Capital disability products are more popular with advisers and clients than income protection products. But they don’t always deliver the increased certainty they promise. What is needed is a product that offers you certainty by matching your exact permanent illness and injury needs, while offering you flexibility of choice.
Matching the need increases cost-efficiency
BrightRock’s needs-matched approach makes it possible for financial advisers to exactly match your permanent illness and injury needs. Instead of aggregating your cover into a single disability block, BrightRock allows your financial adviser to enter the amount of cover required to meet each of your financial needs
BrightRock achieves cost-efficiency by allowing your cover to track with your needs appropriately over time. Your debt cover needn’t grow at inflation – it can decrease over time or remain level, and then expire once your bond has been paid off. On the other hand, the recurring cover for your household needs must grow at salary inflation and only end at retirement age, when your retirement funding kicks in.
Added certainty thanks to BrightRock’s “best-of-both-worlds” approach
BrightRock believes the current strict delineation between income-based and lump-sum-based disability cover is failing to fully meet your needs. That’s why we’re the only product on the market to offer you, if you choose lump-sum cover for your permanent illness and injury needs, the ability to change your choice to a recurring pay-out at claim-stage. In other words, you only have to decide which option best suits you when you have an insight into how long you’re likely to live and what the current economic conditions are.
Where you pick the lump-sum option, we automatically offer the choice at claim-stage of a recurring pay-out on guaranteed terms, to protect you against the impact of longevity and future adverse market conditions.
Choice at claims stage
With BrightRock, you have the option – if you were to claim today – to make either of the following choices (or a combination of the two):
1. Take the recurring pay-out and receive:
– A guaranteed, tax-free annuity per month
– Increasing at CPI pre- and post-claim
– Replacinig 100% of income
2. Take the lump-sum and receive:
– A guaranteed pay-out
– Equivalent to 100% of capitalised income needs.
Speak to your financial adviser to learn more about the different kinds of disability cover on the market and the options best suited to your needs.
