New Income Benefit
30 Oct 2019
Protection for your multiple incomes
By Kresantha Pillay, Lead Specialist: Lifestyle Protector at Liberty
We often like to think “it won’t happen to me.” It’s human nature. Unfortunately, the truth is that an injury or illness can happen to any of us - at any time. If it does, it can impact your ability to do your job and earn an income. Even if your ability to do your job is only partially affected, it’s worth protecting yourself and your family.
Income Protector is designed to give you the reassurance that your income will be covered. It provides you with monthly payments should you be temporarily or permanently unable to do your job due to an occupational disability or if you suffer permanent impairment.
Previously, policyholders with two streams of income would have to insure each income separately. This was administratively heavy.
Liberty has now delivered a
more client-centric solution. If the additional income is SARS compliant and makes up 20% or more of your annual income, you can insure your primary and secondary income under one policy at the same time.
Should you become disabled and unable to work, it replaces up to 100% of your after-tax income for up to two years after the event that caused the temporary or permanent disability or permanent impairment. This can be extended up to retirement or beyond.
Income Protector Benefit
Who is it for?
Anyone who wants to be able to provide for themselves and family should they become occupationally disabled or permanently impaired.
What is it?
Income Protector is part of our income protection suite of benefits designed to give you as much cover as you will need, should you be unable to work due to an occupational disability or permanent impairment.
Why is it better?
You have peace-of-mind that your income is covered to get you through the tough times.
The benefit pay-outs are as follows:
• On temporary disability - 75% of the after-tax income is paid
• On permanent disability - 100% of the after-tax income is paid
• After retirement - the percentage paid depends on the severity of the impairment
We also know that you need all your income, every day - even your annual bonus. If you rely on your annual bonus to make ends meet, you could have it covered too.
The new income protection benefit will be available from Liberty as of 1 November 2019.Click here to find out more or speak to your Liberty Financial Adviser or your Broker to access this enhanced benefit.
Liberty Group Limited is a Registered Long-Term Insurer, the insurer of Lifestyle Protector and an Authorised Financial Services Provider (FAIS no 2409). Terms and Conditions apply.
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New Income Benefit