Income Protection Plans in South Africa
June 9, 2017
How are you going to survive when you lose your job? The cost of living is so high that being unable to work can make life unbearable. An illness or injury can put you out of work and put you under massive financial strain.
Your creditors could care less whether you’ve been injured or you’re ill and they will relentlessly pursue you to get their money back from you. Income and Protection plans are for those who want to cover their salary so that they don’t get seriously behind with their monthly payments when they’re caught without work. Here we will have a look at income protection plans.
Health is your Ticket to Being able to Work – Income Protection Plans
Health is a priceless asset – it’s your ticket to being able to work and to earn a living. Many people think that when they’re young and well, sickness and injury are words not in their vocabulary.
Many people, the young included, have gone to the doctor after weeks of feeling tired and nauseous and have had the doctor tell them they have a disease that won’t only cause complications in the near future but will cause premature death.
Perhaps you have never thought about what is going to happen when your sickness and treatments cause such nausea that you can no longer work? Sanlam offers income protection plans. You can trust them as they were established way back in 1918 and they are a reputable, reliable financial services group, and are a prominent provider of insurance in South Africa.
Sanlam provides their customers with a number of income protection options –
- temporary disability income benefit
- sickness benefit
- extended disability income benefit
- death income benefit
- overhead expenses protector
- spouse and child protector rider benefits
Sanlam’s Glacier TopCover Income Protection
With Sanlam’s Glacier TopCover Income Protection, by answering some important questions, Sanlam’s financial planner can determine what personal cover you need –
– how many people rely on your for support
– will your parents be dependent on you for support
– is there anyone in your family with special needs?
– how much debt do you have?
- Sanlam also has their Matrix Income Protection which offers attractive rates and flexibility. With it, you can have cover equal to 100% of your monthly income up to age 65. Payments are tax deductible. With Sanlam’s income protection plans, you can combine several plans such as critical illness cover, disability cover, life insurance, and income protection with additional offerings.
- Their Family Protection Plan pays out a lump sum in the event of the death of the policyholder. The product also offers optional benefits such as personal accident cover, income protection cover, retrenchment cover and dread disease cover.
Disability income from Sanlam can be temporary or permanent. Temporary disability income only pays out up to 24 months.
The cost of these income protection plans will vary depending on the plan you take, your age and risk profile when you take out the plan.
Make sure You have Enough Income Protection Cover
Choose a reputable financial services provider for such important insurance. Then make sure that you choose enough income protection cover. You will need to ensure 100% of your average monthly earnings if you want to continue with the same lifestyle you’re used to when you were earning a salary.
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All info was correct at time of publishing