medicalinsuranceservices.co.za

In the sudden event you cannot work any longer and have no income, what kind of impact would that have on your life and family? Disability insurance should be essential for any person that has expenses, such as a bond, car payments, even just the daily costs of living. Disability insurance makes sure that you and your family are covered for such expenses in the event that you become ill or disabled, preventing you from working.

There are two types of disability insurance cover in South Africa.  One type is a lump sum payment at the time of the claim, and the second type is a pay out every month, just as you would receive a monthly income. Long term disability insurance pays you out if you are unable to work for longer than 6 months.

Some important considerations for disability insurance are what you need to cover your living expenses, and whether this amount covers unexpected expenses; such as home or car adjustments.  It is important to understand what your monthly needs are before deciding on what option is the best one for you.  Another consideration many people forget to think about is serious injury or disability to their children.  This can become an expense every month, and should the child be permanently disabled, this falls on the responsibility of the family.

When deciding on the amount of disability insurance you should take out, your gross monthly income is a good indicator of the cover you may need.  Therefore, the higher the income for a family, the higher the disability cover needs to be in order to cover the cost of living.

There are a number of South African companies that offer disability insurance; some of those include Old Mutual, Liberty Group, Hollard and Momentum.  The easiest way of going about disability insurance is to contact a financial adviser at any of the insurance companies, and discuss which option is going to suit your needs best.