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Retrenchment Cover Introduction
Retrenchment is most becoming a serious reality many South-African’s face. In February 2014, Retrenchment was at the highest peak in 10 years. Employed individuals should not underestimate this shocking fact. For many people, the biggest fear is losing your home or security because of retrenchment. Luckily, there are means available to defend you against the unexpected. Retrenchment cover is an insurance product that can help you minimize the risks.
For some, retrenchment will mean not having food on the table. A great product like retrenchment cover can make all the difference in the world. With unstable markets and a fragile economy, retrenchment can happen to anybody in any industry. Being prepared is the responsible thing to do.
What is Retrenchment Cover?
Retrenchment Cover pays out policyholders if they are involuntarily retrenched. Retrenchment cover was designed to help policyholder get back on their feet. Have you ever considered the consequences of losing your income? Most South-Africans have debt, a mortgage, financial dependents, etc. Retrenchment cover can assist you financially for up to six months. This will provide the policyholder the opportunity to seek alternative employment.
Why Do I Need Retrenchment Cover?
There are many reasons why an employed person needs retrenchment cover. Most notable is the ability to adhere to financial obligations upon loss of income. Many South-African’s are financially responsible for more than one person. If the family breadwinner loses income suddenly, there will most likely be a lot of strain on the dependent family. Without some form of financial support, retrenchment can be devastating. The insured person will have less stress and will be able to focus confidently on finding a new job.
Examples of Retrenchment Cover Benefits:
- You can, usually, claim multiple times
- The maximum cover amount available is R150 000 (6 months)
- It is available as an ancillary benefit
- Your payout will be in a lump sum
- No medical underwriting is necessary
Who Qualifies for Retrenchment Cover?
Most Retrenchment insurance will not be available if you are an employee of a family owned business (if you are part of the employer’s family) or self-employed. To qualify for this policy, you must have been continuously employed on permanent bases for at least two years. At least one of the two years must have been with employer from which you have been retrenched.
What Providers do you Represent?
Retrenchment cover is a fairly new concept. Due to the increase in demand, the industry had to respond with something viable. At the moment, we only represent Altrisk. We have considered a couple of retrenchment insurance products. We feel the Altrisk Retrenchment plan has a lot to offer. We are constantly looking for new providers to include on our roster.
How Do I Get a Free Quote?
It is extremely simple to get a free retrenchment cover quote. All you need to do is complete the basic contact form on our website. We will contact you telephonically to explain everything to you. We do not hand over your contact details to any third parties. InSHoor™ handles everything from start to finish. It does not cost you anything to use our service. Our retrenchment cover quoting system is free. If you are satisfied with your free quote, we can arrange your cover at no additional cost.
Two young entrepreneurs founded InSHoor™ in 2011. With an immense passion for the insurance industry, InSHoor™ quickly became a reliable force in the industry. InSHoor™ was rewarded top AVBOB broker in South Africa in 2012 & 2013. With amazing customer service and nationwide service, you know you are in good hands. InSHoor™ strives to make insurance easy to understand. We do our best to ensure that all our clients are 100% confident and satisfied with the products and services offered by us.