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Income Protection Cover

Pays you a salary while you recover

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income protection insurance

Life doesn't pause when a severe illness strikes

Investec Life’s Severe Illness Cover (also known as dread disease or critical illness cover) offers a tax-free lump-sum payout if you're diagnosed with a severe illness like a heart attack, stroke, or cancer. It helps you cover the financial gaps in your treatment, allowing you to access high-cost advanced treatments, make lifestyle changes, supplement potential income losses, and get the right support in place to ensure you can focus on what matters most – your recovery.

 

  • Why do you need this cover?

    Despite our best efforts to be proactive about our health, regardless of age, a severe illness can still arrive uninvited through genetics, environmental factors, or simply changes in cellular biology. that's why our cover was designed with input from medical specialists within the industry to ensure cover is comprehensive, and future-proof

  • When does it payout?

    Severe Illness Cover pays out if you’re diagnosed with a severe illness or experience a trauma-related injury. Payouts range from 5% to 100% of your cover amount, depending on the severity and impact of the condition, and are assessed using objective medical criteria across multiple categories of illness.

     

    The cover also includes additional protection for conditions that affect your ability to perform everyday activities, even where standard medical criteria may not apply. For certain categories, cover may automatically reinstate after a claim, helping protect against future unrelated severe illness events.

     

How income protection insurance works
Comprehensive, flexible cover

Cover your income if you’re unable to work due to illness or injury. Income Protection Cover provides up to 75% of your net income, with Temporary Income Topup Cover extending this to up to 100%.

Tailored benefits for your needs

Payouts are based on objective medical criteria or your specific job-related duties. If you're self-employed or a professional, we can backdate your claim to the first day you're unable to work, so you’re covered from day one.

Quick and reliable protection

With a 7-day deferred period, you don't need to be booked off work for 30 or 90 consecutive days before your claim is considered, giving you financial protection when you need it most.

The video on this page contains factual information and should therefore not be regarded as financial advice.

Download Investec Life’s Income Protection Cover brochure PDF 785.7 KB

Get a quote or apply now

If you are an Investec Private Banking client, you can get a quote or apply for our life insurance solutions via Investec Online or the Investec App. Simply navigate to the "Insure" tab in the main menu to get started.

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FREQUENTLY ASKED QUESTIONS

  • What is Income Protection Cover and how does it work?

    Income Protection Cover ensures you’re financially secure when illness or injury prevents you from working. It pays up to 75% of your net income each month, with the option to increase this by 25% with Investec Life’s Temporary Income Topup Cover. If you become permanently disabled, the cover can be upgraded to 100% of your income.

    Income protection replaces your income if you are unable to work due to illness or injury. Investec Life’s Income Protection Cover is a standalone product, meaning you don't need to have Life Cover to qualify. It helps bridge the gap in your earnings while you recover.

  • What is covered under this benefit?

    Income protection helps you maintain your monthly financial commitments when you cannot work. That means you never have to miss a debit order, paying for your child’s education, or downscale your lifestyle while you recover or live with a permanent disability.

  • What happens if I become permanently disabled?

    If you become permanently disabled, your Income Protection Cover can be upgraded to 100% of your net income, ensuring complete financial security during your recovery.

  • Will my premiums change over time?

    Your future premiums will not be affected by changes to your or your family’s health. This ensures that your income protection remains affordable and reliable throughout the duration of your policy.

  • What is a deferred period?

    The time between being unable to work, and your cover begins paying out. Shorter deferred periods mean faster access to income replacement.

  • Who typically needs a 7-day deferred period?

    Medical specialists managing private practices and business owners who need reliable income protection to cover short-term income interruptions.

    If you have not accounted for this risk in your financial plan, then income protection – with a 7-day deferred period – is essential to safeguard your income.

  • Is 7-day deferred income protection better than a 30 or 90-day option?

    This depends on your individual financial situation and emergency savings. We recommend you speak with a salaried financial adviser to ensure you take out cover that is tailored to your needs.

  • Is income protection insurance tax-deductible?

    Income protection premiums are not tax-deductible however the claims payouts from income protection products are thus not taxable and are tax-free.

  • Do I need income protection cover?

    Did you know that you’re more likely to be off work for an extended period of time than you are to die before retirement? Income protection cover gives you the security you need to effectively be “paid” even when you cannot work.

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Statutory information and disclaimer

Investec Life Limited, a member of the Investec Group, is a licensed Life Insurance Company (Reg.No. 1944/017130/06) and an authorised Financial Services Provider (FSP number 47702).

With the Protection of Personal Information Act in effect, please take a moment to review Investec’s Data Protection Statement so that you understand how Investec processes your personal information and the rights you have in relation to your personal information

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Investec Life Limited, a member of the Investec Group, is a licensed Life Insurance Company and an authorised Financial Services Provider (FSP number 47702). Terms and conditions apply.