Pays you a monthly income if you become disabled and can't work.
Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70.
Despite what your momma told you, your single greatest asset is not that Colgate-smile or your ability to braai the perfect steak. Your greatest asset is your ability to earn an income. Unless you work in a steakhouse. In which case, maybe braaing a steak is actually your greatest asset.
Regardless, if you earn an income, you need to have income protection. We designed Income Protection to pay you a dependable monthly income if you’re disabled and can’t work so that your disability is a hurdle, not a wall.
Most people need to cover about 85% of their existing income, after tax but before other deductions (like pension fund contributions), in case they become disabled. Also bear in mind any existing income protection you may have (which would reduce the amount of Income Protection you need).
Your cover amount (and subsequent income in the event of a claim) will automatically grow each year with inflation, but you can choose to opt out of this growth (in order to reduce your premium).
We’ll help you work out what cover you need in just minutes.
We’ll pay all valid claims as fast as possible. How long that takes depends on the nature of the claim, as well as how quickly we’re given the relevant claims documentation.
If you claim, Income Protection will pay out only if you’ve been unable to earn an income for longer than 21 days.
If you’re seriously ill, or disabled, and can’t earn an income for 21 days, Income Protection will start paying you an income from day 22 onwards. However, if you get sick and can’t work for 21 days or less, you won’t qualify for a claim.
Income Protection will not pay a claim if:
Claims are paid to you as fast as possible. How long that’ll take depends on the nature of the claim, as well as how quickly we’re given the claims documentation. If you hustle, so will we.
This product is designed to replace the income that you lose as a result of becoming disabled. If you lose only part of your income, the amount that you lose can be claimed. When we calculate the amount that we’ll pay for a claim, we’ll take your other forms of income into account. The total claim payment you can get will let you have the same income you earned before the claim, but not more than what you earned.
The income will be paid as long as you’re disabled to the extent that it causes you to lose part of your income. You can receive payment up to age 70.
Income Protection claims will be paid to you, the policyholder.
No. Under current taxation laws, you won’t pay any tax on the claim payout.
Because Income Protection will pay claims for both temporary and permanent disabilities, we do expect many people who claim to be able to return to work again, after which we’ll no longer pay you the claim.
For example, if you needed to have a serious back operation that could leave you out for 6 weeks, this would be a valid claim. But, once you’re able to return to work and earn an income, the claim would stop.
Your Income Protection cover amount will automatically grow each year with inflation, but you can choose to opt out of this growth. Also, at any time you can lower your cover, or increase your cover, or remove your cover altogether. Depending on the size of a cover increase, we may first need you to answer some short medical questions.
If we’re paying you an income because you’ve successfully claimed, this income will grow each year automatically by inflation.
This product is designed to replace the income that you lose as a result of becoming disabled. If you lose only part of your income, the amount that you lose can be claimed.
When we calculate the amount that we’ll pay for a claim, we’ll take your other forms of income into account. The total claim payment you can get will let you have the same income you earned before the claim, but not more than what you earned.
The cover will end when you turn 70. Obviously, if you die, the cover will also stop.
If you retire before turning 70, you must remove this product, since you’ll not be able to claim if you’re no longer earning an income from your job.