Risk cover doesn’t have to break the bank

There’s no disputing that good health and the ability to earn an income are two of your most valuable assets. Without the two, we cannot acquire the tangible assets we hope to, like cars, houses and future wealth. This is why it’s important to financially protect your health and income. There is peace of mind knowing that even when you aren’t healty, your income will not run dry. You can continue to pay for your car and house. And you can contribute towards building wealth, with the help of income risk cover.

Jaco Gouws, Protection Product Head at Old Mutual, says that the need for risk cover cannot be overlooked. “Risk cover essentially acts as a financial seatbelt to protect your income against the costs of an illness or injury. If you claim, you will receive a tax-free lump sum, a monthly income, or both. These will help you pay for your recovery, or simply take care of your usual expenses.”

Old Mutual’s recently released claims statistics unpacked the R4.49 billion paid in underwritten claims. Gouws noted: “The top five causes for which claims were paid in 2017 were Cancer and Tumours (30%), Cardiovascular Disorders (18%), Central Nervous Disorders (12%), Musculoskeletal Disorders (11%) and Trauma and Lifestyle Disorders (8%).

“No one expects to suffer from a disability or severe illness, but life unfortunately takes unexpected turns sometimes,” he says.

Risk Cover for All

There is risk cover to suit all pockets. Gouws explains that with the help of your financial adviser, you can tailRisk Cover for Peace of Mindor your GREENLIGHT risk cover to suit your needs and affordability.

To illustrate just how affordable risk cover can be, Gouws uses a practical quote example for GREENLIGHT risk cover. “For as little as R200 a month, a 25-year-old female lawyer who earns R25k per month can get Premium Severe Illness cover of R600 000, which includes a R71 monthly Savings Benefit.

“For just R240, the same person profiled above can get Disability Income cover for 75% of her salary,” he adds.

“We easily spend R200 or more on a meal at a medium-priced restaurant. Simply cutting back on some expenses and redirecting that money into investing in adequate risk cover could give you much needed peace of mind.”

Take various factors into account when deciding which cover would suit you best. So it is advisable to speak to a financial adviser, says Gouws. “Consulting a professional will ensure that you get the right cover for your needs. They can also help you to adjust your cover as your needs change over time and as you progress through your career and life.”


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All info was correct at time of publishing