Frequently Asked Questions

    What is salary protection?

    What is salary protection?

    Salary Protection, or Income Protection as some would call it, is a insurance policy that one takes out on his monthly salary.

    An agreed portion (up to 75%) of your current monthly salary is paid out to you for the duration of you not being able to work due to some unforeseen circumstances.

    Please note: The time period for getting your salary paid out is dependent on the circumstances under which you cannot work. See below.

    Does salary protection covers me when I get retrenched?

    Does salary protection covers me when I get retrenched?

    Yes… You will get an agreed amount paid out to you every month, for a maximum of 6 months, to help you while you are actively looking for a new job. After six months you should have been able to obtain a new job with a salary.

    What will happen to my premiums once I found a new job, with a lower salary?

    What will happen to my premiums once I found a new job, with a lower salary?

    The beauty of you having salary protection cover, is that your premiums are dependent on your monthly income.

    When you do find a new job, but with a lower income than your previous job, you are able to contact the call centre and a friendly consultant will amend your profile and your monthly premium will be adjusted to suit your current circumstances and monthly income

    This also true if you get a job that provides you with a much higher salary than the previous job or if you get promoted and your salary increases.

    Will salary protection pay out when I am injured or disabled due to illness or an accident.

    Will salary protection pay out when I am injured or disabled due to illness or an accident.

    Yes! In the event of an illness or an accident that leaves you permanently disabled and you cannot work anymore, the salary protection will pay out until you are at the age of 65 years.

    Will the salary protection pay out even if my spouse has a permanent monthly income?

    Will the salary protection pay out even if my spouse has a permanent monthly income?

    The salary protection cover is a policy to help you when the unforeseen happens and also to help you continue with life.

    Salary protection pays out even if your spouse are still able to work and get a monthly income.

    Please note: The period that your salary protection is dependent on the reason why you cannot work anymore. See above questions!

    How is my monthly instalment calculated?

    How is my monthly instalment calculated?

    Your monthly salary protection instalments is dependent on your current income and your personal profile. A fixed monthly instalment can’t be calculated within certain income brackets, as nobody’s profile is exactly the same.

    Will salary protection replace my full income?

    Will salary protection replace my full income?

    On average salary protection pays out up to 70% of your current monthly salary. If you think about it, it is 70% of your current salary that you are getting, which you won’t able to get without salary protection

    What about a waiting period?

    What about a waiting period?

    As with any insurance policy, there is a certain criteria that must be met before you get the full benefits.

    Salary protection cover have a waiting period of three months. If you lose your job due to a legal retrenchment process at work or get in an accident or illness that renders you unable to work within 3 months after taking out salary protection, you will not be covered.

    Therefore it is important that you should not wait and take out salary protection as soon as possible!