Financial security if your earning capacity is reduced

Your cover for reduced earning capacity helps you if you become seriously ill or have an accident which causes you to lose your income. The insurance will guarantee you a regular monthly income and you may be entitled to a waiver of contributions.

Insurance that provides financial security

Cover for reduced earning capacity allows you to maintain your life.

The insurance provides:

  • basic financial security for you and your family
  • regular monthly income
  • waiver of contributions - we will handle the contributions for you
  • tax deduction for your contributions to the insurance

More about the insurance

The cover for reduced earning capacity will guarantee you monthly benefits if you become ill or injured to such an extent that your earning capacity is reduced to half or one third (depending on your agreement). It may also be a requirement that you have lost part of your income.

When will insurance benefits be payable?

You will typically receive the first insurance benefit on the first day of the month following three months of illness. This is known as a waiting period. Some schemes have a waiting period of 6 or 12 months.

The payment of benefits will stop once you have regained sufficient earning capacity or once you reach the agreed retirement age.

Your insurance conditions will set out when you are entitled to insurance benefits and for how long.

Please note that:

  • insurance benefits are taxable whereas contributions are tax deductible
  • insurance benefits may affect and be affected by any public benefits you receive
  • before you can take out the insurance, you need to submit your health information to us.