Your income is a valuable asset that needs to be insured. What would happen if you were to suddenly lose your job due to retrenchment? How would you survive without a salary to keep you on your feet? Investing in a salary protection plan is one of the safest ways of securing an income when you’re jobless, but which policy is the best for you?
Many people opt for the cheapest possible insurance solution; this is typically detrimental and potentially disastrous, as low-cost plans are often unreliable or erratic. Ideally, you should seek out an insurance company that will provide you with a coverage plan that is straightforward and easy to understand.
Contact FRANK.net today for a free income insurance quote.
The benefits of an income insurance plan
If your home and possessions are insured, but you haven’t thought about the benefits of taking out an income insurance policy, you should. If you don’t, you’re risking the means to support these assets should you be unable to work due to retrenchment, illness or disability.
Familiarise yourself with the ins and outs of FRANK.NET’s policies and claims:
- FRANK.net will cover up to 75% of your monthly salary. Our payouts are calculated according to your previous earnings, which will be based on your average monthly salary during the year before your claim. If this amount varies, the average is calculated using the 36 months preceding the claim date.
- Monthly payments from FRANK.net are taxable.
- Claims regarding company cutbacks or retrenchments are only appropriate if you’ve been covered for more than three months, are not self-employed and had no knowledge that you were being retrenched when taking out your agreement with FRANK.net. Retrenchment payout is viable in only when your manager has to terminate your employment due to one of the following occurrences:
- unfavorable business conditions
- the introduction of technology which makes your job obsolete
- reorganisation of the business
- FRANK.net also requires that you provide notice if you change your occupation, begin or quit smoking and join or stop any risky hobby or sport. We may adjust your selected payout and premiums accordingly; we encourage our customers to communicate changes in their lifestyle as they happen.
Don’t settle for dirt cheap cover plans. Contact FRANK.NET on 0860 238 376 today if you’re looking for straightforward, low-cost income insurance cover, or a free salary cover quote!
