TIP

Temporary Income Protection Cover

From accountants to oil-rig workers, we cover the widest range of occupations

What is it?

Income protection is insurance for your income or salary that protects you against injury, illness & disability. Temporary Income Protection from Bidvest Life pays out up to 100% of your insured income monthly when you are injured or ill.

How does it work?

If you fall ill or are injured and unable to work for longer than your selected waiting, we will pay up to 100% of the sum of your insured income monthly for up to 24 months.

Who can get cover?

We believe everyone should be able to insure their income regardless of their occupation, our Temporary Income Protection offers cover to a wide range of occupations. This includes business owners, salaried individuals, commission or contract workers, freelancers and even students and homemakers.

Why you need it

Temporary Income Protection helps you to continue paying for your monthly expenses and any additional expenses that can often arise due to injury or illness.

”Temporary Income Protection from Bidvest Life pays out up to 100% of your insured income monthly when you are injured or ill.”

How much does it cost?

You can insure as little as R1 000 of your monthly income. Premiums start from just R100 per month.

What can you claim for?

You can claim when a pre-defined event happens to you, or where you are unable to work for longer than your selected waiting period because of an injury or illness. Some common examples of conditions that people claim for include things like minor infections, mental illness, bronchitis, early stages of cancer, gallbladder removal, lumber spine fusion, rotator cuff repair, hysterectomy, tendonitis and abscess drainage.

What you need to know when applying

1) At application stage, depending on your occupation, you would need to select a waiting period of 7/14/30/90 days and benefit term (the period for which a claim will be paid) of 3, 6, 12, or 24 months. This will decide how long you have to wait to claim, how long you can claim for and how much your monthly premium will be.

2) You can choose how much of your monthly salary to protect, based on how much you can afford. We allow you to cover up to 100% of your after-tax income.

3) Do you have more than one income stream? Our flexible solutions allow you to protect multiple income streams.

4) Qualifying for cover will be dependant on your health status, therefore you will have to undergo medical underwriting which could include answering some medical questions, providing medical records, or undergoing medical tests.

Additional Benefits

1) Childbirth benefit pays back the annual total policy premium to every female policyholder who give birth more than 9 months after taking out this benefit. Automatically included.

2) The Medical Second Opinion Family Benefit is an optional benefit, which offers you and your immediate family an independent medical diagnosis and review of your treatment plan. The service includes access to a global network of more than 100 world-leading medical centres known for medical research breakthroughs and advanced treatments.

How can we help?

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