Life happens, and while it often goes perfectly according to plan, we can’t always be sure what’s around the next corner, but we can try our best to plan for what could happen.
Life cover helps us prepare for the unknown, it helps us to protect our families, but what about the other aspects of life, what will help us to protect ourselves in times when we need it most.
Imagine you’re in an accident, or something unpredictable affects your health, and this leaves you in a position where you’re unable to work. Permanently.
What will you do?
That’s where disability cover comes in. This kind of cover offers you financial compensation when you are unable to work when you have been disabled because of an accident or an illness. In the event that you become permanently disabled, you will either be paid out a fixed amount of your choice which is based on the amount you are insured against, or you will get a percentage of your monthly salary until you retire.
There are two types of disability insurance, occupation-based disablement, and event-based disability.
Occupation-based disablement pays out a lump sum when you are permanently unable to perform the normal tasks of your occupation, and where you won’t be able to do any other work. The amount paid to you is based on your level of education, knowledge, training and experience in your field. This benefit is paid out for illness and/or injury.
Event based disability (also known as accident cover) pays a percentage of the sum insured for a specific disability according to set criteria described in the policy. It includes, but is not limited to, injuries where you lose hearing, sight, an arm or leg, or becoming wheelchair bound.
How do you know if you have the right cover? It’s a good idea to sit down with your adviser and review the policy you have in place. Often, people don’t update or review their cover and because finances have improved, their specific needs for cover might no longer be met based on their current policy.
If you don’t have disability cover in place, this might be the right time to look into it.
Feel free to get in touch with us to either review your current policy, or to look at adding disability cover to your life cover bouquet.
If you would like to discuss this further, feel free to get in touch with us.
☎️ +27 21 933 4170