With Discovery's Income Continuation Benefit, your lifestyle is protected if you become disabled or severely ill.
Protect your income and your financial security
It is essential to have income protection to be ready in case of severe illness, injury or disability. Discovery's life insurance offers you the Income Continuation Benefit, which protects your income if you are no longer able to perform the duties of your job.
The amount of your monthly payout depends on the percentage of your salary you choose to insure, as well as the severity of your illness or disability and the impact that it has on your ability to generate an income.
On temporary disability
You can receive up to 100% of your income (after tax) for up to two years if you become temporarily disabled.
On permanent disability
If you become permanently disabled, your monthly benefit amount will be upgraded to 100% of your income (after tax) until your selected benefit expiry age. If you have insured less than 40% of your income, your benefit will be automatically upgraded to 2.5 times your insured amount.
Market-leading features enhancing your protection
Automatic whole-of-life protection
The Income Continuation Benefit from Discovery Life automatically provides you with comprehensive whole-of-life protection at a lower effective premium compared to traditional income protection products that expire at retirement.
Immediate upgrade to 100% of your pre-disability income
If you become permanently disabled on the Comprehensive option, your benefit amount will be upgraded to 100% of your income (after tax). If less than 40% of your income is selected as your insured amount, you will receive an automatic upgrade of 2.5 times your insured amount. We will also waive your waiting period on permanent disability.
On the Essential option your insured amount will be boosted by 1.33 times if you become permanently disabled and unable to perform your nominated occupation.
Automatic lifestyle protection
We provide peace of mind on the Comprehensive option through a variety of benefits that cover all aspects of your lifestyle:
- Automatic cover for your other qualifying Discovery product premiums for up to 24 months on temporary disability through the Contribution Protector
- Protection for your entire family on the Classic Life Plan through the Family Protector Benefit
- A four month waive on your qualifying Discovery Life Plan premiums after childbirth through the Maternity Premium Waiver Benefit.
Top-up Income Continuation Benefit
Protect up to 100% of your income (after tax) on temporary disability for up to 24 months by combining the Top-up Income Continuation Benefit with the Comprehensive or Essential Income Continuation Benefit.
Protect your annual bonuses
In recognition that many people earn a substantial portion of their income through annual bonuses, for an additional premium on the Comprehensive option, you can also select to protect your annual bonuses for up to five years upon experiencing a qualifying permanent disability through the Performance Bonus Protector.
Increase your payout every year during claim
Increase your payout each year by the consumer price index (CPI) or CPI + 3% on the Comprehensive option, or choose to keep your payout level.
Increase your cover without underwriting
Increase your cover by 20% without additional underwriting every three years, subject to a negative HIV test.
Receive retrospective payout
Certain professionals in private practice, who select a seven-day or a one-month waiting period, can get backdated payouts from day one if you suffer from a qualifying injury or illness.