Salary Protection policy FAQs and answers
Get Salary Protection cover from FRANK.NET and be secure in the knowledge that your income is covered should you be unable to work due to illness, injury or retrenchment.
Read our FAQs to help you to decide which insurance plan best suits your requirements. Call 0860 722 227 to speak to an experienced agent who will answer all of your questions.
1. When will I receive my first month's Salary Protection payment?
As long as your agreement with us has been in place for at least three months, your claim for retrenchment will be considered. Should it be successful, payments will commence 3 months from the date of your last salary payment from your employer.
A Salary Protection claim for illness or accident will be considered immediately, but is also subject to a 3-month deferment period from the date of your final salary payment.
2. Over what period will you pay out?
If you're temporarily unable to work due to retrenchment, we will pay out for a maximum of six months, giving you time to find a new job.
If you're permanently unable to work due to illness or injury, FRANK.NET will give you a monthly payout up to the age of 65. However, regular assessments will take place to determine whether you are able to go back to work.
3. Can I get retrenchment as a separate package?
No.
4. Will you pay out if I take a voluntary severance package?
No.
5. Will you pay out if I'm fired?
No.
6. What are the conditions for payout in the case of retrenchment?
You must have been paying your premiums for a minimum of three months in order for your claim to be considered. Your employer needs to have followed a legal retrenchment process. You cannot be self employed or employed by a member of your family.
7. Why do I have to keep paying my premium if I am claiming?
This is to make sure that you remain covered while claiming. For example, you may be claiming your Salary Protection payout for illness and then be retrenched.
8. Can I claim for retrenchment more than once?
You can claim once in a period of 12 months, although we hope you don't have to!
9. Will FRANK.NET payout even if my company pays me a severance package?
Yes, the severance package given to you by your employer can be used for the 3-month deferment period before FRANK.NET will begin making your monthly payments.
10. Do I have to be permanently disabled to claim?
No, this also covers temporary disability due to illness orinjury. FRANK.NET will make regular assessments to verify whether your illnessor injury remains severe enough to prevent you from re-entering the workforce.
11. What kind of tax documents can you supply me?
We will supply you with an IT3 document to submit for your tax rebate and an IRP5 as proof of earnings if you claim from SARS.
12. Are my Salary Protection premiums tax deductible?
Yes, we will send you an annual tax certificate that you can submit to SARS. SARS will then decide on your rebate.
If you require more information regarding income cover, take action today. Contact FRANK.NET on 0860722 227 to get a Salary Protection policy today.