We have packaged a product to not only cover all your expenses incurred in settling an estate, but we will also provide monthly income protection for a period of 24 months for your dependants because we know how important your lifestyle and maintaining it after death is to you and your dependants.
As an additional benefit, we will also cover you for lump sum disability in the event of you becoming permanently disabled to provide liquidity to cover any outstanding debts as well as a monthly Income protection benefit should you be temporally disabled or permanently disabled for a period of 24 months payable.
SO WHAT ARE THE COSTS/EXPENSES IN MY ESTATE WHEN I DIE?
Before your Estate can be distributed as per your wishes, there are expenses that need to be paid first.
- Any and all outstanding debt needs to be settled;
- Executors fee’s of 3,5% PLUS VAT is payable on the GROSS value of the Estate;
- You might incur a Capital Gains Tax liability through the manner in which you have bequeath your Assets;
- Transfer Costs: Any property left to a beneficiary would have to be reregistered in the name of the beneficiary and there will be a cost involved. The biggest being due on the re-registration of the house, even if it was owned in life 50/50.
- Income Tax: Your tax standing with SARS has to be clean before the Estate can be wound up.
HOW DO THE BENEFITS ON THE INCOME AND ESTATE PROTECTOR WORK?
LIFE LUMP SUM
A once-off lump sum is paid to the Estate to cover the costs incurred when finalizing the estate;
LIFE INCOME BENEFIT
A monthly income is paid to the listed beneficiaries for a period of 24 months from the date of death of the insured.
LUMP SUM DISABILITY
A once-off lump sum is paid when you are permanently disabled. (Occupational disability for his/her own occupation is the inability to perform the duties done the day prior to becoming disabled)
TEMPORARY INCOME PROTECTOR
This benefit would pay a monthly income for a period of 24 months in the event of the Insured becoming disabled.