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VIEW THE TRIARC
INCOME PROTECTION
BENEFIT
TECHNICAL SPECIFICATION
26 Year Male
30 Year Female
35 Year Male
37 Year Female
26 Year Male
R23k Income Protection
From R150 pm
30 Year Female
R25k Income Protection
From R228 pm
35 Year Male
R38k Income Protection
From R360 pm
37 Year Female
R35k Income Protection
From R560 pm
IS THIS FOR YOU?
Can you survive without your salary?
If the answer is no, you should consider Income Protection.
Income protection pays out a monthly amount and are meant to help you pay bills and cover other living expenses when you cannot earn the bucks.
It is more affordable than you think!
It is very quick to get a quote on Income Protection and you will be pleasantly surprised with the price. You can afford to secure your future against a situation where you are unable to earn a monthly income.
When does it kick in?
Keep in mind that Income Protection also pays out when you are unable to generate an income for a short period and not only for when you are permanently unable to do so.
Your Income Protection policy will stipulate the conditions under which you are able to claim and you need to understand this before signing on the dotted line. Most people at some stage are unable to earn an income for a short period, (a few weeks or months), and an Income Protection policy will make provision for this.
If you become permanently unable to earn an income, your Income Protection policy will pay until retirement or death.
WHAT TO CONSIDER
Benefit amount
The maximum benefit amount you can choose on Income Protection is roughly 65% of your gross income.
Premium pattern
Unlike some of the other Life Insurance products that allow you to select different premium pattern options, with Income Protection we offer just a level premium option, (meaning you always pay the premium relevant to your cover).
Waiting periods
When taking out an Income protection policy you will have to choose a waiting period. This is the time between the claim event and when you are eligible to put in a claim.
Example, if you choose a waiting period of 3 months, you would have to wait 3 months after the claim event before you become eligible for Income Protection payouts.
The longer waiting period you choose, the cheaper the premium.
Premium Guarantee
A premium guarantee on your Income Protection policy means that your premium cannot be increased during that time over and above the premium pattern and benefit growth you chose.
If you opt out of a premium guarantee you will probably pay a reduced premium, but your premium may increase annually based on the risk experience of the insurer.
Benefit growth
With Income Protection you have the option to grow your benefit annually before a claim, and/or to grow the benefit while you are in a claim. The first is meant to make sure the benefit keeps up with the salary you earn before a claim event, and the second is meant to make sure your monthly benefit amount keeps pace with inflation while you are in a claim.
Before claim you can choose between 0, 3% or 6% benefit increase. For in claim you can chose 5% or CPI.
SINGLE OR NOT?
I am always single!
Income Protection is a standalone product and cannot be linked to other products as is the case with Disability Cover, Functional Impairment Cover and Dread Disease Cover.
Read more about this by clicking on any of the product links below.