Employment Insurance or Job Insurance, better known as Income Protection Cover, is a type of Life Insurance policy that pays a monthly "salary" in the event that you become disabled due to injury or disease and unable to earn an income.
Most Life Insurance Schemes in South Africa offer some sort of Employment Insurance or Income Protection, so you are spoiled for choice. You should always discuss your requirements with your broker to make sure you get the best advice on which scheme and which options will work best for you.
Income Protection typically offers a benefit up to around 65% of your Gross Monthly Income. This limit is a legal requirement so no scheme can legally offer you more cover than that, and it is illegal to get Income Protection cover from different schemes to get more cover than 65% of your Gross Income. Keep in mind that most schemes will also have a maximum Rand amount that they can offer as a benefit. Should this be less than what you need, and less than 65% of your Gross Monthly Income, you may have to look elsewhere.
You will have to decide on the waiting period before you can claim after a claim event. The waiting period can be anything from a few days to 12 months, depending on the schemes rules. Typically the longer the waiting period the cheaper the premium.
Because Employment Insurance or Income Protection pays out monthly you have to consider opting for a benefit growth while in claim. If you are in a situation where you become unable to earn an income for a long time, inflation may reduce the value of the payouts year after year to a point where you start to struggle financially. To counter this you can choose for the monthly benefit to increase annually by a percentage or by CPI. Opting for this will increase your premium but may be well worth it in the long run.