Specialist long term risk product provider, Altrisk has added two new benefits to its range of innovative products — Comprehensive Cancer Cover and a Retrenchment benefit.
Responding to a growing cancer burden in South Africa
Your client might already have critical illness cover, but does their existing cover provide them with financial protection for a comprehensive range of cancers? Cancer is no longer something your clients don’t have to worry about — everyone has been affected by cancer in some way, and most of us know someone who has had cancer or is struggling with it at the moment.
This is why Altrisk developed its Comprehensive Cancer benefit. Even if your client has existing critical illness cover with another insurer, they can still take out this benefit.
It provides complete cover for a wider range of cancers, right from Stage 0 (early cancer) to Stage 4. This is the distinctive factor of our new benefit — it includes cover for early cancer, which are generally excluded from traditional critical illness insurance.
This allows your client to boost their financial protection against cancer, giving them complete peace of mind that they are fully covered for cancer.
Dalene Allen, Altrisk’s underwriting director, says that Altrisk created this benefit in response to alarming statistics show that cancer is now the leading cause of critical illness claims.
According to the South African Cancer Association the lifetime risk for women to develop cancer is 1 in 8, and for men it is 1 in 6. Reinsurance figures show that 1 in 6 people are diagnosed with a form of early cancer.
What does the benefit cover?
It covers carcinoma in situ or early cancers (which means the cancer hasn’t invaded the surrounding tissue) as well as conventional cancers.
In a nutshell
- Clients are covered for the diagnosis and treatment of malignant tumours.
- To claim, the tumour can be invasive or non-invasive (non-invasive means it is a Stage 0 cancer).
- There are no exclusions.
- It is available as a standalone or ancillary benefit.
- The maximum sum assured is R1 000 000.
- There is a six month waiting period for early cancers once the policy starts.
- The guarantee period is experience-rated.
Financial provision for unemployment
Altrisk’s retrenchment benefit pays out if a client is involuntarily retrenched — this means they could become redundant, or their employer could be downsizing or facing closure.
You might think that this risk only applies to some industries, but have you asked your client if they would be able to meet their financial obligations should they face sudden retrenchment. Retrenchment could leave them vulnerable to serious financial strain.
In a nutshell
- Policyholders can claim more than once
- It is available as an ancillary benefit
- Premiums are not tax deductible
- We pay a lump sum
- No medical underwriting is needed
- The maximum cover amount is R150 000
- The benefit has a level premium pattern
The benefit is designed for salaried employees and isn’t available for the self-employed or an employee of a family-owned business who is a member of the same family.
To claim a client must be continuously employed on a permanent basis for at least two years. At least one year must have been with the employer from which they have been retrenched.
Talk to your clients about adding these benefits to their insurance portfolio.
