INCOME PROTECTION

 

If you are the Prime Asset in your business then you should consider Prime Asset Cover.

 

• Immediate payout in the event of an accident
 
• Only 4 days waiting period in the event of illness
 
• Up to 6 months payout per event

 

Prime Asset Cover was established in 1989 to meet the income protection needs of self employed individuals, business owners, entrepreneurs and commission earners.

 

In the event of illness or accident, Prime Asset provides the solution by promptly replacing the loss of income; to protect the financial well being of the individual as well as the business.

Prime Asset offers four income brackets to choose from, covering up to 100% loss of gross pre-tax income earned, and pays for up to six months per event. The income replacement benefit applies immediately following accident, and after 4 days in the event of illness.

 

In addition, Prime Asset will pay a 50% benefit if the policyholder is only partially able to return to work, as confirmed by a doctor's report.

 

Statistics have shown that many incidents, whether accident or illness, are generally of a short-term nature, and six months cover per event is generally considered adequate. This has resulted in exceptionally competitive premiums, and there are no premium or age loadings.

 

Pre-existing medical conditions are initially excluded from cover, but following a 2 year clear time period on cover, the policyholder may apply for full cover at no extra premium. At policy inception, illness claims will not be covered for the first 60 days.

 

Cover may be taken from age 18, and will continue to maximum age 70 if required. Maximum entry age is 60. Cancellation of the policy can be effected by 30 days notice in writing to Prime Asset Cover.

 

There are very few exclusions under the policy, the most common being cover in respect of influenza, laryngitis or sinusitis, myalgia or chronic fatigue syndrome, HIV or sexually transmitted diseases, mental/nervous or stress disorders, and back injuries which cannot be detected by x-rays or scanners (where the benefit will be reduced to 6 weeks). Professional sports people and those actively involved in the military or police forces cannot be covered.

 

Prime Asset Cover is Underwritten by RTU Managers (Pty) Ltd, and Insured by Renasa Insurance Company Limited