Get insurance cover with FRANK.NET income insurance products or other salary protection policies and take full control of your salary. Don’t become a burden on your loved ones should you lose your job.
Contact us today and get a free quote on a FRANK.NET income insurance.
Know what your income cover protects you from
There are two main things that any salary protection policy should cover you for.
1. Retrenchment – If the company you work for is downsizing or cutting costs, you may find yourself without a job through no fault of your own. In a situation like this, you’ll receive a monthly salary protection pay out from your income insurance. With FRANK.NET income insurance products, you’ll get paid up to 75% of your salary paid out to you for as many as six months.
There are a few circumstances that could lead to you not being paid out after being retrenched. If you work for yourself or for a family member, retrenchment would normally be excluded as a reason to claim on your policy. Be sure to check whether this is a clause in your policy.
If it turns out that you knew your company was in trouble and that retrenchment was likely when applying for salary insurance, you may be turned down when it comes time to make a claim.
2. Disability – If you’re afflicted by an injury or an illness that disables you in such a way that you’re not able to continue working in either your current job or a suitable alternative occupation, then your insurance policy should pay out until you are able to work again.
There are some policies, such as the FRANK.NET income insurance, that make a provision for disabilities that don’t allow you to return to appropriate work. In these cases, our policy will pay out a percentage of your monthly salary until you reach the age of 65.
Each claim is investigated thoroughly by the insurance provider before any payments are made. Your policy should tell you how long after being retrenched or your disability is diagnosed before the first payment will be made. If it’s discovered that you injured yourself in the hope of getting a payout, your claim won’t be approved.
For more information on a FRANK.NET income insurance and to get a free quote, contact us today.
