1. A: Lockdown
1.1. 1. UIF
1.1.1. If Reduced Pay
1.1.2. If No pay Temporary Layoff / Unpaid Leave
1.2. 2. Emergency Fund Account
1.3. 3. Reduce Expenses
1.4. 4. NO Claim Against Personal Insurance
2. Possible Options / Strategies When Income Is Reduced or Stopped
2.1. 1. Claim UIF
2.1.1. For unpaid leave during lockdown
2.1.2. For illness benefit if forced to take unpaid leave
2.2. 2. Access Emergency Fund Account
2.2.1. Money Market / Income Fund
2.2.2. Access Bond
2.3. 3. Reduce Expenses
2.3.1. Negotiate with your Creditors / Bank
2.3.1.1. Use the "breathing room" to build up your emergency account if it is not in place or can't cover 3 - 6 months of your expenses.
2.3.1.1.1. Banks and other Lenders are now more lenient than at any other time in SA history. Negotiate Relief NOW while things are "tight" DO NOT wait until you already can't make payments.
2.3.2. Contributions to INVESTMENTS can be paused to ease cashflow, do not cancel if you can avoid it, there are often costs and penalties when you cancel a financial product
2.3.2.1. Cut Luxuries
2.3.2.1.1. Holidays
2.3.2.1.2. DSTV
2.3.2.1.3. Takeaways
2.3.3. Payment Holidays - DO NOT CANCEL
2.3.3.1. Insurance products - BE VERY CAREFUL this should be a last resort. in most cases you will not be able to claim while you are on a payment holiday. Talk to your Financial Planner first!
2.4. 4. Claim from Personal Insurance
2.4.1. Retrenchment Cover
2.4.1.1. Only if you have permanently lost your job and you are not employed in a family company
2.4.2. Sickness & Temporary Income Protection
2.4.2.1. Sickness benefit: Criteria is you are booked off sick with a medical certificate / note
2.4.2.2. Temporary Disability / Income Protection. Need to be unable to work may have to prove loss of income
2.4.2.3. Sickness benefit: Criteria is you are booked off sick with a medical certificate / note
3. B: Lost Job / Retrenchment
3.1. 1. UIF
3.2. 3. Reduce Expenses
3.2.1. 4. Personal Insurance Retrenchment Cover
3.3. 2. Access Emergency Fund Account
4. C: Quarantine
4.1. Positive Diagnosis
4.1.1. 1. UIF Illness Benefit claim, if on unpaid leave
4.1.2. 4. Normal Sickness / Temporary Income Benefit Insurance claim , IF longer than policy waiting period
4.2. Negative Diagnosis With Compulsory Government Mandated Quarantine
4.2.1. 4. POSSIBLE Sickness / Temporary Income - Claim depending on insurer, case by case
4.2.2. 1. UIF Illness Benefit claim, if on unpaid leave