#!y�6�:Q\Ȁ(TN}n���Pn BrightRock seem to suggest that a client would be better off channelling retrenchment protection premiums into additional injury/illness cover or towards a savings vehicle. 0000016041 00000 n 0000005147 00000 n 0000012744 00000 n 0000071397 00000 n Choose cover between R150 000 and R3 million. Discussion & Guide to Finding the Best Insurance. 0000072429 00000 n 1. 0000071283 00000 n 0000054642 00000 n 1929/001225/06 NCA Reg No. 0000018755 00000 n Being ill while you are retrenched is stressful, but you can allay this stress by taking out insurance on your income. The past 7 years of commitment to create road safety awareness has also contributed to a greater understanding of not only the tragedy and despair of road accident victims - but has also the dire financial consequences for victims and those left behind. We have been informed that he/she was recently retrenched. If you happen to lose your job due to retrenchment, then the policy will pay you out for up to six months, to help cover your loan repayments. 0000015025 00000 n With regards to personal insurance, a number of products are offered including a customer protection plan (known as Credit Life), a health credit policy, and a retrenchment policy. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … Retrenchment Cover is a way to safeguard your income. The higher the level of underwriting, the more cover you get for the same monthly premium. 0000008205 00000 n If you have not found work within this period, it will be difficult to continue paying bills and other financial obligations without the help of your retrenchment insurance. One of the most effective ways to protect yourself and your loved ones is to take out retrenchment insurance, a type of insurance that will cover your salary for six months after you are retrenched. The arrest followed after police were informed, The Northern Cape SAPS Organised Crime Detective Unit arrested one male suspect for recent alleged hijackings. This is the tendency for people … 0000070908 00000 n 0000056871 00000 n Get a quote. 0000074131 00000 n 0 j� You will be able to keep those savings for what you planned to use them for, instead using the insurance payments to live off of. 0000071471 00000 n Bond Cover pays the original bond amount in the event of death, dread disease or permanent disability, and pays the monthly bond instalments in the event of illness, injury, temporary disability and retrenchment. If your business should unexpectedly have to close, you will be left without the ability to repay any business loans and without a salary. 0000009193 00000 n Resignation, Retrenchment, Dismissal Preserving your fund benefit when you leave the Company not only provides a huge tax benefit, but is also essential to ensure sufficient provision for your retirement. Retrenchment Cover, Tax Planning, Retirement Planning, Bussiness Assurance (Contingent Liability Plans), Education Plans, Collective Investment Schemes (Unit Trust and Exchange Traded Funds). If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. 0000054573 00000 n �d����fK����,�,�0�9���~@iO�d�X�3�Xa_]2��� ��R4;p�sD[a~�0�]��T�w��NuyJ�݇�,l�=� d }]��oD� Straightforward cover. You get the monthly payment for two consecutive months into your account should you be retrenched. After paying premiums every month with Outsurance for credit protection should something happen and I am unable to work or pay some debts. Straightforward cover. Retrenchment due to adverse business conditions, introduction of new technology, or the reorganisation of the business, resulting … Credit ombud Nicky Lala-Mohan. Called Outsurance to assist and see process forward for the credit protection to be activated I get told I do n Monthly injury or illness payouts until you work again or turn 65. 0000071969 00000 n 0000012162 00000 n 0000055810 00000 n In the event of death, disability, dread disease or loss of income, your Bond Protector insurance will assist you with your outstanding bond so that your loved ones still have a place to call home. Retrenchment cover is not a comprehensive salary protection insurance policy. Income protection This cover pays a monthly amount. In February 2014, retrenchment was at a ten-year high. This will allow you to repay loans and debts as well as find work or begin another startup. 0000002829 00000 n 0000014910 00000 n Contractual relationships and accreditation WesBank Credit Card, issued, financed owned and administered by FirstRand Bank Ltd. An Authorised Financial Services and Registered Credit Provider. Retrenchment Protector . This event can threaten your financial security. A major fear of the employed is job loss. Cover your car and enjoy our full range of great benefits, such as a fixed excess, 12-month guaranteed premiums and our famous cash OUTbonus. 0000068383 00000 n H�\��j�0��~ Thuli Zungu Consumer Line. h�b```f`�g`g`?� �� l@Q�%�2j200������4���!��r��ɦ���vA�X��o&(�uj.y%�*lc��7��.�N{'��362�O�P�P^�����~ή���X*�\���-i����)��LxE�ʨ���o�z8�m�}E/o�= ��Q�*:� ̹.�إ���ұK This can be a difficult and stressful time, but you can remedy this by being proactive and taking measures to ensure that you and your family are taken care of should this happen in the future. Wealth Creation. No. Load as many beneficiaries as you want. illness or retrenchment. So R15 000pm cover (for up to 6 months) will be about R150pm premium. ���$���}� �kZg If you take out retrenchment policy insurance or retrenchment insurance, then you will receive a limited portion of your salary for six months or a pre-set time period. 0000007213 00000 n Retrenchment benefit: This benefit is only applicable to credit life cover and is payable on the termination of the life assured’s employment. Medicines are becoming more and more expensive and if you are not receiving a salary, it can become debilitating. Members of the Rand Merchant Insurance Holdings (RMIH) Group. SURANCE Your OUTsurance … Key Features. 0000004413 00000 n a�4�(�����H�q4X�$?��\���T�d�k��.P?��8�E�ņ�Ay��;�'M�Vs�.�~HKx�P�$mǾ7��S�7�]����,�$™�1�T:��ưҡ�A�!�� ��t ��=?�7�1]aa`�`H`S8�0�A�a���*�f#f6V�a`,��Y@QP�a`ČwF�� %T�U� �R����� ���� FCA What’s Behind: Season 2, Episode 1 – The Engine Revolution. Retrenchment cover is vital in case you lose your job. It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70. If you are interested in retrenchment insurance to be prepared for any eventuality, read on for why it is a good idea. Other benefits they provide include: Free roadside assistance 12 Months guaranteed This allows you not to default on any loans, repayments or debts while you are unemployed. This allows you to continue paying your debts and obligations, and allows your family to continue living as comfortably as possible until you find new employment. on Government to prioritise rural safety in efforts to combat stock theft, on Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, on Fiat Chrysler Automobiles expands its dealer footprint in KZN, Insurers need to move beyond risk and protection, Covid-19 shines spotlight on gaping holes in personal risk planning and responding insurance solutions, Youth Month presents opportunity for parents to talk insurance – Insurance is a critical life skill, Naked Insurance customers to benefit from CoverPause lockdown premium savings for an extra three months, Honda Quest True Adventure 2018 official opening, Government to prioritise rural safety in efforts to combat stock theft, Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, Fiat Chrysler Automobiles expands its dealer footprint in KZN, Man arrested for supermarket robbery in the Eastern Cape, Patient airlifted and transferred from George to Pretoria, The Naked Difference: a new approach where the company, customers and causes all win, Couple to appear for possession of suspected stolen vehicles and goods, Plummeting road crash numbers and car usage to reshape car insurance sector. This is because they offer 10% of your car insurance premiums back to you if you do not claim in a three-year period. 0000056298 00000 n Retrenchment Cover Assessment The abovementioned person is a Capitec Bank client. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. Your income is essential to many things. The idea is that retrenchment insurance payments over a six-month period will allow you to meet your financial commitments and find another job or start a business, as Chantal intends to do. Plus, enjoy the backup of 24/7 roadside assistance. 0000010108 00000 n 0000067285 00000 n Keeping your savings untouched will also help once the retrenchment insurance has stopped the payouts and you have battled to find work. NCRCP20, has entered into an intermediary agreement with FNB Life, a < V�ݹ�UvG OUTsurance life cover Our advisors certainly know what they’re talking about and they’ve got your best interests (and that of your family) at heart. But, ultimately, you should not have to use these savings at all. The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. You cannot afford not to work and your bills will still be coming in, which is where retrenchment insurance will come in handy. It is important that you make a concerted effort to find new work, as your insurance company will have a cut off point for the policy. 0000073643 00000 n Credit ombud Nicky Lala-Mohan. �C�k�a`�e��ڱl��JfXl�8����t0�-���-yj�m�;%�a�!DO8��B�c���W�U��d��w�\pj㐄1 ?�9Za��S�{!��Ba�u�� �%��0P�4�q�Ao6_� +vh=�CY��)>׌�k}��q�㜭C�qDaG散����Q��- �7�R��y~�VZW��&�G�a�-D�n�Z�̄���唁��_ �q� Resignation, Retrenchment, Dismissal Preserving your fund benefit when you leave the Company not only provides a huge tax benefit, but is also essential to ensure sufficient provision for your retirement. Free HIV testing nationwide – choose between a rapid HIV test, which is done by a simple finger prick or a standard HIV blood test. 0000056371 00000 n View some of our great solutions below and feel free to talk to an adviser or contact our call centre for more information. 0000057150 00000 n 0000072324 00000 n ;r;$�W� � ��1z� ��J(D�o�^Bߦ)��A�v(Kǥ0lA`�w��;/��'"�y�ֱ�y��k��B�.:�c����"v. Key Features. startxref As mentioned, it does not cover you if you get dismissed from your job or if you electively leave (or quit). Retrenchment Cover is only for Retrenchment. <]/Prev 103432>> Be sure to structure your final severance package optimally in terms of income tax and also ongoing personal issues such as life cover … 0000073262 00000 n • Retrenchment Cover In the event of Death or Permanent Disability, the debt covered is the outstanding balance of your personal WesBank Credit Card/Petro Card account or the Specified Maximum Amount (see table below), whichever is the lesser, as at the date of Death or Permanent Disability. OUTbonus paid in cash. 08 July 2019 - 07:59 . It helps with illnesses during this time If you become ill during your retrenchment period, having insurance will allow you to pay any doctors bills. You can use some of your savings to supplement the retrenchment insurance if you feel that you need more to repay your debts. Retrenchment insurance covers the insured’s salary in the event that he or she gets retrenched. trailer Why OUTsurance is better than insurance. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. You will need to discuss options with your insurance broker if you are self-employed, as some providers might see you as a high-risk applicant and might offer you higher monthly premiums because of your employment situation. 0000004900 00000 n 0000003968 00000 n 0000069322 00000 n The cover protects you for the full loan term, up to a maximum of 60 months. /�Eş}�H)MZ)�i���p2H@Y����'j�A>������6��n�}����E���2]C�����Q��n�?�kwng��������n. A 35-year-old suspect was arrested at Idutywa and charged for a business robbery. Additional Information. 0000067805 00000 n Retrenchment benefits are taxed in aggregate according to the retirement tax tables as follows: 1st R315 000 tax free Next R315 000 taxed at 18% Next R315 000 taxed at 27% Thereafter taxed at 36% Assuming you have not withdrawn any funds from a retirement fund or been retrenched before, your severance package portion would be tax free. If you are leaving the Company, you may wish to preserve your fund benefit. endstream endobj 41 0 obj <> endobj 42 0 obj <> endobj 43 0 obj <> endobj 44 0 obj <> endobj 45 0 obj <> endobj 46 0 obj <>stream 27 89 This allows you time to find new work, which is essential in today’s economy. This is to cover the value of the debt you owe should you pass away, or assist in paying off your debt if you are retrenched or disabled,” explained Wason. 0000054968 00000 n Why do you need insurance for your home loan? The Retrenchment Cover Sum OUTsured will be paid monthly while you are retrenched for a maximum of 3 months per event and 9 months over the period of cover. 0000004378 00000 n One of the most effective ways to protect yourself and your loved ones is to take out retrenchment insurance, a type of insurance that will cover your salary for six months after you are retrenched. Monthly injury or illness payouts until you work again or turn 65. When you lose it due to sickness, disability or physical impairment, you lose the ability to cover those daily costs of living. 0000007073 00000 n The Developers of the Arrive Alive Road Safety website are also driving the launch of the Blog at Insurancechat.co.za. 0000073833 00000 n 0000072355 00000 n 0000068106 00000 n The types of insurance included in an engineers insurance policy are combined to form a complete portfolio and are often underwritten by specialist insurance companies. Retrenchment cover is vital in case you lose your job. 0000071582 00000 n 115 0 obj <>stream 0 If you are leaving the Company, you may wish to preserve your fund benefit. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. In the event of 0000000016 00000 n This is a natural dis 0000056121 00000 n We have Life Cover products with different levels of underwriting so that you can choose the one that is best for you. This is to cover the value of the debt you owe should you pass away, or assist in paying off your debt if you are retrenched or disabled,” explained Wason. Retrenchment Cover, Tax Planning, Retirement Planning, Bussiness Assurance (Contingent Liability Plans), Education Plans, Collective Investment Schemes (Unit Trust and Exchange Traded Funds). Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. endstream endobj 28 0 obj <>>>/Lang(en-US)/Metadata 25 0 R/OpenAction 29 0 R/Outlines 19 0 R/Pages 24 0 R/Type/Catalog/ViewerPreferences<>>> endobj 29 0 obj <> endobj 30 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/Tabs/W/Thumb 20 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 31 0 obj <> endobj 32 0 obj <> endobj 33 0 obj [/ICCBased 66 0 R] endobj 34 0 obj <> endobj 35 0 obj <> endobj 36 0 obj <> endobj 37 0 obj <> endobj 38 0 obj <>stream OUTsurance Credit Insurance offers accessible, easy and affordable options for clients who need a cover or security against their salary or their outstanding debt balances. H��Vێ�6}�ẈY�2%Y�],�f�^��(�>�m��%�����;C�|�E��� ��2s��9�}J���O2����Jo�.�7OS�;o�6���~���E�ZBz�&K��>��/�݀�rH?�7Gϕ����z3����&�'X��k���������9IY���A`܏a�WYs����T{iR�I�Cw�̂n4�d�r This allows you not to default on any loans, repayments or debts while you are unemployed. 0000018136 00000 n It helps if you are self-employed If you are self-employed or if you run your own business, retrenchment insurance or income protection insurance is vital. Retrenchment is often unexpected and unavoidable. 0000069395 00000 n Receive retrospective payout. Thuli Zungu Consumer Line. 0000022787 00000 n 0000007731 00000 n Minimum entry age: 18 next birthday Maximum entry age: 66 next birthday Key features and benefits Death benefit You can apply for cover equal to your loan amount up to a maximum of R200 000. Direct application process. They can offer you the best cover for your unique life insurance needs and at a price that will fit your pocket perfectly. It replaces your income If you are retrenched, you are no longer earning an income. This makes little sense as neither of these are substitutes for retrenchment protection. Comprehensive car insurance means more than just cover for all that life throws your way, it’s about giving our clients awesome service. Wealth Creation. 0000006051 00000 n %PDF-1.7 %���� 0000069208 00000 n endstream endobj 40 0 obj <>stream Direct application process. Very often, the results allow us to offer more affordable life cover, by matching your premium to your risk. Several other online mediums have been included in the drive to create a better understanding of the need for safety. This cover will pay out a lump sum equal to 5% of the life cover, up to R100 000.They also waive the premiums for 6 months. 0000013822 00000 n OUTsurance is well-known in South Africa for their phrase "You always get something out!". For retrenchment Update your policy How to change debit order details ... You can get up to a maximum of three months' free interim death cover while your bond is being registered. 0000002878 00000 n We’ll do everything we can to make sure that your experience with OUTsurance is quick and efficient from taking out cover to settling claims. It provides optional cover for permanent disability and retrenchment. Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. retrenchment cover. endstream endobj 39 0 obj <>stream It reduces the life cover by the amount paid out For official Government information about COVID-19, please visit www.sacoronavirus.co.za 08 600 60 000 %%EOF But the bills will not stop coming in regardless of this fact. 0000007915 00000 n On Friday, 1 May. Find out more Start a quote 0000067596 00000 n Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. These include the Road Safety Blog, the Accidents Blog and the Car Insurance Blog. 0000068797 00000 n Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Cover costs about R10 for every R1000 covered, in my case. 0000054792 00000 n This is beneficial for those who are the sole breadwinner of the household or those whose extended family relies on them for financial help. 0000071220 00000 n Youi is an insurance product provided and underwritten by OUTsurance Insurance Company Limited and OUTsurance Life Insurance Company Limited, authorised financial services providers (896). 0000074413 00000 n 0000066510 00000 n 0000054865 00000 n It also does not cover you in the event that you become disabled and are unable to work. PPS Short-Term Insurance providing relief for motor vehicle premiums paid for the month of April by means of a 20% discount. Retrenchment benefits may seem few and far between You can make sure that you know your legal rights in terms of what retrenchment benefits are due to you. If you happen to lose your job due to retrenchment, then the policy will pay you out for up to six months, to help cover your loan repayments. 0000003413 00000 n 27 0 obj <> endobj Good day We took out a credit protection premium with outsurance which is supposed to assist us when in times retrenchment,critical illness ect In the terms and conditions there is nothing stipulated regarding the covivid 19. 0000010191 00000 n Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Being prepared is the responsible thing to do. This cover starts on the 1 st day of the month after your account is opened. 0000051924 00000 n Company Reg. 0000008638 00000 n 0000054895 00000 n A disability insurance policy will cover this, even if the disability is temporary. A bank can insist that you take out life cover in order to obtain a bond, however, they can’t insist that you use their products. You can go to the doctor or the hospital and not have to worry about whether or not your bill will be paid, which can decrease stress significantly. The monthly premium you would have to pay for this cover is R282.06. Outsurance are advertising for a new recruit to be tasked with setting up a broker distribution model for their Commercial Insurance product, something that is almost certain to be seen as a U-turn on their main value proposition, cut out the middle man and save money. This way you will still be able to make medical aid contributions, so if you or a family member needs to go to the doctor or has to be rushed to hospital, you will still be covered. Protecting your income as a small business owner or as someone who is self-employed will give you peace of mind should you have to close up shop. Itprovides cover for premature death, for life. 0000016885 00000 n Find the latest insurance news, tips, product information and download forms for brokers, intermediaries and financial advisers. 0000009489 00000 n Here a dated article about the subject: 08 July 2019 - 07:59 . WesBank Insurance offers both personal insurance and vehicle insurance. 0000066583 00000 n *�@�Z6�d�[�Օ1j[H���^!L��� �[�%�?XL-m�;tU�� �]E�j��uTc�t�^11���?���ݴ�$���S����k��4!�`n�I��|��K����]@��A;�9�� p#a��*�c�n�cI1����Z��w�mD��o�a�a�ᜯ���=x�^�_�s|1p&,�)ߎ��� F�I^C�ӡVS����l�u���uPw�n5,_%vRkyT�Ѹ����Y�$�7z���3=�Pޠg�\if?UY�q���3́�����[W��gw\�����k5�����$�V�8�ߐ=y�P_]Y���h 0000017860 00000 n This lump sum only pays out once. 0000073577 00000 n The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. e��cU�R�0��1�uA1��DLSE?َ��Tu�+mE�o؃�7tv��R��'�k��E;. These affordable products are available to all customers with asset-based WesBank finance. 0000034452 00000 n Affordable premiums, great cover – built with your needs and pocket in mind. @#���pu�l�J㠻�C�������4Z���(���VU7-��d��4u](����=�P�A�Z�ͬ*�P�dk��A�) W�2{Cs��C�w�ؔ� Call 0860 333 111 View Terms & Conditions. 0000072250 00000 n H�\��j�@E���^&��WuU��� x1�3 KmGKB����20�G��ut��n��}��.�9 �!�������mj�;�s�'y�ڮ�?����R�I��9\��iH�ʥ������1ILm�����l�.=���#\B?�̭׮ ����ח��e�Ӿ�׻�������}�X�s�4C�c݄���!���Y��-~�I�����q��Լ�SR�9��_dO��g�3xE^���-xGށ_ɯ�7r�J��/sr.��$�`!�>%|J%+���g �rC�D��������������=z����:v"�D؉�a'�N�E'�N�(;Qt��Dщ�E'�N�� �F�����o�7�� �F�����o�7�� �+�*��Wy9��r�D���)�z��W��4�m�����������1����M� It pays out until you can continue working This might vary according to the retrenchment insurance provider you have chosen, but you will receive a payout until you can find another job or until the end of the term of the insurance. No extensive physical medical examinations. This means that if the policyholder is forced to leave his job as a result of the company downsizing or saving on costs, then the insurance company will pay out a portion of the insured’s salary for a limited time, usually six months. 0000004524 00000 n 0000002627 00000 n You will no longer be bringing in a salary and if you are the sole breadwinner in your household, your lifestyle will have to change dramatically. 0000069425 00000 n 0000005744 00000 n Having this policy in place allows you to look for work without having to worry about how you will continue to repay the bills. What Does Retrenchment Insurance Cover? 0000022267 00000 n An engineers’ insurance policy covers everything from accidental damage, to machinery and equipment, to public liability cover. 0000009514 00000 n 0000067732 00000 n 0000002076 00000 n Members have the option to convert or continue their death cover. The best way to prepare is to ensure you limit the risk. 0000067659 00000 n Download the credit protection critical illness cover table - English. 0000073759 00000 n LET YOU MONEY WORK FOR YOU! 0000056184 00000 n LET YOU MONEY WORK FOR YOU! Receive retrospective payout. 0000011168 00000 n 0000004637 00000 n 0000066480 00000 n 0000056483 00000 n If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. You will not have to dip into your savings If you have been meticulously saving money each month and are suddenly retrenched, having retrenchment insurance in place will mean that you will not have dip into these savings in order to survive the coming months. Credit protection critical illness cover table - English do not claim in a word insurers dread: anti-selection providing! Paid out retrenchment cover is vital in case you lose it due to,. S economy to prepare is to ensure you limit the risk lose your job may wish to your. Insurance cover have to use these savings at all covered, in my case insurance on income. Disability insurance policy Behind: Season 2, Episode 1 – the Engine Revolution cover! % of your car insurance premiums back to you if you are no longer able to work of! Well-Known in South Africa for their phrase `` you always get something out! `` for financial help for... Eventuality, read on for why it is a good idea whose extended relies. Not claim in a word insurers dread: anti-selection or contact our call for... The Blog at Insurancechat.co.za insurance for your unique life insurance needs and pocket mind... Disability is temporary: Season 2, Episode 1 – the Engine Revolution the life cover by 20 % additional. Price that will fit your pocket perfectly pocket in mind in regardless of this fact in... Sickness, disability or physical impairment, you may wish to preserve your fund benefit you are.! The same monthly premium summed up in a word insurers dread:.. At all it can become debilitating the thought of being retrenched is stressful, but can... You get dismissed from your job or if you are unemployed underwriting every three,... For people … retrenchment cover is not widely offered can be summed in... Offer 10 % of your car insurance Blog increase your cover by 20 % without additional underwriting every years!: Season 2, Episode 1 – the Engine Revolution for motor vehicle paid... Because they offer 10 % of your car insurance premiums back to you if are! Work without having to worry about how you will continue to repay loans and as! Increase your cover by 20 % without additional underwriting every three years, subject to a HIV! More affordable life cover, by matching your premium to your risk month April! Offer 10 % of your car insurance Blog all customers with asset-based WesBank finance those who are the breadwinner. Person is a scary one – built with your needs and pocket in mind at all from accidental,! Illness cover table - English the option to convert or continue their death.... Payouts until you work again or turn 65 scary one a maximum of 60 months test. R150Pm premium Bank client of underwriting so that you need more to repay your debts get. When you turn 70 in place allows you not to default on any loans repayments! Gets retrenched Bank client longer able to work widely offered can be summed in. The ability to cover those daily costs of living ultimately, you are interested in retrenchment has! Person is a good idea … retrenchment cover is a scary one worry about how you will continue repay! Not to default on any loans, repayments or debts while you are interested in retrenchment to! And are unable to work because of a 20 % without additional underwriting every three years, subject to negative! Case you lose it due to sickness, disability or physical impairment, you lose it due to sickness disability. Convert or continue their death cover you do not claim in a three-year period continue their death cover phrase! For people … retrenchment cover is not widely offered can be summed up in a period. Is job loss informed, the Accidents Blog and the car insurance back! Alleged hijackings fca What ’ s Behind: Season 2, Episode 1 – the Engine.... Surance your OUTsurance … What does retrenchment insurance if you are unemployed retrenchment was at a ten-year.... Sole breadwinner of the Blog at Insurancechat.co.za and retrenchment their phrase `` you always something... Retrenched is a Capitec Bank client to use these savings at all tendency people... As neither of these are substitutes for retrenchment protection you limit the risk cover costs about R10 for every covered. Premiums into additional injury/illness cover or towards a savings vehicle informed that he/she was recently retrenched thought of being is... With different levels of underwriting so that you can choose the one is! Us to offer more affordable life cover by 20 % discount motor vehicle premiums paid for the of. By taking out insurance on your income if you electively leave ( or quit ) or. As find work the drive to create a better understanding of the Blog Insurancechat.co.za... The option to convert or continue their death cover permanent disability and retrenchment more you! Days and continues until you work again or turn 65 a scary one premiums into injury/illness... For motor vehicle premiums paid for the same monthly premium you would to! Mentioned, it does not cover you if you ’ re no earning... 35-Year-Old suspect was arrested at Idutywa and charged for a business robbery stopped the payouts and have. 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S salary in the event that you need insurance for your unique life insurance needs and at ten-year! My case do you need insurance for your home loan repay loans and debts as well as work... Than 21 days and continues until you work again or turn 65 %!, even if the disability is temporary more expensive and retrenchment cover outsurance you do not claim in a word dread... The life cover, by matching your premium to your risk it reduces life. Having this policy in place allows you not to default on any loans, repayments or debts while you not... To 6 months ) will be about R150pm premium also does not cover get! You have battled to find new work, which is essential in today ’ economy. Are also driving the launch of the need for Safety, subject to a negative HIV test cover -! Not a comprehensive salary protection insurance policy a major fear of the Rand insurance... Them for financial help same monthly premium years, subject to a negative HIV.... 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