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Indie Assist

Death Income Protection

Pays a monthly income to your dependants when you die.

1. About Death Income Cover

What is Indie Assist?

Death income cover provides a reliable monthly income for your dependants if you kick the bucket. You get to choose how long the payments continue, up to a maximum of when you would turn 70.

Do I need death income protection?

Indie Assist is for anyone who has a family that relies on their income (think expenses like school fees, groceries, medical bills and accommodation). When you go to be with Elvis, we’ll ensure your peeps can keep livin’ the dream by paying them a reliable,  monthly income. These payments continue for as long as you choose, up to a maximum of age 70. This income grows each year with inflation to ensure they have the same buying power over time.

How much death income protection do I need?

Most people cover 75% of their earnings after tax but before other deductions, like pension fund contributions, for a specified number of years (called the claim term). But you’re not most people. In fact, most people aren’t most people. So, how much income protection you need really depends on your situation. Fortunately, we’re here to walk you through it.

Why’d we create Indie Assist?

If you think dying would suck for you, just think how bad it could be for those left behind who depend on your income for their daily bread, school fees and shopping sprees.

With Indie Assist, we pay your family a guaranteed and dependable monthly income when you die. This income grows each year with inflation to ensure they have the same buying power over time.

Indie Assist is for those of us with people in our lives who rely on our income.

2. Claims & payouts

When does Indie Assist pay out?

Indie Assist will pay out if you die.

When doesn't Indie Assist pay out?

Indie Assist will not pay a claim if:

  • You commit suicide within the first 5 years of the cover activating
  • You die as a result of participating in something illegal
  • You have been wilfully misleading with the information you provided to us
  • You die as a result of taking part in any of the following aviation activities: aerial photography, pylon racing, aerial game spotting, aerobic display, crop spraying or herd thinning

When will claims be paid?

We will pay all valid claims as fast as possible. How long that takes depends on the nature of the claim, as well as how quickly we are given the relevant claims documentation.

How are claims paid?

Claims are paid to your beneficiaries (or your estate if you haven’t specified any) as fast as possible.

How long will the income be paid?

When you choose to buy Indie Assist, you can select how long the claim duration will be. We will default this to be 10 years, meaning that if you die, your beneficiaries will receive an income for 10 years from when we start paying the claim.

You can choose any duration you want, from 10 to 40 years. As you approach the milestone of becoming a septuagenarian, we will automatically reduce the claim duration. For example, when you're 65, the maximum claim duration will be 5 years.

If you choose to increase your claim duration term after purchasing Indie Assist, we may require additional medical underwriting before the increase is granted.

Who gets paid?

Indie Assist claims will be paid to your nominated beneficiaries. If you don't have beneficiaries, the claim will be paid into your estate.

Is the claim payout taxable?

Any part of the cover paid to your estate will increase your assets.

Because estate duty and executor's fees are based on the net assets (what you own minus what you owe) in your estate when it is wound up, more net assets means more duties and executor's fees.

Any part of the cover paid to your surviving spouse or public benefit organisation is not taxable and they will receive the full amount specified by you without any deductions for tax.

3. Premiums

How do Indie Assist Premiums work?

We calculate your premium each year, and take into account your relevant details every year that we recalculate your premium. If you don't tell us about any changes, the only thing that'll change each year is your age.

You don't have to tell us if your circumstances change. For example, if you get married, or if you change occupations. But, there's a chance that these changes could lower your premium, so it might be worth your while to tell us.

Provided the claim payment duration remains unchanged, the premium for Indie Assist increases as you get older.

The premium may also change over time as we make pricing adjustments. Unlike most other insurers, if our prices come down over time, everyone gets the benefit of those price decreases, not just our new clients.

We'll also take into account the amount of Indie Assist you've chosen, as well as the chosen claim duration, when we calculate the premium.

At any time you can lower the amount of Indie Assist, which will result in a decrease in your premium from that point. Changing your claim duration will also have an affect on your premium.

Can I skip premiums?

You can skip a premium at any time. If you do skip a premium, we'll reduce your cover temporarily until you've paid 6 consecutive premiums.

There is a lifetime limit on the total number of times you can skip premiums.

Read more here.

4. About the cover

Will the cover amount change?

Your Indie Assist cover amount will automatically grow each year with inflation, but you can choose to opt out of this growth. Also, at any time, you can lower your cover, or increase your cover, or remove Indie Assist altogether.

Depending on the size of cover increase, we may first need you to answer some short medical questions

If a claim is paid, we will increase the income in claim by inflation every year. This means that the income your beneficiaries receive will keep up with inflation.

How long will I be insured?

This cover will end when you turn 70. Obviously, if you die and we pay a claim, then the cover will also stop.