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Income Protection

 


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Disability has always been an aspect that we’ve never really given a lot of attention to, especially temporary disability when we are away from work for an extended period. Once your sick leave runs out, you take paid leave and thereafter unpaid leave. Who pays the bills then?

 In such cases insurance benefits under the usual occupational and/or physical disability do not kick in as it is not permanent.

Income Protection will cover you when you are indisposed – temporarily (the Temporary Income Protection) or permanently till retirement age (the Permanent or Extended Income Protection) – and provide you with a monthly income.

 The basics in a nutshell:

·        A waiting period applies: 7 days for business owners and commission earners & 14 or 30 days for salaried workers. Multiple claims (also for the same illnesses) are in order. (Note: pre-existing conditions will obviously not be covered.) 

·        The insured amount for the Temporary Income Protector can be equal to your usual monthly after-tax income and 75% of that amount for the Extended Income Protector. 

·        You can choose a benefit period of 6, 12 or 24 months. The Extended Income Protector kicks in after the 12 or 24 months. These benefits increase annually. 

·        A business owner can add Business Overhead cover for company overhead expenses, as well as Key Man income protection to cover key personnel. 

·        The income paid from an Income Protection plan is not taxed!

 Contact: cvdeventer@cgbrokers.co.za tel: 021 948 0630


Date Posted: 2015-05-25
Posted By: CARL GREAVES INSURANCE BROKERS (PTY) LTD
Listed under these Business Listing Categories: Financial services, Business services & consultants,

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