This benefit goes by many different names in our industry but did you know its inventor was Marius Barnard, a South African cardiac surgeon, brother to Christiaan Barnard. Both were members of the team that performed the world’s first human-to-human heart transplant in 1967.

Marius felt that he was able to help someone physically but the impact on the patient, financially, following an event was immense and so was motivated by this to create this product.

When looking for the right cover for a client there are at least three important things to consider.

  1. A standalone benefit will always be paid out independently of the life cover but an accelerated benefit reduces the life cover by an amount equal to the dread disease claim.
  2. At quote stage a reinstatement option can be selected on the life and dread disease benefits but the member will need to survive for a specified period in order for both benefits to pay out.
  3. A core/standard benefit covers a shorter list of traumatic events but it also only pays out once whereas a comprehensive benefit covers a longer list and pays out more than once.

Each insurer has their own lists, periods and severity scales that apply to certain conditions. These do change from time to time but the above are key considerations when assessing this benefit as a cover option.

If you have specific questions or would like a quote please do not hesitate to contact us at the office on 031 561 1044 for assistance.

Thank you and regards,
The TSA Team

You’ll find all back issues of TSA Connect by visiting our blog.

All information provided is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.