Let us Verifi your Death Income Benefit

Helping your clients provide a hassle free Verifi Death Income Benefit. With regular income to their nominated beneficiaries after their (life insured’s) death while their estate is being finalised.

Our Life insurance Policy, can be combined with other benefits for a holistic solution

By combining the Death Income Benefit with the Last Survivor Benefit and the Estate Provider Benefit, your clients can create a comprehensive, cost effective solution that will address all of their estate planning needs on the policy.

The benefit to your clients

The Death Income Benefit is ideal for providing your clients’ dependants with a verifi hassle free regular income. This is for a specified pay-out period, while their (insured life’s) estate is being finalised. The proceeds from this benefit will assist your clients’ dependants in dealing with the harsh realities. The demands of paying bills and other general expenses that they may not have dealt with previously. Helping them to survive financially while the estate of their deceased loved one is being finalised.

How does the Death Income Benefit Work?

The policy owner can select a 6, 12 or 24 month pay-out period on the Death Income Benefit. The benefit will pay out to the nominated beneficiary(ies) within a day, after a claim has been assessed and approved. The following payments for the specified period will occur on the first working day of every month.

The maximum benefit amount will be the lower of the insured life’s gross income or R150 000 per month (not aggregated with other death benefits).

The monthly claim amount will escalate with the prevailing CPI rate (limited to a maximum of 10%) on the claim anniversary date if the 24 month term was selected

The insured life can select up to six beneficiaries.
In the event that a beneficiary passes away while the benefit is in claim (i.e. whilst receiving the monthly claim pay-out) a commutation value, equal to the number of the monthly claim amount pay-outs still to be made, multiplied by the monthly claim amount, will be paid to the estate of the beneficiary.
Once the nominated beneficiary is receiving the monthly claim payments, he/ she will not be able to nominate an alternative beneficiary to receive the claim payments in the event that they die while receiving these payments.

A stand-alone benefit that provides beneficiaries with a monthly pay-out for a 6, 12 or 24 month period.

The Death Income Benefit is a stand-alone benefit that offers your clients peace of mind in knowing that, in the event of their death, their dependants will be financially provided for with a regular monthly income to cover any ad hoc, day-to-day or regular expenses.

Why is this important?

If your clients die, their dependants will be liable for expenses that they may not have previously covered, for example; medical aid expenses, utility bills, bond repayments and other general living expenses that will be required to maintain their lifestyle. The Death Income Benefit allows your clients to proactively plan for this eventuality, by providing a regular replacement income for a specified period.