Retrenchment insurance, is it worth anything?

[Jet-Fighter7700]

Hi all,

So I wanted to find out if anybody here has taken out a retrenchment insurance policy with Frank.net before?

Worth anything? I mean for 200 odd Rand a month to cover your salary after 6months sounds like a great deal.

Is it like most insurance though? That just look for any way to not pay you?

Anybody ever taken out those kind of policies before?

 

[Drifter]

Frank.net is crazy expensive for what you get, There are cheaper and better options available.

 

[LumexClipsal]

Frank.net is crazy expensive for what you get, There are cheaper and better options available.

Like?

I think I should also consider this. This year is not going to be a good one - I feel it in my bones

 

[Drifter]

Look at an income protector form Liberty for instance. Just be advised that most of these type of policies have a clause that the policy has to be in force for X amount months before cover kicks in. Pretty sure you can figure out why.

 

[SauRoNZA]

I have this built in with my other Old Mutual insurance and I'm almost certain all of that was less than R200 outside of the disability cover.

 

[Jet-Fighter7700]

My question though is;

How easy/hard is it to claim when you been retrenched?
Do they phone your boss to confirm?
And do they give what they claim to? Piece of mind?

I mean short of trying to claim uif, is it worth anything?

 

[saturnz]

If you plan your finances up front correctly then job security is not the be all and end all of life.

I had a steady job for seven years, it also happened to be my first job ever. My boss loved my work and I received stellar performance reviews every year.

One day they offered me a permanent position and I rejected it on the grounds I would have to pay a pension... a year later I was without a job.

That was two years ago and I haven't bothered looking for a job again, and I have no intention of doing so.

The first day I started working though at that job, I knew it wouldn't last and I immediately started allocating my income into assets. When I left the job I had no debt and I was generating my own income, it was really a seamless move from having a job to not having a job.

 

[supersunbird]

My question though is;

How easy/hard is it to claim when you been retrenched?
Do they phone your boss to confirm?
And do they give what they claim to? Piece of mind?

I mean short of trying to claim uif, is it worth anything?

Can't help since I never had to claim. I have a frank.net policy, since 2012. Cover costs about R10 for every R1000 covered, in my case. So R15 000pm cover (for up to 6 months) will be about R150pm premium.

Here a dated article about the subject:
http://www.fin24.com/PersonalFinance/Money-Clinic/Fearing-retrenchment-What-to-do-20101029

Mr Price Money also has something

https://www.mrp.com/en_za/fs/financialservices.jsp

360 Degree Protection Plan

R10 000 cover in the event of:
•Death
•Retrenchment
•Certain critical illnesses
•Hospitalisation for 14 or more consecutive days

R41.00pm premium

R10 000 is better than a kick to the face...

 

[nevadayz]

try Liberty, i had a retrenchment protector with them, was also around R200pm, and covered my full salary.

Also, i still currently have a standard income protector with them.

 

[Jet-Fighter7700]

With that liberty one, must I use a broker?

Or can I apply myself?

Just testing the waters at this stage, nothing concrete yet.....

 

[nevadayz]

With that liberty one, must I use a broker?

Or can I apply myself?

Just testing the waters at this stage, nothing concrete yet.....

hmm, not too sure, i did it through a broker. Best bet is to give them a call.

 

[Drifter]

With that liberty one, must I use a broker?

Or can I apply myself?

Just testing the waters at this stage, nothing concrete yet.....

Please see PM.

 

[Ocali]

If you plan your finances up front correctly then job security is not the be all and end all of life.

I had a steady job for seven years, it also happened to be my first job ever. My boss loved my work and I received stellar performance reviews every year.

One day they offered me a permanent position and I rejected it on the grounds I would have to pay a pension... a year later I was without a job.

That was two years ago and I haven't bothered looking for a job again, and I have no intention of doing so.

The first day I started working though at that job, I knew it wouldn't last and I immediately started allocating my income into assets. When I left the job I had no debt and I was generating my own income, it was really a seamless move from having a job to not having a job.

care to educate us on how to go about doing this?

 

[Wasp_21]

care to educate us on how to go about doing this?

You will first have to go back 7 years, or start now and in 7 years time you could post as he has . People in these situations do not have the same life experiences as others. Each person's situation is different. in short, if you weren't able to do this back then, chances are its not possible now.

 

[saturnz]

You will first have to go back 7 years, or start now and in 7 years time you could post as he has . People in these situations do not have the same life experiences as others. Each person's situation is different. in short, if you weren't able to do this back then, chances are its not possible now.

+1

 

[shooter69]

You will first have to go back 7 years, or start now and in 7 years time you could post as he has . People in these situations do not have the same life experiences as others. Each person's situation is different. in short, if you weren't able to do this back then, chances are its not possible now.

+1