������6��n�}����E���2]C�����Q��n�?�kwng��������n. H�\��j�@E���^&��WuU��� x1�3 KmGKB����20�G��ut��n��}��.�9 �!�������mj�;�s�'y�ڮ�?����R�I��9\��iH�ʥ������1ILm�����l�.=���#\B?�̭׮ ����ח��e�Ӿ�׻�������}�X�s�4C�c݄���!���Y��-~�I�����q��Լ�SR�9��_dO��g�3xE^���-xGށ_ɯ�7r�J��/sr.��$�`!�>%|J%+���g �rC�D��������������=z����:v"�D؉�a'�N�E'�N�(;Qt��Dщ�E'�N�� �F�����o�7�� �F�����o�7�� �+�*��Wy9��r�D���)�z��W��4�m�����������1����M� 0000003968 00000 n The Retrenchment Cover Sum OUTsured will be paid monthly while you are retrenched for a maximum of 3 months per event and 9 months over the period of cover. The monthly premium you would have to pay for this cover is R282.06. You will no longer be bringing in a salary and if you are the sole breadwinner in your household, your lifestyle will have to change dramatically. 115 0 obj <>stream 0000009489 00000 n 27 0 obj <> endobj Thuli Zungu Consumer Line. Why do you need insurance for your home loan? We have Life Cover products with different levels of underwriting so that you can choose the one that is best for you. 0000054573 00000 n 0000073577 00000 n Receive retrospective payout. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. *�@�Z6�d�[�Օ1j[H���^!L��� �[�%�?XL-m�;tU�� �]E�j��uTc�t�^11���?���ݴ�$���S����k��4!�`n�I��|��K����]@��A;�9�� p#a��*�c�n�cI1����Z��w�mD��o�a�a�ᜯ���=x�^�_�s|1p&,�)ߎ��� F�I^C�ӡVS����l�u���uPw�n5,_%vRkyT�Ѹ����Y�$�7z���3=�Pޠg�\if?UY�q���3́�����[W��gw\�����k5�����$�V�8�ߐ=y�P_]Y���h 0000071582 00000 n 0000068383 00000 n 0 The arrest followed after police were informed, The Northern Cape SAPS Organised Crime Detective Unit arrested one male suspect for recent alleged hijackings. #!y�6�:Q\Ȁ(TN}n���Pn Plus, enjoy the backup of 24/7 roadside assistance. • Retrenchment Cover In the event of Death or Permanent Disability, the debt covered is the outstanding balance of your personal WesBank Credit Card/Petro Card account or the Specified Maximum Amount (see table below), whichever is the lesser, as at the date of Death or Permanent Disability. 0000056298 00000 n Retrenchment Cover, Tax Planning, Retirement Planning, Bussiness Assurance (Contingent Liability Plans), Education Plans, Collective Investment Schemes (Unit Trust and Exchange Traded Funds). V�ݹ�UvG Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Good day We took out a credit protection premium with outsurance which is supposed to assist us when in times retrenchment,critical illness ect In the terms and conditions there is nothing stipulated regarding the covivid 19. a�4�(�����H�q4X�$?��\���T�d�k��.P?��8�E�ņ�Ay��;�'M�Vs�.�~HKx�P�$mǾ7��S�7�]����,�$™�1�T:��ưҡ�A�!�� ��t ��=?�7�1]aa`�`H`S8�0�A�a���*�f#f6V�a`,��Y@QP�a`ČwF�� %T�U� �R����� ���� 0000073759 00000 n 0000069322 00000 n 0000069395 00000 n 0 j� 0000003413 00000 n This is the tendency for people … If you are interested in retrenchment insurance to be prepared for any eventuality, read on for why it is a good idea. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. This is beneficial for those who are the sole breadwinner of the household or those whose extended family relies on them for financial help. SURANCE Your OUTsurance … It also does not cover you in the event that you become disabled and are unable to work. You will not have to dip into your savings If you have been meticulously saving money each month and are suddenly retrenched, having retrenchment insurance in place will mean that you will not have dip into these savings in order to survive the coming months. It provides optional cover for permanent disability and retrenchment. Members of the Rand Merchant Insurance Holdings (RMIH) Group. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. trailer 0000007073 00000 n For official Government information about COVID-19, please visit www.sacoronavirus.co.za 08 600 60 000 endstream endobj 41 0 obj <> endobj 42 0 obj <> endobj 43 0 obj <> endobj 44 0 obj <> endobj 45 0 obj <> endobj 46 0 obj <>stream The cover protects you for the full loan term, up to a maximum of 60 months. Comprehensive car insurance means more than just cover for all that life throws your way, it’s about giving our clients awesome service. Receive retrospective payout. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. Minimum entry age: 18 next birthday Maximum entry age: 66 next birthday Key features and benefits Death benefit You can apply for cover equal to your loan amount up to a maximum of R200 000. 0000018755 00000 n In February 2014, retrenchment was at a ten-year high. Find the latest insurance news, tips, product information and download forms for brokers, intermediaries and financial advisers. One of the most effective ways to protect yourself and your loved ones is to take out retrenchment insurance, a type of insurance that will cover your salary for six months after you are retrenched. Keeping your savings untouched will also help once the retrenchment insurance has stopped the payouts and you have battled to find work. 0000013822 00000 n Credit ombud Nicky Lala-Mohan. If your business should unexpectedly have to close, you will be left without the ability to repay any business loans and without a salary. As mentioned, it does not cover you if you get dismissed from your job or if you electively leave (or quit). H��Vێ�6}�ẈY�2%Y�],�f�^��(�>�m��%�����;C�|�E��� ��2s��9�}J���O2����Jo�.�7OS�;o�6���~���E�ZBz�&K��>��/�݀�rH?�7Gϕ����z3����&�'X��k���������9IY���A`܏a�WYs����T{iR�I�Cw�̂n4�d�r This way you will still be able to make medical aid contributions, so if you or a family member needs to go to the doctor or has to be rushed to hospital, you will still be covered. Call 0860 333 111 View Terms & Conditions. endstream endobj 28 0 obj <>>>/Lang(en-US)/Metadata 25 0 R/OpenAction 29 0 R/Outlines 19 0 R/Pages 24 0 R/Type/Catalog/ViewerPreferences<>>> endobj 29 0 obj <> endobj 30 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/Tabs/W/Thumb 20 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 31 0 obj <> endobj 32 0 obj <> endobj 33 0 obj [/ICCBased 66 0 R] endobj 34 0 obj <> endobj 35 0 obj <> endobj 36 0 obj <> endobj 37 0 obj <> endobj 38 0 obj <>stream Retrenchment benefits are taxed in aggregate according to the retirement tax tables as follows: 1st R315 000 tax free Next R315 000 taxed at 18% Next R315 000 taxed at 27% Thereafter taxed at 36% Assuming you have not withdrawn any funds from a retirement fund or been retrenched before, your severance package portion would be tax free. 0000056371 00000 n If you are leaving the Company, you may wish to preserve your fund benefit. Key Features. We have been informed that he/she was recently retrenched. 0000051924 00000 n It is important that you make a concerted effort to find new work, as your insurance company will have a cut off point for the policy. If you are leaving the Company, you may wish to preserve your fund benefit. 0000000016 00000 n 0000009514 00000 n Direct application process. Get a quote. Retrenchment Cover is a way to safeguard your income. Key Features. This is to cover the value of the debt you owe should you pass away, or assist in paying off your debt if you are retrenched or disabled,” explained Wason. 0000054792 00000 n 0000073262 00000 n 0000056871 00000 n 0000004378 00000 n 0000007213 00000 n It replaces your income If you are retrenched, you are no longer earning an income. Retrenchment benefit: This benefit is only applicable to credit life cover and is payable on the termination of the life assured’s employment. Affordable premiums, great cover – built with your needs and pocket in mind. 0000011168 00000 n Monthly injury or illness payouts until you work again or turn 65. 0000072250 00000 n Your income is essential to many things. Retrenchment due to adverse business conditions, introduction of new technology, or the reorganisation of the business, resulting … Retrenchment benefits may seem few and far between You can make sure that you know your legal rights in terms of what retrenchment benefits are due to you. When you lose it due to sickness, disability or physical impairment, you lose the ability to cover those daily costs of living. Retrenchment cover is vital in case you lose your job. Being prepared is the responsible thing to do. Several other online mediums have been included in the drive to create a better understanding of the need for safety. xref 0000056121 00000 n After paying premiums every month with Outsurance for credit protection should something happen and I am unable to work or pay some debts. This allows you time to find new work, which is essential in today’s economy. ���$���}� �kZg Cover costs about R10 for every R1000 covered, in my case. Retrenchment Cover is only for Retrenchment. The higher the level of underwriting, the more cover you get for the same monthly premium. 0000005744 00000 n 0000004524 00000 n Resignation, Retrenchment, Dismissal Preserving your fund benefit when you leave the Company not only provides a huge tax benefit, but is also essential to ensure sufficient provision for your retirement. 0000054642 00000 n A 35-year-old suspect was arrested at Idutywa and charged for a business robbery. 0000016041 00000 n In the event of Retrenchment insurance covers the insured’s salary in the event that he or she gets retrenched. 1929/001225/06 NCA Reg No. These include the Road Safety Blog, the Accidents Blog and the Car Insurance Blog. 0000007915 00000 n 0000008205 00000 n Other benefits they provide include: Free roadside assistance 12 Months guaranteed A bank can insist that you take out life cover in order to obtain a bond, however, they can’t insist that you use their products. Bond Cover pays the original bond amount in the event of death, dread disease or permanent disability, and pays the monthly bond instalments in the event of illness, injury, temporary disability and retrenchment. 0000071969 00000 n NCRCP20, has entered into an intermediary agreement with FNB Life, a They can offer you the best cover for your unique life insurance needs and at a price that will fit your pocket perfectly. 0000071397 00000 n 0000066583 00000 n FCA What’s Behind: Season 2, Episode 1 – The Engine Revolution. on Government to prioritise rural safety in efforts to combat stock theft, on Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, on Fiat Chrysler Automobiles expands its dealer footprint in KZN, Insurers need to move beyond risk and protection, Covid-19 shines spotlight on gaping holes in personal risk planning and responding insurance solutions, Youth Month presents opportunity for parents to talk insurance – Insurance is a critical life skill, Naked Insurance customers to benefit from CoverPause lockdown premium savings for an extra three months, Honda Quest True Adventure 2018 official opening, Government to prioritise rural safety in efforts to combat stock theft, Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, Fiat Chrysler Automobiles expands its dealer footprint in KZN, Man arrested for supermarket robbery in the Eastern Cape, Patient airlifted and transferred from George to Pretoria, The Naked Difference: a new approach where the company, customers and causes all win, Couple to appear for possession of suspected stolen vehicles and goods, Plummeting road crash numbers and car usage to reshape car insurance sector. 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0000006051 00000 n 0000012744 00000 n Direct application process. 0000069498 00000 n endstream endobj 39 0 obj <>stream Retrenchment Cover, Tax Planning, Retirement Planning, Bussiness Assurance (Contingent Liability Plans), Education Plans, Collective Investment Schemes (Unit Trust and Exchange Traded Funds). This event can threaten your financial security. This lump sum only pays out once. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. LET YOU MONEY WORK FOR YOU! 1. �C�k�a`�e��ڱl��JfXl�8����t0�-���-yj�m�;%�a�!DO8��B�c���W�U��d��w�\pj㐄1 ?�9Za��S�{!��Ba�u�� �%��0P�4�q�Ao6_� +vh=�CY��)>׌�k}��q�㜭C�qDaG散����Q��- �7�R��y~�VZW��&�G�a�-D�n�Z�̄���唁��_ �q� 0000005147 00000 n Free HIV testing nationwide – choose between a rapid HIV test, which is done by a simple finger prick or a standard HIV blood test. 0000067732 00000 n 0000054968 00000 n Cover your car and enjoy our full range of great benefits, such as a fixed excess, 12-month guaranteed premiums and our famous cash OUTbonus. 0000009193 00000 n 0000067805 00000 n retrenchment cover. Wealth Creation. 0000071471 00000 n Thuli Zungu Consumer Line. Retrenchment Cover Assessment The abovementioned person is a Capitec Bank client. Choose cover between R150 000 and R3 million. 0000071220 00000 n illness or retrenchment. The amount depends on whether your account type is a Gold Value Bundle (R2 500 … For retrenchment Update your policy How to change debit order details ... You can get up to a maximum of three months' free interim death cover while your bond is being registered. Having this policy in place allows you to look for work without having to worry about how you will continue to repay the bills. Called Outsurance to assist and see process forward for the credit protection to be activated I get told I do n This means that if the policyholder is forced to leave his job as a result of the company downsizing or saving on costs, then the insurance company will pay out a portion of the insured’s salary for a limited time, usually six months. An engineers’ insurance policy covers everything from accidental damage, to machinery and equipment, to public liability cover. Find out more Start a quote endstream endobj 40 0 obj <>stream Contractual relationships and accreditation WesBank Credit Card, issued, financed owned and administered by FirstRand Bank Ltd. An Authorised Financial Services and Registered Credit Provider. 0000073833 00000 n %PDF-1.7 %���� View some of our great solutions below and feel free to talk to an adviser or contact our call centre for more information. 0000022267 00000 n 08 July 2019 - 07:59 . If you happen to lose your job due to retrenchment, then the policy will pay you out for up to six months, to help cover your loan repayments. The idea is that retrenchment insurance payments over a six-month period will allow you to meet your financial commitments and find another job or start a business, as Chantal intends to do. 0000004637 00000 n H�\��j�0��~ 0000066480 00000 n This allows you to continue paying your debts and obligations, and allows your family to continue living as comfortably as possible until you find new employment. No extensive physical medical examinations. In the event of death, disability, dread disease or loss of income, your Bond Protector insurance will assist you with your outstanding bond so that your loved ones still have a place to call home. 0000072355 00000 n The reason retrenchment cover is not widely offered can be summed up in a word insurers dread: anti-selection. @#���pu�l�J㠻�C�������4Z���(���VU7-��d��4u](����=�P�A�Z�ͬ*�P�dk��A�) W�2{Cs��C�w�ؔ� e��cU�R�0��1�uA1��DLSE?َ��Tu�+mE�o؃�7tv��R��'�k��E;. Very often, the results allow us to offer more affordable life cover, by matching your premium to your risk. Company Reg. It reduces the life cover by the amount paid out The thought of being retrenched is a scary one. 0000010191 00000 n 0000002829 00000 n What Does Retrenchment Insurance Cover? 0000056483 00000 n We offer retrenchment insurance and for us to assess whether this client qualifi es for cover, we need your help … 0000054895 00000 n If you have not found work within this period, it will be difficult to continue paying bills and other financial obligations without the help of your retrenchment insurance. This allows you not to default on any loans, repayments or debts while you are unemployed. Download the credit protection critical illness cover table - English. Why OUTsurance is better than insurance. 0000008638 00000 n This is because they offer 10% of your car insurance premiums back to you if you do not claim in a three-year period. The best way to prepare is to ensure you limit the risk. These affordable products are available to all customers with asset-based WesBank finance. Income protection This cover pays a monthly amount. The Developers of the Arrive Alive Road Safety website are also driving the launch of the Blog at Insurancechat.co.za. If something happens and you can’t keep paying your bond, you can still protect your home and family with the right cover. 0000007731 00000 n 0000018136 00000 n LET YOU MONEY WORK FOR YOU! This allows you not to default on any loans, repayments or debts while you are unemployed. startxref 0000071283 00000 n 0000016885 00000 n OUTsurance Credit Insurance offers accessible, easy and affordable options for clients who need a cover or security against their salary or their outstanding debt balances. 0000069425 00000 n Load as many beneficiaries as you want. 0000073643 00000 n On Friday, 1 May. But the bills will not stop coming in regardless of this fact. Wealth Creation. Discussion & Guide to Finding the Best Insurance. You can go to the doctor or the hospital and not have to worry about whether or not your bill will be paid, which can decrease stress significantly. One of the most effective ways to protect yourself and your loved ones is to take out retrenchment insurance, a type of insurance that will cover your salary for six months after you are retrenched. 08 July 2019 - 07:59 . <]/Prev 103432>> Straightforward cover. OUTsurance is well-known in South Africa for their phrase "You always get something out!". BrightRock seem to suggest that a client would be better off channelling retrenchment protection premiums into additional injury/illness cover or towards a savings vehicle. Sanlam Indie Income Protection provides you with a reliable monthly income if you’re no longer able to work because of a disability. 0000067596 00000 n H�\��n�0��~ Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … WesBank Insurance offers both personal insurance and vehicle insurance. 0000057150 00000 n Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. Resignation, Retrenchment, Dismissal Preserving your fund benefit when you leave the Company not only provides a huge tax benefit, but is also essential to ensure sufficient provision for your retirement. %%EOF No. 0000002878 00000 n 0000070908 00000 n You get the monthly payment for two consecutive months into your account should you be retrenched. You will be able to keep those savings for what you planned to use them for, instead using the insurance payments to live off of. 0000014910 00000 n 0000002076 00000 n Here a dated article about the subject: This makes little sense as neither of these are substitutes for retrenchment protection. 0000067285 00000 n The types of insurance included in an engineers insurance policy are combined to form a complete portfolio and are often underwritten by specialist insurance companies. Being ill while you are retrenched is stressful, but you can allay this stress by taking out insurance on your income. This cover will pay out a lump sum equal to 5% of the life cover, up to R100 000.They also waive the premiums for 6 months. A major fear of the employed is job loss. You can use some of your savings to supplement the retrenchment insurance if you feel that you need more to repay your debts. 0000017860 00000 n 0000067659 00000 n 0000054865 00000 n �d����fK����,�,�0�9���~@iO�d�X�3�Xa_]2��� ��R4;p�sD[a~�0�]��T�w��NuyJ�݇�,l�=� d }]��oD� < 0000069208 00000 n A disability insurance policy will cover this, even if the disability is temporary. With regards to personal insurance, a number of products are offered including a customer protection plan (known as Credit Life), a health credit policy, and a retrenchment policy. 0000004900 00000 n /�Eş}�H)MZ)�i���p2H@Y����'j�A>������6��n�}����E���2]C�����Q��n�?�kwng��������n. H�\��j�@E���^&��WuU��� x1�3 KmGKB����20�G��ut��n��}��.�9 �!�������mj�;�s�'y�ڮ�?����R�I��9\��iH�ʥ������1ILm�����l�.=���#\B?�̭׮ ����ח��e�Ӿ�׻�������}�X�s�4C�c݄���!���Y��-~�I�����q��Լ�SR�9��_dO��g�3xE^���-xGށ_ɯ�7r�J��/sr.��$�`!�>%|J%+���g �rC�D��������������=z����:v"�D؉�a'�N�E'�N�(;Qt��Dщ�E'�N�� �F�����o�7�� �F�����o�7�� �+�*��Wy9��r�D���)�z��W��4�m�����������1����M� 0000003968 00000 n The Retrenchment Cover Sum OUTsured will be paid monthly while you are retrenched for a maximum of 3 months per event and 9 months over the period of cover. The monthly premium you would have to pay for this cover is R282.06. You will no longer be bringing in a salary and if you are the sole breadwinner in your household, your lifestyle will have to change dramatically. 115 0 obj <>stream 0000009489 00000 n 27 0 obj <> endobj Thuli Zungu Consumer Line. Why do you need insurance for your home loan? We have Life Cover products with different levels of underwriting so that you can choose the one that is best for you. 0000054573 00000 n 0000073577 00000 n Receive retrospective payout. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. *�@�Z6�d�[�Օ1j[H���^!L��� �[�%�?XL-m�;tU�� �]E�j��uTc�t�^11���?���ݴ�$���S����k��4!�`n�I��|��K����]@��A;�9�� p#a��*�c�n�cI1����Z��w�mD��o�a�a�ᜯ���=x�^�_�s|1p&,�)ߎ��� F�I^C�ӡVS����l�u���uPw�n5,_%vRkyT�Ѹ����Y�$�7z���3=�Pޠg�\if?UY�q���3́�����[W��gw\�����k5�����$�V�8�ߐ=y�P_]Y���h 0000071582 00000 n 0000068383 00000 n 0 The arrest followed after police were informed, The Northern Cape SAPS Organised Crime Detective Unit arrested one male suspect for recent alleged hijackings. #!y�6�:Q\Ȁ(TN}n���Pn Plus, enjoy the backup of 24/7 roadside assistance. • Retrenchment Cover In the event of Death or Permanent Disability, the debt covered is the outstanding balance of your personal WesBank Credit Card/Petro Card account or the Specified Maximum Amount (see table below), whichever is the lesser, as at the date of Death or Permanent Disability. 0000056298 00000 n Retrenchment Cover, Tax Planning, Retirement Planning, Bussiness Assurance (Contingent Liability Plans), Education Plans, Collective Investment Schemes (Unit Trust and Exchange Traded Funds). V�ݹ�UvG Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a … Good day We took out a credit protection premium with outsurance which is supposed to assist us when in times retrenchment,critical illness ect In the terms and conditions there is nothing stipulated regarding the covivid 19. a�4�(�����H�q4X�$?��\���T�d�k��.P?��8�E�ņ�Ay��;�'M�Vs�.�~HKx�P�$mǾ7��S�7�]����,�$™�1�T:��ưҡ�A�!�� ��t ��=?�7�1]aa`�`H`S8�0�A�a���*�f#f6V�a`,��Y@QP�a`ČwF�� %T�U� �R����� ���� 0000073759 00000 n 0000069322 00000 n 0000069395 00000 n 0 j� 0000003413 00000 n This is the tendency for people … If you are interested in retrenchment insurance to be prepared for any eventuality, read on for why it is a good idea. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. This is beneficial for those who are the sole breadwinner of the household or those whose extended family relies on them for financial help. SURANCE Your OUTsurance … It also does not cover you in the event that you become disabled and are unable to work. You will not have to dip into your savings If you have been meticulously saving money each month and are suddenly retrenched, having retrenchment insurance in place will mean that you will not have dip into these savings in order to survive the coming months. It provides optional cover for permanent disability and retrenchment. Members of the Rand Merchant Insurance Holdings (RMIH) Group. With affordable premiums on standard, affordable housing and access home loan protection plans, your bond is settled in the event of death or permanent disability. trailer 0000007073 00000 n For official Government information about COVID-19, please visit www.sacoronavirus.co.za 08 600 60 000 endstream endobj 41 0 obj <> endobj 42 0 obj <> endobj 43 0 obj <> endobj 44 0 obj <> endobj 45 0 obj <> endobj 46 0 obj <>stream The cover protects you for the full loan term, up to a maximum of 60 months. Comprehensive car insurance means more than just cover for all that life throws your way, it’s about giving our clients awesome service. Receive retrospective payout. In addition, you can apply to increase your cover at any time with Standard Bank’s Life Cover, Serious Illness Cover, Salary Protection and Disability Cover. Minimum entry age: 18 next birthday Maximum entry age: 66 next birthday Key features and benefits Death benefit You can apply for cover equal to your loan amount up to a maximum of R200 000. 0000018755 00000 n In February 2014, retrenchment was at a ten-year high. Find the latest insurance news, tips, product information and download forms for brokers, intermediaries and financial advisers. One of the most effective ways to protect yourself and your loved ones is to take out retrenchment insurance, a type of insurance that will cover your salary for six months after you are retrenched. Keeping your savings untouched will also help once the retrenchment insurance has stopped the payouts and you have battled to find work. 0000013822 00000 n Credit ombud Nicky Lala-Mohan. If your business should unexpectedly have to close, you will be left without the ability to repay any business loans and without a salary. As mentioned, it does not cover you if you get dismissed from your job or if you electively leave (or quit). H��Vێ�6}�ẈY�2%Y�],�f�^��(�>�m��%�����;C�|�E��� ��2s��9�}J���O2����Jo�.�7OS�;o�6���~���E�ZBz�&K��>��/�݀�rH?�7Gϕ����z3����&�'X��k���������9IY���A`܏a�WYs����T{iR�I�Cw�̂n4�d�r This way you will still be able to make medical aid contributions, so if you or a family member needs to go to the doctor or has to be rushed to hospital, you will still be covered. Call 0860 333 111 View Terms & Conditions. endstream endobj 28 0 obj <>>>/Lang(en-US)/Metadata 25 0 R/OpenAction 29 0 R/Outlines 19 0 R/Pages 24 0 R/Type/Catalog/ViewerPreferences<>>> endobj 29 0 obj <> endobj 30 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject<>>>/Rotate 0/Tabs/W/Thumb 20 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> endobj 31 0 obj <> endobj 32 0 obj <> endobj 33 0 obj [/ICCBased 66 0 R] endobj 34 0 obj <> endobj 35 0 obj <> endobj 36 0 obj <> endobj 37 0 obj <> endobj 38 0 obj <>stream Retrenchment benefits are taxed in aggregate according to the retirement tax tables as follows: 1st R315 000 tax free Next R315 000 taxed at 18% Next R315 000 taxed at 27% Thereafter taxed at 36% Assuming you have not withdrawn any funds from a retirement fund or been retrenched before, your severance package portion would be tax free. 0000056371 00000 n If you are leaving the Company, you may wish to preserve your fund benefit. Key Features. We have been informed that he/she was recently retrenched. 0000051924 00000 n It is important that you make a concerted effort to find new work, as your insurance company will have a cut off point for the policy. If you are leaving the Company, you may wish to preserve your fund benefit. 0000000016 00000 n 0000009514 00000 n Direct application process. Get a quote. Retrenchment Cover is a way to safeguard your income. Key Features. This is to cover the value of the debt you owe should you pass away, or assist in paying off your debt if you are retrenched or disabled,” explained Wason. 0000054792 00000 n 0000073262 00000 n 0000056871 00000 n 0000004378 00000 n 0000007213 00000 n It replaces your income If you are retrenched, you are no longer earning an income. Retrenchment benefit: This benefit is only applicable to credit life cover and is payable on the termination of the life assured’s employment. Affordable premiums, great cover – built with your needs and pocket in mind. 0000011168 00000 n Monthly injury or illness payouts until you work again or turn 65. 0000072250 00000 n Your income is essential to many things. Retrenchment due to adverse business conditions, introduction of new technology, or the reorganisation of the business, resulting … Retrenchment benefits may seem few and far between You can make sure that you know your legal rights in terms of what retrenchment benefits are due to you. When you lose it due to sickness, disability or physical impairment, you lose the ability to cover those daily costs of living. Retrenchment cover is vital in case you lose your job. Being prepared is the responsible thing to do. Several other online mediums have been included in the drive to create a better understanding of the need for safety. xref 0000056121 00000 n After paying premiums every month with Outsurance for credit protection should something happen and I am unable to work or pay some debts. This allows you time to find new work, which is essential in today’s economy. ���$���}� �kZg Cover costs about R10 for every R1000 covered, in my case. Retrenchment Cover is only for Retrenchment. The higher the level of underwriting, the more cover you get for the same monthly premium. 0000005744 00000 n 0000004524 00000 n Resignation, Retrenchment, Dismissal Preserving your fund benefit when you leave the Company not only provides a huge tax benefit, but is also essential to ensure sufficient provision for your retirement. 0000054642 00000 n A 35-year-old suspect was arrested at Idutywa and charged for a business robbery. 0000016041 00000 n In the event of Retrenchment insurance covers the insured’s salary in the event that he or she gets retrenched. 1929/001225/06 NCA Reg No. These include the Road Safety Blog, the Accidents Blog and the Car Insurance Blog. 0000007915 00000 n 0000008205 00000 n Other benefits they provide include: Free roadside assistance 12 Months guaranteed A bank can insist that you take out life cover in order to obtain a bond, however, they can’t insist that you use their products. Bond Cover pays the original bond amount in the event of death, dread disease or permanent disability, and pays the monthly bond instalments in the event of illness, injury, temporary disability and retrenchment. 0000071969 00000 n NCRCP20, has entered into an intermediary agreement with FNB Life, a They can offer you the best cover for your unique life insurance needs and at a price that will fit your pocket perfectly. 0000071397 00000 n 0000066583 00000 n FCA What’s Behind: Season 2, Episode 1 – The Engine Revolution. on Government to prioritise rural safety in efforts to combat stock theft, on Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, on Fiat Chrysler Automobiles expands its dealer footprint in KZN, Insurers need to move beyond risk and protection, Covid-19 shines spotlight on gaping holes in personal risk planning and responding insurance solutions, Youth Month presents opportunity for parents to talk insurance – Insurance is a critical life skill, Naked Insurance customers to benefit from CoverPause lockdown premium savings for an extra three months, Honda Quest True Adventure 2018 official opening, Government to prioritise rural safety in efforts to combat stock theft, Vote of confidence in OUTsurance Pointsmen with announcement of Privatised Pointsmen Project tender, Fiat Chrysler Automobiles expands its dealer footprint in KZN, Man arrested for supermarket robbery in the Eastern Cape, Patient airlifted and transferred from George to Pretoria, The Naked Difference: a new approach where the company, customers and causes all win, Couple to appear for possession of suspected stolen vehicles and goods, Plummeting road crash numbers and car usage to reshape car insurance sector. 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