Income protector/ retrenchment cover

[AceSwiftShooter]

Not sure if this can go here or in smack talk.

Does anyone know of an income protector in case of retrenchment?
I'm looking for 100% cove for say 3 months?
I discovered UIF only pays out like R4000. That aint gona get me anywhere.

I know one can get disability cover etc, but I want purely retrenchment cover. I am waiting for Old Mutual to get back to me, I see they possibly have a product but if there are other products I can compare with that would be ideal

 

[Quentin360 SA]

Sending you a PM now bud.

I can offer exactly what you described.

 

[Munk]

[MENTION=23783]AceSwiftShooter[/MENTION]

I am genuinely curious, is this in relation to permanent or contract work?
I know retrenchment relates to permanent jobs but you mentioned 3-months so that leads me to think this is to cover a contract job?

 

[Reap3r]

Not sure if this can go here or in smack talk.

Does anyone know of an income protector in case of retrenchment?
I'm looking for 100% cove for say 3 months?
I discovered UIF only pays out like R4000. That aint gona get me anywhere.

I know one can get disability cover etc, but I want purely retrenchment cover. I am waiting for Old Mutual to get back to me, I see they possibly have a product but if there are other products I can compare with that would be ideal

Why would yo want that you just going to end up paying someone for something you might not need?
In my opinion it would be better to invest it yourself in something you can "withdraw" from should the need arise and then make sure you always have enough to cover you for 3 months?
Just the way I see it, maybe I am missing an important detail.

 

[AceSwiftShooter]

[MENTION=23783]AceSwiftShooter[/MENTION]

I am genuinely curious, is this in relation to permanent or contract work?
I know retrenchment relates to permanent jobs but you mentioned 3-months so that leads me to think this is to cover a contract job?

Permanent job. I just mentioned 3 months because by then a new job should be found.

 

[AceSwiftShooter]

Why would yo want that you just going to end up paying someone for something you might not need?
In my opinion it would be better to invest it yourself in something you can "withdraw" from should the need arise and then make sure you always have enough to cover you for 3 months?
Just the way I see it, maybe I am missing an important detail.

Last year wasnt a good year, and this year is following suit. I want to cover myself, and starting to save now, it will take me a long time.
But yes, I hear where you are coming from.

 

[Munk]

Right there with you buddy, UIF also gave me the finger despite everyone telling me I would receive payment comparable to my salary, what a joke.

Good luck.

 

[Quentin360 SA]

Why would yo want that you just going to end up paying someone for something you might not need?
In my opinion it would be better to invest it yourself in something you can "withdraw" from should the need arise and then make sure you always have enough to cover you for 3 months?
Just the way I see it, maybe I am missing an important detail.

Same as short term insurance for your car. You are paying someone else for something you MIGHT need.

When it comes to claim stage and your car is written off, I guarantee you, you will be very happy that you paid your R500 premium every month.

Retrenchment cover is relatively inexpensive, last quote I did was for a 40 year old male. R30 000 cover x 6 months and it cost him +- R200 per month.

Each to their own, just something to think about.

 

[Reap3r]

Same as short term insurance for your car. You are paying someone else for something you MIGHT need.

When it comes to claim stage and your car is written off, I guarantee you, you will be very happy that you paid your R500 premium every month.

Retrenchment cover is relatively inexpensive, last quote I did was for a 40 year old male. R30 000 cover x 6 months and it cost him +- R200 per month.

Each to their own, just something to think about.

Yea that is not too bad actually, just dont think it is something I need at this point in my life and was offering an alternative option possibly.

 

[MSI1104]

PPS is basically the one we have.. I tried to add on to it with Discovery. After paying 48k in premiums to discovery I got told I can only claim if I am sick for 12 months. Told them and the broker to go fuck themselves asked him how the fuck it makes sense that I must pay them 3.5k per month for 12 months if I am unable to work.

 

[Quentin360 SA]

PPS is basically the one we have.. I tried to add on to it with Discovery. After paying 48k in premiums to discovery I got told I can only claim if I am sick for 12 months. Told them and the broker to go fuck themselves asked him how the fuck it makes sense that I must pay them 3.5k per month for 12 months if I am unable to work.

That sounds like a Disability Premium Waiver type benefit.

Those waivers usually cover your premiums in the event of you becoming disabled or suffering from a Dread Disease.

I am not aware of any benefit that requires you to be sick for 12 months before claiming.... I'm not with Discovery though.

 

[Air]

Not sure if this can go here or in smack talk.

Does anyone know of an income protector in case of retrenchment?
I'm looking for 100% cove for say 3 months?
I discovered UIF only pays out like R4000. That aint gona get me anywhere.

I know one can get disability cover etc, but I want purely retrenchment cover. I am waiting for Old Mutual to get back to me, I see they possibly have a product but if there are other products I can compare with that would be ideal

Let us know what you got.. Last time I checked it also doesnt work when you are contracted (IE not permanenly employed) not sure about that. And you can only claim after 3 months or so to prevent people signing up that see their company going down.

 

[Reap3r]

Let us know what you got.. Last time I checked it also doesnt work when you are contracted (IE not permanenly employed) not sure about that. And you can only claim after 3 months or so to prevent people signing up that see their company going down.

Probably would be a clause like that in the contract, they even try that BS with medical aid when you sign up or change to a different one.

 

[Air]

Probably would be a clause like that in the contract, they even try that BS with medical aid when you sign up or change to a different one.

I don't think that's bs. It's to prevent fraudulent use.

 

[Reap3r]

I don't think that's bs. It's to prevent fraudulent use.

I guess but I need that, so had to get them to waiver it.

 

[Pyro]

There's various different ones at discovery.

Some cover disabilities, some retrenchment.
It has various conditions about when it kicks in and for how long it lasts that can be adjusted.

If you opt to have it kick in sooner, obviously you pay more, and same goes for it paying for longer.

 

[Quentin360 SA]

Let us know what you got.. Last time I checked it also doesnt work when you are contracted (IE not permanenly employed) not sure about that. And you can only claim after 3 months or so to prevent people signing up that see their company going down.

Contract workers are not covered, because once the contract is finished it either gets renewed or not. There is no retrenchment in that case.

Retrenchment cover obviously does have it's T&C's to prevent fraudulent claims. One of which is that the life assured cannot claim within the first 6 months of taking out the benefit.

The T&C's aren't a problem at all if you've been working at a company for at least 1-2 years, they are there to prevent people from taking out the cover once they find out they'll be retrenched, claiming and then cancelling the policy.

The golden rule to remember with any type of insurance: Insurance is there to put a person back into the same or similar position you were in before a loss occurred. Not to enrich a person.