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Your income, perhaps your most important insurance. Click here for income protection.
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Income Protection

A few months ago, I received a call from a friend of mine, Jerry.  I had known him and his wife, Anne, for years.  Jerry always asked me to keep an eye out for a secure job for him.  He was a committed worker but somehow he ended up with positions that were temporary or companies that would close down.  Despite this, he was always so chirpy and happy about life.

It was a while since we spoke.  “How are you doing?” I said with great excitement.

“I am okay,” Jerry softly replied.

I could hear from the tone in his voice that something was wrong.

“Anne is not well Dhevan.  We need your help,” Jerry continued.  His voice was shaky and he was battling to speak clearly.

Anne held a senior position at a huge corporate company.  Her family depended on her salary because of Jerry’s work issues.

Later, I learnt that Anne had to undergo an operation on her spine.  It was covered by the medical aid.  However, she would be off work for up to 6 months.  She did have some leave owed to her but this only covered her first month.

Despite her being insured with a reputable institution, her claim was declined as she needed to be permanently disabled in order to receive a payment.

In the months that followed, I witnessed Anne, Jerry and their two girls go through their worst patch ever.  Jerry took on an evening job delivering pizza which did help but also left him no time to spend with the girls.

Imagine for a moment what would happen if you did not get paid this month…

How would you pay your for your house, your car, your water and lights?

How would you buy your groceries?

Imagine if you could never earn an income.  What will you be able to do without your salary?

When you look at it from this perspective, your salary is your most important asset.  Without it, you would not be able to live as you currently do.

Income protection insurance protects your ability to earn your salary.  In simple terms is a disability policy that will pay you an income for the period that you are unable to work.

Click here for a personal consult or review the questions below to see why this is becoming such a popular cover:


What is the difference between permanent disability and temporary disability?

As the word suggests, permanent disability means you are unable to work forever.  Should such an event occur, your income protection policy provides certainty by paying you a monthly income until you reach your retirement age.

Temporary disability is a more common occurrence.  You will receive an income if you cannot work for a short period.  Let’s consider the example above of Jerry and Anne.  If Anne had this benefit, she would have been receiving her monthly income.

Your income protection plan should comprise of a combination of both temporary and permanent disability.

Contact us for quotes.


Is there a waiting period before I receive an income? 


Yes.  The waiting period for temporary disability varies from 7 days to 3 months.  The longer the waiting period, the lower the premiums.  However, you want to make certain that your waiting period suits you.  For example, if you have sick leave equivalent to 1 month then use a 1 month waiting period.  If you are a business owner, you would aim for a 7 day waiting period.

It is important to note that during this waiting period, you will not be receiving a payment.

Permanent disability will have a longer waiting period.  This is necessary because the insurance company would need to determine that you will not be able to recover.

This is another reason for your income protection plan to comprise of both temporary and permanent disability.

Click here for more details.


How much cover should I take?

Ideally, you would want to cover your salary.  If this is not possible, try to get your income protection cover equal your monthly expenses.


** Income protection is a tax-deductible benefit.  This means it will help reduce the tax you pay.

Click here to get your salary protection


 Related topics ‚  retirement annuity (RA), disability cover, life cover, illness cover

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