house deposit, a birthday bash or just an emergency fund for a rainy day. Get a life insurance quote in a few simple steps. Income protection cover is not only for illness or disability. South Africa’s Gross Domestic Product (GDP) declined by 51% in the second quarter of 2020, according to … Retrenchment cover is vital in case you lose your job. Education Provider Plus helps you save towards your child's education. When retrenchment cover is a benefit and not a standalone policy, it does not cover the insured’s salary, but rather covers the insured’s premiums for that cover. Just complete a few questions and at the end of the process, you’ll know what your monthly premium will be. 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. This is a new benefit that is available to new business submissions. Pure Investment Plan allows you to save towards any medium-term goal e.g. Note that claim amounts are subject to the amount of the plan cover. At a time of retrenchment, the policyholder will receive money to cover their living and other expenses from Momentum. Conclusion . As the South African economy struggles to regain momentum, there has been a steady increase in retrenchment … Momentum Insurance combo protection pan is an all – in – one protection policy with substantial cover for: • Accidental permanent total disablement • Dread disease • ICU • Identity theft • Retrenchment cover How does the cover work? Credit ombud Nicky Lala-Mohan. That is, if your car insurance includes retrenchment cover and you are forced to leave your job, the cover will pay for the car insurance premiums for a period, usually six months. Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test. Momentum Corporate CEO discusses closing the R15.4 trillion life insurance gap and improving bleak retirement outcomes as GDP plunges to record lows. 08 July 2019 - 07:59 . ; check Save up to 60% on premiums with Momentum Multiply. 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. Whereas the existing Functional Protector Benefit only covers severe impairment events at a 100 per cent pay-out level, the Complete Functional Protector Benefit covers a wider range of impairment events and provides for tiered pay-outs ranging from 25 to 100 per cent. Receive retrospective payout. Thuli Zungu Consumer Line. ; check Structure benefits to suit your needs. 5Q offers up to R600,000.00 cover without having to go for medical examination. What looming M&As, restructures and retrenchments mean for employee insurance cover and retirement savings. 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