LI

Life Income Cover

For the sake of your family

What is it?

Income protection is insurance for your income or salary. Life Income from Bidvest Life pays a monthly income to your nominated beneficiaries for a specified period after your death. 

How does it work?

We will pay out a monthly income on your death to your nominated beneficiaries for a period that you select. Child beneficiaries can receive a monthly income until the selected age of 18, 21 or 24. Adult beneficiaries can receive a monthly income until the day you would have retired or for the rest of their life. Alternatively, you can provide your beneficiaries with a monthly income for a fixed term of 6 months, 1/2/5/10/15 or 20 years. For business owners you can choose to provide the business with a monthly income for either 6 or 12 months after their death.

Why you need it

It’s difficult to know how much you will need to leave for your family when you pass away. If you have dependents who rely on you financially and you want to ensure they have a consistent income each month after your death, then Life Income from Bidvest Life is the solution, allowing them to continue paying for monthly expenses after your death. 

”Life Income from Bidvest Life pays a monthly income to your nominated beneficiaries for a specified period after your death.”

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 for any cause of death, except if your death occurs in the first two years after the start date of your cover and is either self-inflicted or as a result of suicide.

What you need to know when applying

1) Built-in conversion options.
If you’re still alive at the end of the specified payment term, there is the option to convert your cover to a Life Income or Lump Sum benefit, without medical underwriting, which will pay whenever you pass away.

2) Our guarantee if your beneficiary dies whilst receiving claim payments.
Where a Life Income option is selected to pay to a specified age or for a fixed-term and the beneficiary passes away while receiving a Life Income benefit, a once-off payment equal to the present value of the full remaining payment term will be made into their estate.

Additional Benefits

1) 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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