What is Indie Assist?
When you go to be with Elvis (and no, he’s not on an island), we’ll ensure your peeps can keep livin’ the dream with a reliable, tax-free monthly income. These payments continue for as long as you choose, up to a maximum of age 70.
Other insurers may call it Death Income. Sheesh, other insurers, that seems a little macabre. We call it Indie Assist.
Do I need it?
If you think dying would suck for you, just think how bad it’d be for those left behind who depend on your income for their daily bread, school fees, shopping sprees and Bieber tees. Hashtag sadface. With Indie Assist, we pay your family a guaranteed and dependable monthly income when you’ve gone the way of the dodo. This income grows each year with inflation to ensure they have the same buying power over time.
How much cover do I need?
Most people choose to cover 75% of their earnings after tax but before other deductions such as 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. (Wait, did we just blow our own mind?) So, how much you need really depends on your situation.
Fortunately, we’ve got your back and we’re here to help work out what cover you need.
How long will the income be paid?
Our default is 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, however, choose any duration you want, from 10 to 40 years. Consider your age and the ages of the people who rely on your income. For example, if you have young children, you may want to provide for longer than 10 years. As you approach age 70, we’ll automatically reduce the duration. So if you’re 65 (and props for being out here on the wild, wild web if you are), your maximum claim duration will be 5 years.
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 that’ll take depends on the nature of the claim, as well as how quickly we’re given the claims documentation. Under current taxation laws, your beneficiaries will receive the full income payment from the claim, and they will not have to pay tax on this income.
When does it end?
This cover will end when you turn 70 (or you stop paying premiums). Obviously, if you die and we pay a claim, then the cover will also stop.
What about premiums?
Each year, we’ll take into account 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 get hitched, or kick that smoking habit), but there’s a chance these changes could lower your premium, so it might be worth giving us the lowdown.
The amount of Indie Assist you’ve chosen, as well as the chosen duration, will influence your premium. You can lower the amount of cover at any time, which will decrease your premium from that point. Changing your claim duration will also affect on your premium. If your claim duration remains unchanged, the premium for Indie Assist increases as you get older.
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 (we’ve got your back, fam).
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.
All about that Bounty?
Indie Assist can add tens (and perhaps even hundreds) of thousands to your Bounty.