An accident of any nature happens so unexpectedly and before you know it, you may be declared as disabled. What then, how would you sustain the lifestyle you’ve created for yourself and your family?
G and S Insurance Consultants don’t want you to ever ask these questions, we would rather want to assist you in making the necessary provisions in order to provide you the financial security you deserve.
Have a look at our Income Replacement Plan – Disability Income. This income plan is designed to pay a monthly benefit to the life insured after the expiry of the waiting period should he/she become disabled.
Benefits of this plan include:
The Income Replacement Plan can be completely customised for a particular client’s needs, with the flexibility to select different sums insured for each of the components:
- Basic Disability Income Benefit
- Basic Disability Income Top-up
- Business Overhead Protector Benefit (Self-employed Individuals Only)
- Extended Disability Income Benefit
- Extended Disability Income Top-up
How does it work?
- Claim event.
- Selected waiting period (7 days [payable from day 1, self-employed individuals only], 1, 3, 6 or 12 months).
- The Basic Disability Income Benefit is paid following expiry of the waiting period of the balance of the 24-month period. The benefit pays out should the life insured be unable to follow his/her own occupation, and is restricted to the lesser of R100 000 or 75% of the life insured’s previous earnings. Should the life insured need to be covered for more than 75% of his/her previous earnings, the balance can be covered via the Basic Disability Income Top-up Benefit (these two benefit amounts combined have a limit of 100% of the life insured’s previous earnings, to a maximum of 100%).
- Self-employed individuals may select a Business Overhead Protector which pays business overhead expenses for the balance of 12 months after the waiting period, limited to R 150 000 per month.
- The Extended Disability Income Benefit is based on either an own or an own/similar occupation definition and is paid while the life insured is unable to perform the selected occupation definition from month 25 until the selected expiry age (limited to R75 000 and 75% of previous earnings). An Extended Disability Income Top-up may also be selected, which will pay out in the event of the life insured being totally and irreversibly (not correctable by treatment or operation) disabled in terms of his/her own or similar occupation (these two benefit amounts combined have a limit of 100% of the life insured’s previous earnings, to a maximum of R100 000).
- Expiry age 60, 65 or 70.