What is Indie Shield?
When (sorry, if) you kick the bucket, Indie’s life insurance product shields your peeps from large debts by paying out a single (hopefully large) sum of money.
Other insurers may call it Lump-sum Life Insurance. We call it Indie Shield.
Do I need it?
Indie Shield is for anyone who has outstanding debt, and doesn’t have enough existing insurance to cover this debt. Many credit providers (cough, banks) also insist that you have debt protection before lending you money – especially in the case of home and vehicle loans.
When you finally go toes-up, your debts become the responsibility of the people you leave behind (just when you thought you’d made your great escape). Indie Shield pays out to cover these debts so your peeps don’t have to.
How much cover do I need?
Everyone has different debt needs (unless you’re really winning at life). 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.
Your Outstanding Debt, minus Your Existing Life Cover = Indie Shield Cover
If all that seems like a bit of a ballache (we know, right?), we’ll walk you through the process in just minutes here.
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.
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 of this benefit.
Is my claim payment taxable?
Any part of the cover paid to a beneficiary 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 your net assets: what you own minus what you owe.
So this lasts like, forever?
Kinda. But not exactly. If you die and we pay a claim, your cover will come to an end. Alternatively, your cover will last for as long as you continue to pay premiums.
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 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.
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).
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.
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 uses smart technology to price your premiums more accurately, and we cut out the middleman. Which means we’re able to match up to 100% of your premium in an investment that generates wealth for you - we call it Bounty.