Investing & Money
piece written on the 22nd September 2015 by  

Last week I introduced you to 4 new products that Momentum Myriad has launched as part of their new income protection products range: Income Enhancer Benefit, Complete Family Protector Benefit, Complete Functional Protector Benefit and the Annual Income Commutation Option. These are only 4 of the 8 products that Momentum Myriad has to offer so today we’re going to look at the other 4 products.

The most interesting benefit for me this week is the #1 Business Protector (Self Employed), which as you guessed it, is for self employed people. As a business owner you can appreciate why this benefit rings home with me. Truth be told, Momentum Myriad has always had a benefit for professional business owners but they’ve now enhanced it to now include a 12 month pay-out option. One of the main reasons for this includes the fact that the need to cover business expenses seldom exceed one year. They’ve renamed it Business Protector (Professional) and at the same time they’ve created the Business Protector (Self Employed) which provides income protection and business overhead protection, all rolled out into one for any self-employed individual. In simple terms, this benefit is a simple and efficient way of protecting your business in the event of becoming disabled. As a business owner you can cover up to 100% of your gross profit, ensuring that you’re able to cover your business expenses and your own salary. This is one important benefit if you ask me!

Following on from this there are 3 more benefits that bring us up to the 8 newly launched and enhanced benefits in total.

#2 Group (and #3 Temporary) Income Top-Up Benefit

Did you know that as a salaried employee, that if you’re covered under group income protection arrangements that you are not always eligible for comprehensive cover compared to your individual cover? This isn’t the easiest to explain but I’m going to try and relay an example I was given: Group income cover is often calculated on a selected pensionable salary and if this does not equal your cost to company, you will not be fully covered in the event of a disability. Secondly, if the group income cover has a three month or longer waiting period, there could be a “gap” in cover if you run out of sick leave before the waiting period is reached.

Momentum Myriad have changed things in their Group Income Top-up Benefit. They’ve tailor made it for you to ensure that it addresses this important need for employed individuals – it provides for an income pay-out during the group income waiting period. Furthermore, it ensures that you receive a benefit based on your cost to company, regardless of what the group income cover might be.

#4 Longevity ProtectorTM- Group Income Top-up Benefit

Momentum Myriad already offers a unique longevity protector to clients that protect them against the risk of outliving their capital. In order to provide employees with the same level of protection as what the existing Longevity Protector Benefit offers, they’ve enhanced this benefit.. This has resulted in a new feature that provides employed individuals access to the same level of cover against longevity even though the primary income protection is based on the group income disability.

To end off I’m going to share what Neill Mu?ller, Head: Retail Life Insurance Product Development told us:

“With income protection as only one of the dimensions of financial wellness, staying on course to make your clients’ dreams a reality demands lot of planning and discipline. The new and existing income protection solutions assist your clients to see the bigger picture of how best to reach their planned state of financial wellness. We are confident that our complete income protection solutions will set the bar even higher in the industry by offering your clients the very best choices when it comes to protecting their income.”