100%
Cover Sum insured Premium
CI Lump Sum (with extender and top-‐up)
R500k R156.49
TIP (7 day WP, 24 month BT) R32 000 pm R330.31
CI Income (pay out would equal R500k)
130% R76.71
35 yr old male, non-‐smoker
We’ve got the kids covered
Lump Sum
FREE cover on CI Lump Sum
• All biological or legally-‐adopted children are automaDcally covered.
• 10% of your CILS benefit to a maximum of R250 000.
• Everything you are covered for + 10 child-‐specific condiDons.
We’ve got the kids covered
But what about the ongoing costs of caring for a child living with a
criIcal illness?
Income Lump Sum
FREE cover on CI Lump Sum
• All biological or legally-‐adopted children are automaDcally covered.
• 10% of your CILS benefit to a maximum of R250 000.
• Everything you are covered for + 10 child-‐specific condiDons.
Child Protector benefit
We’ve got the kids covered
You can receive an income unDl your child’s 18th birthday if they are
diagnosed with a listed criDcal illness
Income Lump Sum
FREE cover on CI Lump Sum
• All biological or legally-‐adopted children are automaDcally covered.
• 10% of your CILS benefit to a maximum of R250 000.
• Everything you are covered for + 10 child-‐specific condiDons.
Medical Second Opinion
We have partnered with Mediguide to bring the Medical Second Opinion (MSO) service to all future FMI Individual policyholders.
Medical Second Opinion
An independent review of your diagnosis and treatment plan from a choice of 107 leading medical centres around the world.
ü Harvard Medical School ü King’s College Hospital ü Royal Marsden Hospital ü Johns Hopkins Hospital
Medical Second Opinion
ü Free of charge ü Wri9en review within 10 business days ü Receive your own personalised Mediguide Casebook ü For R10 pm, you can include your whole family
The original diagnosis can be
wrong up to 18% of the (me.
Harvard medical centre found that their Second Opinions enhanced the original treatment plan up to 90% of the Bme.
An independent review of your diagnosis and treatment plan from a choice of 107 leading medical centres around the world.
CI Assist
Medical advice and informaIon hotline To help understand medical terms etc.
Counselling Individual and family sessions
Child care Au pair / nanny support services to help
with the kids
Travel services to and from treatment Via Uber services
Emergency travel services to hospital Should there be any emergencies
Temporary home and work conversion To help you adjust to living with the condiDon
R4000
R10 000
R10 000
R2000
R20 000
Unlimited
Mandy’s story in acIon
Mandy; age 34, breast cancer fighter, wife and mother of 2 boys. It’s people like Mandy who inspired us to find a be,er soluIon for CriIcal Illness cover. In 2015, Mandy was diagnosed with stage 4 breast cancer. She underwent 5 months of chemo. A]er 8 months her test results were clear, her side effects from treatment were gone and she went back to work.
What would her cover look like?
Our CI cover in acIon
Medical Second Opinion FREE Mandy would have received an independent review of her diagnosis and treatment plan. • This would have given her and her doctor complete peace of mind when
making important decisions about her health.
Our CI cover in acIon
CI Lump Sum 100% pay-‐out of R1 million. • This would have provided for all the medical expenses not paid for by
Mandy’s medical aid. • Would have allowed her husband to take some Dme off from work to
support her and the children.
Our CI cover in acIon
CI Income If Mandy only had income protecDon, she would have received R200 000 (R25 000 for 8 months).
Our CI cover in acIon
CI Income If Mandy only had income protecDon, she would have received R200 000 (R25 000 for 8 months). With CI Income, Mandy would receive a total of R390 000 130% of her sum insured (R32 500 pm) for a full 12 months.
Our CI cover in acIon
CI Income If Mandy only had income protecDon, she would have received R200 000 (R25 000 for 8 months). With CI Income, Mandy would receive a total of R390 000 130% of her sum insured (R32 500 pm) for a full 12 months.
Our CI cover in acIon
CI Assist To help Mandy cope with the day-‐to-‐day challenges of balancing a busy family with the demands of treatment. • Transport for Mandy to get to and from treatment. • An au pair to help look a]er her 2 children. • Counselling for her and the family.
Our CI cover in acIon
Breast ReconstrucIon benefit An addiDonal pay-‐out of R100 000 to help her pay for her surgery. • This addiDonal payment would have allowed Mandy to make the difficult
decision without worrying about the cost.
Summary of our CI product
Mandy would have received R290 000
more with FMI... + CI Assist
+ Medical Second Opinion
We’ve got you covered
ü The only CriDcal Illness soluDon to address all the financial, emoIonal and pracIcal needs of being diagnosed and living with a criDcal illness
ü You can select a combinaIon of income
and lump sum pay-‐outs
ü Income protecDon -‐ perfected for a criIcal illness
ü Our free Medical Second Opinion benefit
ü Your children are covered
ü The best future insurability in the market
MarkeIng support
FMI Individual brochure • Disability • CriDcal Illness • Life
MarkeIng support
FMI Individual brochure • Disability • CriDcal Illness • Life
FMI Individual brochure (with Event Based cover) • Disability • CriDcal Illness • Life
MarkeIng support
CI cover brochure • Our inspiraDon behind CI • The 6 needs of CI • Our soluDon • How we compare to the market
MarkeIng support
CI digital tool ü Overview of our CI product ü CI soluDon in acDon ü List of events & definiDons
What about exisIng FMI policyholders?
FMI Individual policyholders can add our new CI Income and Lump Sum benefits to their policy
2nd Opinion and CI Assist included free of charge!
Launch Special Offer -‐ 3 months only
Who qualifies? • Maximum age next birthday 55
• Accepted at standard rates in the last 3 years
– CriDcal Illness cover or Income ProtecDon
• No claims or change in health since
Launch Special Offer -‐ 3 months only
CriIcal Illness Lump Sum – up to R5m CriIcal Illness Income (requires temporary income protecDon)
Temporary Income ProtecIon (and BOP) – up to R75 000pm FMI policyholder exisDng cover + 20% Other insurer exisDng cover
Addi(onal benefits Life and Disability Lump Sum – up to R5m Life Income and Extended Income ProtecIon – up to R60 000pm
Launch Special Offer -‐ 3 months only
What is required for non-‐FMI clients? ü Signed quote ü Special offer applicaDon form (DOH) ü Proof of acceptance ü RPAR No medical tests!
Launch Special Offer -‐ 3 months only
FMI Policyholders – from 1 September!
Advisers receive list of qualifying clients
Request a quote
Quote and DOH signed by
client Acceptance
Where else have we hit refresh?
Unlocked product
restricDons
Decreasing premium pa9ern life income
New, improved applicaDon
form
Website & branding
Quotes package
A be,er way to do life insurance
ü Life insurance benefits should protect your greatest asset – your income.
ü You need a combinaDon of income and lump sum benefits for all three risk events.
ü Monthly income benefits are a be9er way to protect your income.
ü Everyone should be able to protect their income.
FMI today
The complete Life insurance soluDon
A choice of income & lump sum benefits across all risk events
Backed by a well-‐known brand
Life, done be,er
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