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Insurance
Insuring your life
Disability Cover
Income Protection
Severe Illness Cover
Funeral Cover
Group Life Cover
Credit Life Cover
Healthcare Cover
Income Protection
What is an income protection policy?
Do I need income protection?
Why are waiting periods important on income protection policies?
What are the rules on how much you can be paid as an income benefit?
What if I start earning again after claiming on an income protection policy?
Test your knowledge on income protection with our quiz
Test your knowledge on income protection with our quiz
Test your knowledge on income protection with our quiz
1. You can insure yourself against loss of income as a result of disability for …
Any amount.
A maximum of 75% of your income.
A maximum of 100% of your income.
Only as much as you can prove you earned with salary slips.
2. An income protection benefit may suit your income needs better than a lump sum because …
A lump sum benefit does not increase with inflation.
It removes the potential risks that may come with investing to provide an income.
A lump sum can’t be converted into income.
The South African Revenue Service will tax the lump sum.
3. An income protection policy must always pay you
A retrenchment benefit if you are retrenched.
An ongoing income while you are temporarily disabled.
An ongoing income of at least 75% of your earnings at the time you were disabled.
An ongoing income equal to the income you insured yourself for, plus any escalations in that income since you took out the cover. Only part of the income may be paid if you are partially disabled.
4. Which answer is most accurate. Once you have successfully claimed on an income protection policy …
The life insurer must pay you an income for life.
The life insurer must pay you an income until your normal retirement date.
The life insurer must pay an income for as long as you remain disabled and unable to earn an income, but typically only until your retirement date.
The life insurer must pay an income for as long as you remain disabled even if you start working half days again.
