Disability
Cover
In the event of a person becoming disabled and unable to continue working, their Disability cover will pay out an income to them and be used to settle bonds and other debts.
Disability cover provides financial protection by ensuring that an individual continues to receive an income if they are temporarily or permanently unable to work as a result of illness or accident.
Types of Disability Cover
Capital Disability
Capital disability cover provides a lump-sum (capital) payment to the insured in the event of a qualifying disability, as defined in the policy terms and conditions. The benefit is paid once the insured meets the specified criteria set out in the policy.
This type of cover is designed to assist with significant once-off or long-term expenses that may arise following a disability, such as medical costs, debt repayment, home or vehicle modifications, or lifestyle adjustments.
Three options of Capital Disability cover:
1. Own-Occupation Disability
Own-occupation disability cover provides benefits if an individual becomes unable to perform the specific duties of their own occupation as a result of disability. Benefits are payable even if the insured is still able to work in another occupation or profession.
2.Functional Impairment
Functional impairment cover provides financial protection when an individual suffers a permanent or severe impairment that affects their ability to perform activities of daily living or function independently.
This type of cover is often included within disability or long-term care insurance policies and pays a benefit when the insured meets defined functional criteria, rather than being assessed solely on their ability to work. It is designed to assist with the financial impact of needing ongoing care, assistance, or lifestyle adjustments following a serious impairment.
Comprehensive Disability
Comprehensive disability cover combines both occupational disability and functional impairment benefits into a single policy, making it the most comprehensive form of disability cover available. This ensures broader protection by providing benefits based on an individual’s ability to perform their occupation as well as their level of functional impairment.
Income Protection
Income protection, also referred to as disability income or income replacement insurance, provides a regular income if an individual becomes unable to work due to illness, injury, or disability. The benefit is designed to replace a portion of the insured person’s income, helping to maintain their standard of living during periods of incapacity.
The primary purpose of income protection is to provide financial security and peace of mind for individuals and their families. It assists with meeting ongoing financial commitments such as bond or rental payments, utility bills, day-to-day living expenses, and other essential obligations while the insured is unable to earn an income.
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