Don’t believe these myths about disability cover

If you don’t already have disability cover, it may be because of one of the myths surrounding this type of insurance. But before we investigate what makes them fiction rather than fact, here’s a quick look at what disability cover is – and why it’s important.

What is disability cover?

Disability cover protects you in the event that you become totally and permanently disabled due to illness or injury and are unable to earn a living – whether that be in your usual job or in any other career suited to your education, knowledge, training or experience.

Why is it important?

The answer to this question lies in the answer to these three: Would you be able to cover your current or future financial needs if you became permanently disabled? Would your family be protected if you couldn’t bring in an income? And would you be able to pay for any additional expenses related to your disability?

Disability Cover from Standard Bank’s direct life insurance services pays you a cash lump sum of up to R5 million if you become permanently disabled, which can be used as you see fit – to make modifications to your home or car, to pay for specialist care or any bills not covered by your medical aid, to purchase a wheelchair or other specialised equipment, to pay off significant debts, or to invest in your future.

So, let’s get back to those myths for a moment…

Myth #1: Disability won’t happen to me.

Life can change in an instant, and not always for the better. Consider this statistic: According to the Profile of Persons with Disabilities in South Africa report released by Statistics South Africa in 2014, it’s estimated that 7.5% of the population lives with a disability.

Myth #2: Work has me covered.

While this may be true in some cases, not all companies offer disability benefits. If your company does have a group plan in place, it’s important to find out exactly what it covers as these policies are often limited in terms of the coverage they offer. What’s more, they may not be personalised for your individual profile and any cover you have access to immediately falls away when you change jobs.

Myth #3: At the very least, I’m entitled to workmen’s compensation.

In South Africa, the Compensation for Occupational Injuries and Diseases Act applies to “all employers; and casual and full-time workers who, as a result of a workplace accident or work-related disease are injured, disabled, or killed; or become ill.” So yes, you are entitled to it, but only in very specific situations. And, according to disabilitycanhappen.org, the most common causes of disability are “not work-related, and therefore not covered by workers' compensation.” In fact, as they explain, “Illnesses like cancer, heart attack or diabetes cause the majority of long-term disabilities,” while “Back pain, injuries, and arthritis are also significant causes.”

Rethinking your position on disability cover?

If you’d like to find out more about Standard Bank’s direct life insurance services, get a quote or request that a customer service agent call you back.

Sources
labour.gov.za

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