Retrenchment Cover - When You Need It
In this economic climate, we are continuously battling to survive and protect our families, income and assets.Retrenchment is a reality and I have had numerous requests for this type of cover
Well I am glad to announce that it is now available.
Backed By One Of SA’s Top Insurers - Hollard
How it works?
The benefit is not available if the life insured is self-employed or an employee of a family-owned business and a member of the same family
»» No payment will be made in the first 6 months following the commencement of this benefit or where the life insured has not been continuously employed on a full-time basis, in a permanent capacity for at least two years, of which at least one year must have been with the employer from which the life insured has been retrenched
»» As the proceeds are paid as a lump sum, the retrenchment benefit proceeds are not taxable nor are premiums deductible
»» Benefit at claim will be restricted to 5 x lesser of the:
• average monthly after tax income over the last 12 months preceding retrenchment; or
• monthly after tax income in the month immediately prior to retrenchment
What Will It Cost?
Premiums From As Low As R150 per month.
Depending On The Amount Of Cover And Your Personal Profile – I Will Work Out A Tailor Made Quote For You
What are the limits?
Minimum Entry Age: 19
Maximum Entry Age: 60
Benefit Expires At Age 65
No benefit will be payable within the first 6 months of the cover being taken out.
Waiting period for claim after the initial 6 month period is 30 days.
It pays out a maximum of R150 000 as a lump sum
Exclusions:
Voluntary Retrenchment
Expiry of Non Renewable Fixed Term Contract
Expiry of Temporary Contract
Retirement
Dismissal
Fraud, Dishonesty, Illegal Conduct
Pregnancy, Childbirth or Abortion
Participation in Any Strike Action, Riot, Unrest, Labour Disturbance, Civil Commotion or Public Disorder
If you are interested in this product or any other Financial Products, please do not hesitate to contact me
Warren Basel
Independent Financial Planner
Tel: 011 481 1000
Fax: 086 651 3343
Cell: 082 490 5182
E-Mail: warrenb@oraclebrokers.com
E-Mail 2: warren@phantasia.co.za
www.oraclebrokers.com
