Functional Impairment

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Definition and description of functional impairment

The Functional Impairment Benefit will pay a percentage of the benefit amount as a lump sum if the insured life meets the requirements of one of the defined functional impairment claim events.

Different names for functional impairment benefit:

Functional Impairment is known by different names at different product providers. Some of the names at more well known product providers in South Africa is: Functional Impairment Benefit impairment Functional Impairment Benefit Comprehensive Impairment Benefit Physical Impairment Benefit Core Impairment Benefit Daily Tasks Benefit Absolute Impairment Benefit Not one of the definitions for products at different providers are the same. Use Plandirect's offer to find you the functional Impairment benefit that is best aligned to your expectations of benefits definitions and price.

The application of functional Impairment is for:

Limited capabilities as a result An injury or illness could physically limit the capabilities of the insured life although of the impairment: not necessarily limit his ability to earn an income. Funding for specialised equipment: Provides funds that may be used to finance specialised equipment and building needs and any other changes needed by the insured life to adjust his lifestyle. Loss of income: Provides funds that can replace the income lost in the event that the insured life becomes unable to perform the duties of his own occupation. Financial security: Provides funds that may be used to ensure that the current standards of living of the insured life can be maintained. Debt protection: Provides funds that may be used to help pay off mortgages and other outstanding debts.

How do you decide if functional Impairment is for you?

A good approach to decide about necessity for Functional Impairment is: 1) Look at disability benefit and functional impairment together; 2) Access what the possibility for disablement for your occupation is vs. functional impairment when you have a functional impairment claim. The chance of being declared disable will depend on the kind of work you engage in. To illustrate using an example: An office worker sitting behind a desk most of the time are less likely to receive a disability payout for occupational purposes than a surgeon. For the office worker it might be more beneficial to apply for more functional impairment. 3) If it is difficult to access your probability of disability vs. functional impairment you can apply for a combined disability and functional impairment kind of benefit. Although it might be a bit more expensive you will have the peace of mind that you will receive a payment for functional impairment if you are not disabled for occupation purposes. 4) Contact a financial advisor if you would like a specialist in this field to assist you with the abovementioned decision.

How much Functional Impairment do you need?

Functional Impairment are normally limited to an maximum amount together with disability benefit at any one product provider. The calculator that is used to calculate disability you need and how much you will probably be allowed at any one product provider, can be used to give you an indication of how much functional impairment you will probably qualify for. Contact a financial advisor in your town representing big brand product providers if you need more information or advice regarding functional impairment.
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Functional Impairment

Functional Impairment Insurance definition and description

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