Liberty enhances Income Protector to match how South Africans are working

Liberty has announced significant enhancements to its income protection suite of benefits, under its flagship Lifestyle Protector offering, making it easier than ever for South Africans to safeguard their earnings against illness or impairment.

Lifestyle Protector, through its Income Protector benefit now offers cover for an even wider range of income earners, from high-earning professionals to those in higher-risk occupations and the growing gig economy. This is because the way South Africans earn an income has fundamentally changed.

“South Africans are working in new and diverse ways, often juggling multiple income streams. In this evolving world of work, it’s common to find individuals working as freelancers, content creators, and virtual assistants.  Research shows that 57% of working South Africans are “poly-jobbers”, while 73% of youth aged 18 to 19 engage in gig work. Our product enhancements reflect this shift by offering flexible, comprehensive solutions that protect against the very real risk of income loss, at every life stage across a much broader range of individuals and professions”, says Mark Barberini, Head of Complex Risk Solutions.

Income Protector covers up to 100% of your after-tax income, even for a second occupation, should you become occupationally disabled or suffer an impairment. Income protection that covers both primary and secondary income sources is ideal for side hustles, part-time work or dual occupations.

Protecting as much of your income as possible ensures your lifestyle and financial obligations are protected.

Key updates to the Income Protector benefit in October 2025 include:

• Expanding cover to more occupations across professions, including higher-risk and gig economy workers.
• For non-professionals the cover increased from R150 000 to R200 000 and professionals increased from R200 000 to R300 000 per month for professionals, so even higher-income earners can protect more of their earnings.
• Extending the maximum entry age for Income Protector to accommodate clients working longer and retiring later.

This means that Income Protector now covers more occupations than ever before to meet the income protection needs of middle- and lower-income earners with higher risk occupations but also extends to individuals in the high-income category.

Taking the working landscape into consideration

“We have taken into consideration the evolving working landscape in South Africa. Higher risk occupations such as construction workers and mining technicians, often lack income protection despite needing it just as urgently.  Similarly, content creators and professionals in the entertainment industry face irregular work patterns and extended periods without income, which can lead to significant financial stress, and anxiety for them. These income earners still require access to income protection because the risk of a health event limiting their ability to earn is sometimes higher; and some of these occupations were previously excluded from traditional policies due to their high exposure to various risks. We’ve adapted our solution with great thought to support those who are more vulnerable than others to income loss,” says Barberini.

Furthermore, the list of claim events eligible for guaranteed payments has grown from 15 to 50 events, including short-term injuries like severe cancer, strokes, fractures and hospitalisation. This adds more certainty that your Income Protector policy will pay out an income should you suffer one of the listed events.

Life-long protection if your health changes

As part of its improved income protection offering Liberty has also launched a new benefit, Impairment Income, that is designed to provide a guaranteed monthly income if a client becomes permanently impaired.

“Job losses aren’t always as a result of economic factors or retrenchments,” continues Barberini.

 “Oftentimes people suffer sudden serious accidents, that can severely impact their physical and cognitive abilities: Consider this scenario; *Mark, a 38-year-old mechanic, is involved in a serious car accident on his way to work. He suffers a traumatic brain injury that results in permanent cognitive impairment. Despite extensive rehabilitation efforts, he is no longer able to perform complex tasks or complete his work as he did previously. After an extensive assessment Mark is declared permanently impaired by a specialist.”

Liberty has considered these kinds of scenarios and created an Impairment Income benefit. This new benefit gives clients the chance to choose a benefit period that suits their needs, whether it is up to the ages of 60, 65, 70, or for the rest of their life. Should something happen, and the client is deemed to be permanently impaired, they will begin receiving monthly payments of 50%, 75% or 100% of the insured amount depending on the severity of the impairment.

It allows claims under 15 different impairment categories without any occupation or income requirements. The biggest protection mechanism is that the claim amount automatically increases each year with inflation (CPI) once the client is in claim. 

“Being permanently impaired can impact your earning ability and could mean increased costs because of treatment and medication. Our new Impairment Income offering is designed to help our clients navigate what could be a difficult time due to their loss of function but with a monthly amount that maintains its real purchasing power,” says Barberini.

More certainty, faster claims, less stress

“Your income is the foundation of your lifestyle, your goals and your family’s future. It is your greatest asset. These enhancements are about making income protection more accessible, more flexible, and more relevant to how South Africans work today. Whether you’re a salaried professional, a business owner with multiple incomes, or a gig worker, this cover helps protect your financial security, even when your income stops,” Barberini concludes.