Disability Cover – the Need to Replace your Lost Income
April 30, 2018
Leaping out of bed in the morning and getting your day underway is something we take for granted. Imagine your life if you had to wait for someone to come and turn you in bed or prop you into a sitting position. Too terrible to contemplate really, and yet this is the reality of many South Africans. Here we will have a look at disability insurance.
If you’re a breadwinner and you’re disabled in any way, your family suffers. Maybe you haven’t even spared a thought to the medical expenses that come with your inability to work. It is why everyone – certainly all young families – need the protection of a disability insurance pay-out.
When you’re calculating what kind of cover you need, think of this –
- the need to replace your income as it was – nothing less, nothing more
- your family’s ongoing household expenses
- medical costs
- the outstanding debt you’ll want cover for
- all the expenses you’ll have to adapt your home to your new disability
One day you can be riding the wave of health and success, and the next day everything can change and you can be in a pit of despair.
Disability cover will pay out a certain sum of money to you when you’re unable to work because of an injury or illness. Disability is simply the temporary or permanent after-effects after an accident or with an illness. These after-effects make it that you can’t lead a normal life and you can’t work.
Disability Insurance is Complex – it could cause Misunderstandings
This Disability Insurance comes in different forms and names, and its no wonder that the Ombudsman for Long-term Insurance is plagued by queries trying to determine what disability actually is.
There are actually a few issues you should take into account before choosing a disability policy. Some of these include benefit differences and exclusions. For instance, if you’re so depressed you can’t work, you may find depression being excluded from your policy.
Also, you’ll discover that most policies also have a clause that won’t cover you for conditions that you were aware of, 2 years before the date of your policy. When filling out a disability insurance application form. You’ll have to acknowledge pre-existing conditions as well as the medications you’re taking for it.
You can add some extra features to your policy which will provide you with more than a basic level of disability assurance. This is particularly useful for those who have no job and who automatically have disability cover but which isn’t sufficient. You’ll need a separate disability policy from a life assurance company.
When you start looking for disability cover. You need to do research so that you know exactly what cover you’ll be getting.
Shape Your Outcome by Choosing the Best – Disability Insurance
Disability in the insurance world is complex, so you need to understand exactly what has coverage. You’ve certainly got choices between all the different disability cover providers, and you can compare and take your pick from the likes of Sanlam, Liberty, Momentum, Discovery Insure, Metropolitan and others.
You’ll also need to know about waiting periods and be sure you’re getting the best price because rates fluctuate significantly between these different insurers.
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All info was correct at time of publishing