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                Income Protection Cover

                Here we come with the safety net.

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                Our ability to earn a living is  often taken for granted.

                Let’s hear it for the monthly paycheck.

                However you feel about your job, it usually comes with at least one important perk: getting paid. You’d rather that situation didn’t come to an end, which is why our Income Protection Cover ensures you're covered if illness or injury gets in the way of earning a living. Because life's too short for financial stress.

                Why get Income Protection Cover from glu?

                Whether you’re working for a salary, self-employed or trading as a sole proprietor, your earning capacity is worth protecting. From premium options to waiting periods, choose what works for you. Oh, did we mention it comes with the added bonus of Profit-Share?

                Enjoy Profit-Share

                Profit-Share bonuses are paid into your glu Profit-Share Policy.

                Works for long and short-term

                At claim stage the benefit will be limited to 100% of your net of tax earnings at the time of the claim across all your insurance policies.

                You decide when it kicks in

                A waiting period of 1, 3 or 6 months is available.

                Your choice of premium pattern

                You have a choice between level and age-rated premium patterns. Level pattern premiums (usually more expensive at the outset) remain unchanged for the same level of cover, for the full duration of the cover, regardless of the member’s age. Age-rated pattern premiums start off lower but increases annually with your age.

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                Profit-Share

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                Frequently Asked Questions

                • You can contact your trusted financial adviser. If you don’t have one, contact us and we’ll assist. You can get Income Protection Cover from glu up until the age of 59, and cover is provided until the age of 65.

                • The minimum amount you can get cover for would be R2000 per month.

                • Premiums are paid monthly by debit order, and are due by the 1st day of each calendar month, for cover in that month.

                • You can claim either by contacting your financial adviser, going through our online portal, or contacting us directly for assistance.

                • The Income Protection Benefit will require you to undergo ongoing claims assessments to confirm that you’re continuously unable to perform your own or a similar occupation, on a total or partial basis. Proof of loss of income may be required at the time of claim.

                • Annual Automatic Cover Increases can be added at either 3%, 5% or CPI (capped at 10%). There would be a corresponding increase in the premium to allow for the cost of each cover escalation, with the additional premium being based on your age at that point. In-claim escalations can also be added to your policy at either 5% or CPI (capped at 10%)

                • You are limited to 75% of your previous net of tax earnings at the time of the claim across all your insurance policies. If, after being in claim for 2 years, you are deemed to be permanently disabled by our Chief Medical Officer, this payment will be increased by a factor of 100/75.

                • You won’t need to pay premiums for the Income Protection Benefit while your claim is ongoing. Should you recover, the income payments would stop, and premiums would restart on the policy. Premiums for any other benefits on your policy (life, disability or critical illness) would continue to be payable whilst you are receiving the Income Protection Benefit.

                • We never want you to have doubts about your decisions. There’s a 31-day cooling-off period during which you can cancel, and all premiums paid will be refunded, subject to not having claimed.

                • Absolutely. If you’re younger than 60 and take out a life insurance product from glu, you automatically qualify for a Profit-Share policy. Profit-Share allocations are based on the premiums you pay. Good news, your Profit-Share will not be impacted by making a claim.

                • We hope it doesn’t happen, but the accessible portion of your accumulated Profit-Share Policy is available at any point in time. This portion will be paid to you on the lapse or cancellation of your policy.

                • If you don’t let us know that you are having problems paying your premiums and they remain unpaid for 60 days, then your policy will lapse. But before that happens, we’re here to help.

                  Our Premium on Pause option enables you to temporarily stop paying premiums on the entire policy or on specific cover types for up to 3 calendar months – giving you the flexibility you need during temporary financial difficulties. Your policy remains active but, during this pause, your claims are not covered. Keep in mind that you can only ‘activate’ Premium on Pause once your cover has been active for 6 months and only once within a 5-year cycle.