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25/04/2012

Frank Insurance

Frank insurance is money in exchange for death, according to the quirkiest life insurance company on the market, and unlike any other insurance company on the market, Frank has taken the euphemism out of life cover. The simple and direct approach to life insurance has made it more accessible to the general public which suits their profile as a direct insurance company. Underwritten by Munich Re, Frank insurance provides Life cover, disability cover, serious illness cover and salary protection.

Frank Insurance life cover

In the event of the policyholder’s death, Frank Insurance will pay out maximum R10 million in cover, which is a large payout for a direct insurance companies which usually limit this to about R1 million. That aside, they have everything else in common, namely they charge premiums based on the client’s demographics, such as age, gender, education, smoking habits, and state of health.

In true Frank character, the insurance company says no payout if you lied to them, did not inform of a material change of employment, lifestyle or habits (that is, if you started smoking or skydiving), deliberately injured yourself or did not seek medical advice when needed. These things are considered a breach of contract.

Frank Insurance disability cover

If a disability (whether a result of accident or illness) prevents you from being able to perform your current job, or a similar job given your education, training and experience, then Frank insurance will pay out up to R5 million. The money paid out is intended to help the insured adjust to his or her new lifestyle, whether by seeking physiotherapy or making alterations on the home. If the disability was caused by a war, riots or terrorism, then Frank won’t pay.

Frank Insurance salary protection

Salary protection covers a portion of your income should you become incapacitated as a result of illness or temporary disability, and retrenchment. The cover pays out three quarters of your income (based on the previous year’s earnings), which is then taxed. At least Frank is frank.

Like all retrenchment cover, Frank insurance salary protection only covers retrenchment and not if you lose your job because you breached contract or because you were fired or quit. Self-employed insureds do not qualify for this type of insurance.

Frank Insurance serious illness cover

Frank Insurance dread disease cover pays out for stroke, heart attack, cancer or anything that requires open heart surgery. There are Frank limits to this cover which can be read about on their site.

If you want to give your family buckets of cash when you die, then you can go through Frank. Or you can compare them to a range of life insurance quotes right here on Insurance.co.za. Fill in our online form to find out how much you can pay for life cover.

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