Income Protection

Disability Income Protection

If you had an accident or illness that effected your ability to earn, what would happen to your partner, children, business, home or lifestyle? Would you be able to pay the mortgage, the monthly bills and meet your children’s schooling expenses?

How long before your savings would run out? Life can be a risky business – that’s why it is necessary to protect your most valuable asset – your ability to earn

Available to employees as well as self employed and options include payments towards rehabilitation, occupation re-training and payments towards replacement labour.

Additionally ongoing business expenses can be covered for a specified period.

Agreed Value / Indemnity

Agreed Value policies typically provide a monthly benefit of an amount set at the time the policy is taken out, to a maximum of 55% of your earnings.  This type of cover is usually the preferred option for people who have no problem supplying earning details at the time the policy is taken out.  Agreed Value benefits are usually not taxable.

Indemnity policies typically provide a monthly benefit of 75% of your earnings prior to disablement.  This type of benefit is taxable and is usually the preferred option for self employed people who have trouble providing earning details at the time the policy is taken out.

Redundancy

You may cover your mortgage instalment or up to 40% of your gross income (Whichever is the greater) in the event that you are made redundant (Not Voluntary)

• Must have been in the work force for 6 months
• Must have no prior knowledge of impending redundancy
• Policy in place 6 months before a claim accepted
• Wait period of 4 weeks before first benefit payment made
• Benefit paid up to six months or when back to work, whichever is the earlier