What is Indie Preserve?
Sometimes, what doesn’t kill you also doesn’t make you stronger. So if poop hits the fan and you become permanently or temporarily disabled (and can’t work as a result), we’ll pay you a dependable monthly income. It starts paying for disabilities that last for more than 21 days and pays until you recover or when you turn 70.
Other insurers may call it Income Protection. We call it Indie Preserve.
Do I need it?
Hells yeah. 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 steak-house. In which case, maybe braaing a steak is actually your greatest asset. Regardless, if you earn an income, you need to have income protection.
How much cover 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).
Fortunately, we’ve got your back and we’re here to help work out what cover you need.
How will the 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.
Can my claim 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, after which we’ll no longer pay you the income.
For example, if you needed to have a serious back operation (oooh, what were you doing?) 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.
How long will I 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.
Is the claim payment taxable?
No. Under current taxation laws, you won’t pay any tax on the claim payout.
What about premiums?
Each year, we’ll take into account your relevant 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 give up your gig as a crocodilian orthodontist), but there’s a chance these changes could lower your premium, so it might be worth giving us the lowdown.
The amount of Indie Preserve you’ve chosen will influence your premium. You can lower the amount of cover at any time, which will decrease your premium from that point.
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 Preserve can add tens (and perhaps even hundreds) of thousands to your Bounty.