Disability income insurance is another type of insurance that most people should at least consider. A long-term disability insurance policy kicks in should you be injured or suffer from a disease that makes it impossible for you to continue working. Short-term disability cover makes provision for situations where you are temporarily incapacitated and are unable to generate an income. Disablement, whether short- or long-term, may have a devastating effect on the lives of families. When a breadwinner is unable to continue his or her occupation, bills still have to be paid and food still has to be bought. Life goes on! It is also quite possible that the injuries might be so severe that various changes to the family’s lifestyle are required – this cost money too. Occupational and capital disability must be considered, depending on each person’s needs, and so too physical functionality and impairment. Should one rather prefer a monthly income than a lump sum payout, then a disability income policy would be preferred.
For individuals who have their own businesses or have a fee- or commission-based income, an income protector or income continuation policy as it is sometimes called, should be seriously considered. This will ensure that the policy holder will receive a certain amount of income for a specified period until his/her chosen retirement age. Certain waiting periods apply and this kind of cover has a tax benefit.
The business owner can also provide for the business’s monthly expenses, as well as expenses that the business may have over a three month period. Again a specific period is selected that this cover applies up to a maximum of 24 months.
Dread disease or Critical illnesses have a dramatic influence on people’s lives and one in every three men, and one in every four women may suffer from these diseases. A solution for this problem
Although your medical aid may cover most of your hospital expenses, we know that such patients often have to pay out of their pockets to cover the full medical costs (and medical care don’t come cheaply these days!). It is not unusual that such a patient may have to make changes to their lifestyle, and may be away from work for a extended period. Cover for critical illnesses is an ideal solution for this problem
Contact telephone 021 948 0630 pi@cgbrokers.co.za web www.cgbrokers.co.za
