Do you have Income Insurance?
You are secure in your job and rely on receiving a monthly income. Your salary covers the house bond, groceries, car payment, school fees, utility bills and more. Have you ever given thought to the unfortunate possibility of not getting a monthly income?
What would happen if you are retrenched? Involved in an accident and unable to earn an income? What if you become ill and lose your income?
The best time to provide for unfortunate circumstances is now. Safeguard your future with Income Insurance and rest assured that you will be covered for the important monthly expenses you can’t afford not to pay.
What is Income Insurance?
Income Insurance is an insurance policy that provides protection for periods when you do not receive an income. Income Insurance pays you a percentage of your current monthly salary each month when you do not work due to legal retrenchment, temporary illness or injury.
Income Insurance period of payment
Your Income Insurance is paid out on a monthly basis and usually pays out for a period of up to six months. However, different Insurance Providers offer Income Insurance products that may vary, so the best option is to shop around for a package that suits your needs and budget.
In the event of permanent disability, your Income Insurance plan generally pays out until you reach the age of 65 years. This is applicable when you are unable to perform In the event of permanent disability, your Income Insurance plan generally pays out until you reach the age of 65 years. This is applicable when you are unable to perform any type of work suited to your circumstances.
Calculation of Income Insurance
On average, Insurance Providers estimate your monthly pay-out at between 65% and 75% of your current salary. This means that you will be able to pay urgent and necessary household accounts.
Income Insurance products may vary, so shop around until you find the product that suits you.