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Indie Shield

Life Insurance Cover

Pays a once-off lump-sum of up to R10 Million, if you die.

1. About Life Insurance

What is Indie Shield?

Life insurance designed to shield your dependants from large debts (like home, vehicle or credit loans) by paying a single lump sum if you kick the bucket. This means that if you die, the cover will be paid out in one go.

Do I need life insurance?

Indie Shield is for anyone who has outstanding debt, and doesn’t have enough existing insurance to cover this debt. Many credit providers insist that you have debt protection before lending you money – especially in the case of home and vehicle loans.

If you kick the bucket, Indie’s life insurance shields your peeps from debt with a single lump-sum payout.

How much life cover do I need?

Everyone has different debt needs. Essentially, you should take into account your current outstanding debt and subtract any existing life insurance cover you have. The gap between the two should be the amount of Indie Shield cover you go for.

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

Why’d we create Indie Shield?

When you die, your debts are left in your estate, where they become the problem of your dependants or significant others. Indie Shield pays out to cover these debts so the people you care about don't have to.

Indie Shield is for anyone who has outstanding debt, and doesn't have sufficient existing insurance to cover this debt.

2. Claims & payouts

How are Indie Shield claims paid?

Claims are paid 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. We recommend that for cover intended to match your debts, payment be made to your estate to settle any outstanding debts first.

If you’re diagnosed with a medical condition that, according to our Chief Medical Officer, will result in death within 12 months, you may apply for an early payment.

When doesn’t Indie Shield pay out?

Indie Shield will not pay a claim if:

  • You commit suicide within the first 5 years of activating your cover
  • You die as a result of participating in something illegal (come now, this isn’t the Mob)
  • You have been wilfully misleading with the information you provided us
  • You die as a result of participation in riots, terrorism or military action
  • You die 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

Is my claim payment taxable?

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.

Any part of the cover paid to your estate will increase your assets, which increases duties and executor’s fees (the cost of dealing with your estate) – because these are based on your net assets: what you own minus what you owe.

Who gets paid?

If you have not specified a beneficiary, Indie Shield claims will be paid into your estate so that the executor of the estate can use the claim payment to settle your outstanding debts.

3. Premiums

How do Indie Shield premiums work?

Each year, we’ll use your details to calculate your premium. If you don’t tell us about any changes, the only thing that’ll change is your age. You don’t have to tell us if your circumstances change (like if you put a ring on it, or get that job as a Sasha Fierce impersonator), but there’s a chance these changes could lower your premium, so it might be worth giving us the lowdown.

Like all life insurance, the premium for Indie Shield increases as you get older. Naturally, the amount of cover you take will influence your premium. You can lower the amount of cover at any time, which will result in a decrease in your premium.  

Your premium may also change over time as we make pricing and feature adjustments. Unlike most insurers, if our prices come down over time, or we improve our product, everyone gets the benefit, not just our new clients.

Can I skip premiums?

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

Read more here

4. About the cover

Will the cover amount change?

Your Indie Shield cover will stay constant over time, unless you choose to adjust your cover amount. At any time you can lower your cover, or increase your cover, or remove Indie Shield altogether.

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

If your outstanding debt decreases, it might be a good idea to lower the amount of Indie Shield you have. You can make this change at any time.

How long will I be covered?

This cover will last for as long as you continue to pay premiums. Obviously, if you die and we pay a claim, then the cover will also stop.