Disability insurance is arguably one of those difficult areas of life cover. In fact, disability cover accounts for the most complaints received by the life and disability cover ombudsman.
What is Disability Cover?
If you wouldn’t be able to go without an income for an extended amount of time should you fall ill or be injured, you need disability cover.
Nobody is immune to serious illness or accidents. If you find yourself unable to work for an extended period of time, you’re going to run into financial problems.
A disability isn’t an older person’s problem. And it’s not only seniors who need disability insurance cover. Disability is the inability to work due to ill-health or a mental condition. And disability cover pays out an income or a lump sum when you can’t work due to one of these reasons. Life and disability insurance will essentially cover you and your dependents.
Can I get Disability Cover Without Life Cover?
Unless you have dependants, you might not need to insure yourself against death. But every working person needs disability cover from the day you start working. What happens should you encounter a disability the first day on the job?
Disability Cover and Your Spouse
If you’re married and your partner doesn’t work or doesn’t make enough to support you both, you’re going to need cover.
The amount of disability cover you need is going to vary depending on your changing circumstances through your working career.
A lot of people will have disability cover via schemes that their employers are part of. These are often part of retirement funds or disability insurance added onto life insurance.
Disability cover is highly complex. There are a lot of misunderstandings when it comes to what is covered, limitations and definitions. This often creates a technical minefield.
Some Life Insurance Providers Who Can Help
Many of the insurance providers in SA, such as Discovery Life Insurance and Metropolitan life can help with disability cover. As can Santam and Old Mutual. Discovery disability cover offers comprehensive cover in the event of not being able to work for extended period of time due to accident or illness.
More About Disability Cover
A lot of these policies don’t come with a commitment to pay out for the rest of your life. The amounts paid out can vary too. It’s for this reason that many a dispute arises and fraudulent claims too. So be sure to understand your disability cover policy, the term and conditions and of course the fine print.
Disability Insurance Quote Online
To get disability and life cover insurance quotes online, simply fill in the form on this page and click Submit. One of our insurance experts will be in touch soon to devise the right disability cover plan for you and your dependants.