BFS Financial Services(Pty) Ltd | Products

By: Bfs Financial Services  11-11-2011
Keywords: Term Insurance

In September 2003 an association was formed with BFS Financial Services.

The partnership was established on a transparent, professional and ethical basis, and has developed into a strong working relationship where both companies offer complementary services to our clients. This association has placed our clients in the most advantageous position of having all their insurance placed under one roof where a complete set of solutions can be sourced for your every insurance requirement.

Other business partners and associations include the likes of:

  • Trust Attorneys
  • Litigation Attorneys
  • Tax Consultants
  • Accountants
  • Educators
  • Life Skills Facilitators
  • Mortgage Originators
  • Employee Benefits Specialists
  • Medical Aid Providers
  • Investment Analysts

We operate strictly according to the code of ethics and business principals as set out by the Insurance Brokers Council of South Africa, the FSB, the Life Offices Association (LOA) and specific regulations stipulated by the Long Term Insurance Act overseen by ombudsman.

Clients

Our client base consists of institutions, companies and individuals who lead a responsible lifestyle and are serious about their financial future, hence taking steps to provide for it. Protection of assets and creation of wealth form the basis on which a Financial Needs Analysis (FNA) will be conducted. An individual client risk analysis may be required where any form of investment is made, while an annual review of your portfolio is just part of the longer term goal.

This benefit provides for a lump sum payment if the Life Insured is unable to perform their occupation as defined by the company offering the benefit. These benefits may be purchased as a stand-alone product, and some of the companies provide for a payment of this benefit as a percentage of the insured amount. This benefit may be an acceleration of the death benefit under the policy.

Occupation Disability can be defined, in general, as:

Having suffered a disability through injury or illness, which, prior to the Life Insured's 66th birthday, totally and permanently prevents the Life Insured from being engaged or employed in an occupation for remuneration or profit. The definition of occupation may be based on one of the following descriptions which was chosen by the Proposer at the application stage or enforced by the underwriters at the policy acceptance stage and is indicated on the policy schedule:

Own Occupation – as specified on the application form, and incorporating occupations of similar remuneration within the same profession.

Own or Similar Occupation - as specified on the application form, or any other for which the Life Insured is suited by education, training or experience

Any Occupation – any occupation

The benefit becomes payable after the disablement of the Life Insured has existed for at least 6 consecutive months, except where the disability is caused by back problems or psychological disturbance, in which case the period is extended to at least 24 consecutive months.

This would be dependant on the type of product and product supplier and at the discretion of the product provider.

Impairment / Debility can be defined, generally, as the payments of a percentage of an amount for events such as the loss of use of limbs (as defined by the various companies offering this benefit). The benefit payable may be on a sliding scale where payments are made for the loss of a limb verses two limbs, but the payments for the loss of a limb may be 40% of the sum insured.

The following insured events may be included in an Impairment / Debility benefit: (For additional information regarding any one of these conditions please contact us).

  • Total & Permanent Loss or loss of use of two limbs (100%)
  • Total Permanent blindness in both eyes (100%)
  • Total permanent deafness in both ears (100%)
  • Permanently bedridden (accident or sickness) (100%)
  • Total permanent loss or loss of use of 2 hands or 2 feet (100%)
  • Total Permanent loss or loss of use of 1 limb (a percentage of the insured amount with a maximum limit)
  • Total Permanent loss or loss of use of 1 hand (a percentage of the insured amount with a maximum limit - 50% max R500 000)
  • Total Permanent loss or loss of use of 1 foot (a percentage of the insured amount with a maximum limit).

In the event of a dread disease claim, for an event as defined in the policy contract, a payment equal to the sum insured or the amount specified for the event, which is being claimed, will be made. Generally, this will be an accelerated payment of the Death Benefit under the basic policy so the Death Benefit Sum Insured will be reduced by the same amount. This benefit may also be available as a stand-alone product depending on the company providing the benefit.

The dread disease cover may escalate at the same rate as the underlying Death Benefit Sum Insured should this option be elected.

The following insured events could be included on a dread disease benefit: (For a quotation please contact us).

Advanced Dementia, Benign Intracranial Rumour, Chronic Kidney Failure, Coma, Coronary Artery By-pass Surgery, Deafness, Dipelgia, End Stage Aids, Heart Attack, Heart Valve Surgery, Hemiplegia, Loss Of Limbs, Loss of Speech, Major Organ Transplant, Motor Neurone Disease, Multiple Sclerosis, Occupationally Acquired HIV (Only for personnel working in the medical field), Paraplegia, Parkinson’s Disease, Permanent and Total Disability (Both Definitions as above), Quadriplegia, Severe Burns, Stroke (This would be dependant on the type of product and product supplier and at the discretion of the product provider).

Keywords: Term Insurance

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Please note that it is of utmost importance that Valuation Certificates are kept for all specified items, and that these valuations are current. The insured was the owner of a Volkswagen Jetta with the unusual registration number of WORSIE GP. The insured also recorded on the policy that he was the most regular driver.