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Indie Preserve

Income Protection

Pays you a monthly income if you become disabled and can't work.

1. About Income Protection

What it is Indie Preserve?

Indie Preserve income protection provides you a reliable monthly income if you’re no longer able to work because of a disability. It starts paying for disabilities that last for more than 21 days and continues until you recover or when you turn 70.

Do I need income protection?

Despite what your momma told you, your single greatest asset is not that Colgate-smile or your ability to braai the perfect steak. Your greatest asset is your ability to earn an income. Unless you work in a steakhouse. In which case, maybe braaing a steak is actually your greatest asset.

Regardless, if you earn an income, you need to have income protection. We designed Indie Preserve to pay you a dependable monthly income if you’re disabled and can’t work so that your disability is a hurdle, not a wall.

How much income protection do I need?

Most people need to cover about 85% of their existing income, after tax but before other deductions (like pension fund contributions), in case they become disabled. Also bear in mind any existing income protection you may have (which would reduce the amount of Indie Preserve you need).

Your cover amount (and subsequent income in the event of a claim) will automatically grow each year with inflation, but you can choose to opt out of this growth (in order to reduce your premium).

We’ll help you work out what cover you need in just minutes.

2. Claims & payouts

When will Indie Preserve Payout?

We’ll 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’re given the relevant claims documentation.

If you claim, Indie Preserve will pay out only if you’ve been unable to earn an income for longer than 21 days.  

If you’re seriously ill, or disabled, and can’t earn an income for 21 days, Indie Preserve will start paying you an income from day 22 onwards. However, if you get sick and can’t work for 21 days or less, you won’t qualify for a claim.

When will Indie Preserve not pay out?

Indie Preserve will not pay a claim if:

  • Your disability is self-inflicted
  • You become disabled as a result of participating in something illegal
  • You’ve been wilfully misleading with the information you provided us
  • You become disabled from taking part in motor sport, motorized racing or speed contests
  • The claim is due to normal pregnancy, normal childbirth, an elective caesarean section, or due to a rehabilitation or detoxification programme
  • You become disabled as a result of taking part in any of the following aviation activities: aerial photography, pylon racing, game spotting, aerobic display, crop spraying or herd thinning
  • You do one of the following jobs:
  • Sport as a profession;
  • Pilot;
  • Air traffic controller;
  • Jockey;
  • Drivers of public transport including taxi drivers; or
  • Stay-at-home parents

How will the Indie Preserve income be paid?

Claims are paid to you as fast as possible. How long that’ll take depends on the nature of the claim, as well as how quickly we’re given the claims documentation. If you hustle, so will we.

This product is designed to replace the income that you lose as a result of becoming disabled. If you lose only part of your income, the amount that you lose can be claimed. When we calculate the amount that we’ll pay for a claim, we’ll take your other forms of income into account. The total claim payment you can get will let you have the same income you earned before the claim, but not more than what you earned.

How long will the income be paid?

The income will be paid as long as you’re disabled to the extent that it causes you to lose part of your income. You can receive payment up to age 70.

Who gets paid?

Indie Preserve claims will be paid to you, the policyholder.

Is the claim payout taxable?

No. Under current taxation laws, you won’t pay any tax on the claim payout.

Can my claim payment stop?

Because Indie Preserve will pay claims for both temporary and permanent disabilities, we do expect many people who claim to be able to return to work again, after which we’ll no longer pay you the claim.  

For example, if you needed to have a serious back operation that could leave you out for 6 weeks, this would be a valid claim. But, once you’re able to return to work and earn an income, the claim would stop.

3. Premiums

How do Indie Preserve 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.

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 Preserve that you’ve chosen when we determine the premium. At any time you can lower the amount of Indie Preserve, which will result in a decrease in your premium from that point.  

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 have 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

Does the cover amount change?

Your Indie Preserve 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 Preserve altogether. Depending on the size of a cover increase, we may first need you to answer some short medical questions.

If we’re paying you an income because you’ve successfully claimed, this income will grow each year automatically by inflation.

What is income aggregation and how does it affect me?

This product is designed to replace the income that you lose as a result of becoming disabled. If you lose only part of your income, the amount that you lose can be claimed.

When we calculate the amount that we’ll pay for a claim, we’ll take your other forms of income into account. The total claim payment you can get will let you have the same income you earned before the claim, but not more than what you earned.

When does the cover end?

The cover will end when you turn 70. Obviously, if you die, the cover will also stop.

If you retire before turning 70, you must remove this product, since you’ll not be able to claim if you’re no longer earning an income from your job.