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[Accessed November 19, 2021]
About Discovery Insurance
With 5.1 million clients covered to date, Discovery in South Africa is an insurance company that is modelled to increase incentives to maintain a healthy lifestyle and protect lives.
With a vast range of insurance products such as medical aid, life insurance, car, and home contents insurance to name a few, Discovery’s income protection insurance must be highlighted as an essential insurance type for unforeseen circumstances that are gradually becoming a reality for many in the current day. Discovery’s Income Continuation Benefit, one’s lifestyle is protected in the event of becoming disabled or severely ill.
Income protection plan
Discovery’s Income Continuation Benefit serves to assist individuals in protecting one’s income in the event that one is not able to fulfil work duties any longer. Should this be the case, one’s monthly payout will depend on the percentage of the salary chosen to insure, as well as the level of severity of the illness or disability and the impact it has on one’s ability to perform work duties.
Disability in this regard can be divided into two categories:
- Temporary disability- In this case, policyholders will receive up to 100% of their income (after tax), for up to two years in the event that they become temporarily disabled.
- Permanent disability- In this case, should one become permanently disabled, the monthly benefit amount will be upgraded to 100% of the individual's after-tax income until one’s selected benefit expiry age. If one has insured less than 40% of one’s income, the benefit will be automatically upgraded to 2.5 times the individual insured amount.
Discovery Insurance Services
Those looking to acquire the cover necessary to protect the importance of income can choose.
The covers are as follows:
- Comprehensive Income Continuation Benefit on a Classic or Purple Life Plan.
- Essential Income Continuation Benefit on an Essential Life Plan.
The Comprehensive option provides market-leading protection inclusive of automatic cover for one’s entire life, with the additional ability to:
- Protect one’s annual bonuses.
- Receive full lifestyle protection through a variety of benefits.
- The power to translate improvements in health and wellness into additional income in retirement.
- The ability to receive a portion of one’s premiums back through the PayBack Benefit.
Alternatively, the Essential option provides cost-effective, market-equivalent cover at a highly competitive premium.
Reasons to get income protection insurance
Discovery’s income protection plan offers the vital cover to ensure one’s life and all the essential components are taken care of in order to continue the lifestyle one is used to. Beyond this, Discovery offers market-leading features which enhance the protection that one receives with Discovery’s Income Continuation Benefit.
Discovery Insurance – Income Protection Insurance
- Product Income Protection Insurance
Discovery will pay you 100% of your salary when you have income protection and you become temporarily disabled. They will pay you for up to 2 years or until you have healed.
If you are permanent disabled they pay out 100% of your income you have earned to live comfortably and pay your day to day needs until your premium's expiry date.
Benefits of Discovery Insurance
- Car and home insurance - Discovery offers comprehensive car and home insurance and they have professional emergency assistance as part of these insurance policies. They also reward you if you are a good and safe driver with a comprehensive rewards program.
- They have the best medical cover there is - They have a wide range of medical cover and are industry leaders in the management of medical aids. They have additional gap cover that can be used in conjunction with their medical aid plans to cover any PMB shortfalls that may occur.
Get Income protection from Discovery today.
Discovery offers market-leading features which enhance the protection that one receives with Discovery’s Income Continuation Benefit.
These features can be described as:
- Automatic whole-of-life protection- This means those that choose to sign up with the Income Continuation Benefit from Discovery Life will automatically be provided with whole-of-life protection at a lower effective premium compared to traditional income protection products that expire at the age of retirement.
- Immediate upgrade to 100% of one’s pre-disability income on permanent disability.
- Automatic lifestyle protection- Those who choose to select the Comprehensive Income Continuation Benefit option can enjoy the benefits of:
- Automatic cover for one’s other qualifying Discovery product premiums for up to 24 months on temporary disability through the Contribution Protector.
- Protection for one’s entire family on the Classic Life Plan through the Family Protector Benefit.
- A four-month waiver on one’s qualifying Discovery Life Plan premiums after childbirth through the Maternity Premium Waiver Benefit.
- Top-up Income Continuation Benefit- This means that one can protect up to 100% of one’s income (after tax) on temporary disability for up to 24 months. This can be done by combining Discovery's Top-up Income Continuation Benefit with the Comprehensive or Essential Income Continuation Benefit.
- Protection of annual bonus- Many receive an annual bonus which can help with a lot at certain times of the year and many become dependent on this additional finance. With Discovery’s income protection insurance, one can select to protect one’s annual bonuses for up to five years in the event that the individual experiences a qualifying permanent disability through the Performance Bonus Protector. This can be done by simply adding on an additional premium on the Comprehensive option.
- Increased payout every year during claims- This means that one can increase their payout each year by the consumer price index (CPI) or CPI + 3% on the Comprehensive option, or alternatively, one can choose to keep the payout level.
Additional retirement Income protection
Those who choose to sign up with Discovery’s Comprehensive Income Continuation Benefit option have the chance to supplement their income well into the stage of retirement. To put it simply, this is how it works.
At the start of one’s Income Continuation Benefit, a fund equal to 10% of one’s insured amount is automatically established. Every year, an additional 10% (automatic option) or 100% (buy-up option) of one’s insured amount is deposited into an individual's fund.
The accumulated Income Continuation Fund will be paid out in 10 equal instalments, with the first payout being made at the end of the month in which the individual turns 65. This adequately provides one with a substantial additional income in retirement. The addition of the retirement funding is an extra incentive by Discovery which demonstrates even more how far one needs to plan when taking out income protection in South Africa.
Income protection claims
To submit a claim, one can contact Discovery Life Claims on 0860 103 905 between 08:00 - 17:00 Mondays to Thursdays and 08:00 to 16:00 on Fridays. Alternatively, one can scan and post a claim to Discovery Claims, PO Box 3017, Rivonia, 2128 or, scan and email your claims to [email protected]
Income protection quote
To get income protection insurance, one can start by getting a quote by visiting discovery.co.za and complete the necessary fields of the information under “Get a life insurance quote today!” and Discovery will call you back. Alternatively, one can speak directly to a Discovery consultant by calling 0860 000 628.
Discovery Insurance is a trusted & reliable provider of income protection insurance
In our review, we found Discovery Insurance to be an insurer licensed to conduct income protection insurance business and is regulated under the Financial Sector Conduct Authority.
Discovery Insurance is a registered and licensed insurer in South Africa: FSP 46336
Customer Reviews & Testimonials
Are you tired of looking over your shoulder when its pay day are you scared someone is going to take your hard earned money and savings, well I did too until I joined Discovery's income protectio...
— Vereeniging —
The luxury premium company for you that give you so much coverage.
— George —
So I just put in my second claim by Discovery and I must say no trouble at all, everything went easy and no paperwork!
— Potchefstroom —