Retrenchment Protector Insurance
Retrenchment ProtectionUntil the worldwide lockdowns, we thought many jobs were impervious to retrenchment. The pandemic has shown that anybody can get retrenched. There is a solution, though. You do not need to be left destitute if retrenchment should strike in your home. Retrenchment Protector Insurance can help you honour your commitments while waiting for a new opportunity.
We have partnered with several trusted insurers to help offer you several quotes. You can compare insurance quotes to ensure you get the best coverage from the best of the best.
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Retrenchment Protection Quotes
Why Do You Need Retrenchment Protection?
You need income protection if you cannot go six months without an income. Without Retrenchment Protection Insurance, you would no longer be able to service your monthly obligations. Retrenchment Insurance allows you to maintain your lifestyle even if you get retrenched. Get peace of mind and focus on getting back on your feet if this horrible thing were to happen to you.
Retrenchment Protection Quotes
How Does It Work?
What If I Have Income Protection?
Income Protection is a benefit that protects you financially if you can no longer work due to health reasons. Retrenchment Protection, on the other hand, seeks to protect you financially if you get retrenched. If you have Income Protection, you are on the right track to achieving financial success; however, you would need to bolster your risk coverage by adding Retrenchment Protection to your benefits
What Is The Maximum Benefit Amount?
Most insurers allow you to cover from 60% up to 75% of your average income, subject to a maximum of R30,000.00 per month. The benefit can pay you up to six monthly payments upon meeting the policy and claim requirements. We can help you get the best cover to suit your needs by providing you with several independent quotes from our insurance partners, most of whom you already know and trust. You can choose your favourite quote.
What Are The Minimum Requirements?
You need to be employed full-time as an employee and be contributing to the UIF. If you are a seasonal, temporary, part-time, or contractual employee, you will not qualify for Retrenchment Protection. If you are self-employed or a director, you will also not qualify for this benefit. You will additionally need to be employed for 24 months, for at least 12 months by your current employer, and have had cover in place for at least 12 months.
How Many Times Can I Claim?
You may claim twice throughout the lifetime of your policy. Insurers will generally impose a waiting period of 12 to 24 months before you are eligible to claim again after a successful claim. Be sure to keep your policy up to date and ensure that you always meet the requirements. Encourage your employer to facilitate your payments towards the UIF so that you are always covered.
Is The Benefit Subject To Tax?
The benefit payout from a Retrenchment Protection Insurance policy will not be subject to taxation. However, it will be subject to the limitations of a percentage of your income. All benefits will also be subject to a maximum of R30,000.00 regardless of your income. You must couple your Retrenchment Protection Insurance with a contribution to the UIF to ensure your protection if you lose your job.
What If I Don’t Get Retrenched?
Retrenchment Protection Insurance is not an investment. No investment amount will accrue to this policy during your contract with your chosen insurer. We will help you get the best quote by providing several quotes, allowing you to choose the one you like best. We will also help you get a suitable investment to supplement your Retrenchment Protection coverage and bolster your overall financial plan.