Disability Income Protection Insurance
Life can be unpredictable, and thus it's essential to plan for the unforeseen
. This is particularly true for those with families, and those who are the main breadwinners in their households. Your income is able to provide your family with all the necessities it needs to flourish - but what if the unexpected meant that you were no longer able to work?Hollard provides affordable disability income protection insurance that serves to protect your income in the event of disability. Our policies are both affordable and robust, which means that protecting your future earnings won't compromise your income today. While we can't predict the future, we can ensure that you, and your loved ones, are always taken care of, whatever life may bring.
Below, read on to learn more about Disability Income Protection Insurance from Hollard, or contact us on 0860 46 55 27 today to speak to an insurance consultant about your individual insurance needs.
What is Disability Income Protection Insurance?
Disability Income Protection Insurance - or disability insurance - is a type of insurance that protects the policyholder's income against the risk of losing his or her income as a result of being unable to work. For example, if the policyholder acquired a disability that made it impossible to work, a disability income plan would provide short-term and long-term benefits in the form of income. It could also help to pay for other costs associated with loss or disability - costs which, in themselves, could place significant strain on a family's budget.
A disability insurance policy pays out either in one tax-free lump sum of money, or in regular instalments. It will ensure that both day-to-day expenses (such as groceries, home loan instalments and school fees) and costs associated with the disability are covered. Whether brief or extended, an illness or disability can seriously affect a family's ability to remain financially afloat. A disability income protection plan will ensure that your family retains a firm financial footing, even in the event of illness or injury.
Who needs disability income protection insurance?
Any employed, self-sufficient individual should consider disability insurance and/or dread disease insurance. However, these types of policies are particularly recommended for any person whose income is used to support their dependents, and for any individual who is self-employed.
If you are the primary breadwinner in your family, it's vital to ensure that your family will always have an income, even if your ability to earn a living were to become compromised. And, if you're self-employed, an illness or injury could prevent you from continuing to work. Again, an income protection plan will provide for you and your family if you no longer can.
What types of disability insurance protection policies are available?
Hollard offers two primary types of disability insurance, namely Functional Impairment Cover and Comprehensive Disability Benefit. The option you choose will depend on various factors, such as your age, gender and occupation, among others.
Functional Impairment Cover will insure you against impairment or loss of the functioning of a specific part of your body, regardless of whether you are able to continue working or not. These functional impairments will be defined in your policy, and include such disabilities as loss of limbs, fingers, feet, hands and toes (or loss of use thereof), as well as loss of sight, speech or hearing, traumatic brain injuries, and various other impairments and injuries.
Comprehensive Disability Benefit combines Functional Impairment Cover with occupational benefits to provide a comprehensive disability insurance policy. It pays out a lump sum of money if you become unable to fulfil the duties of your regular occupation (occupational disability), or it pays out a percentage of the benefit amount if you are diagnosed with any of the impairments defined by the Functional Impairment list.
Is there an insurance policy for serious illnesses?
Yes there is. Hollard offers serious illness cover that provides full or partial lump sum payments in the event serious illnesses and dread diseases. These include, but are not limited to, heart attacks, strokes, major organ transplants, cancer, liver, kidney or respiratory failure, multiple sclerosis, major burns, paralysis and accidental HIV infection. A range of other illnesses and serious afflictions are covered by a serious illness policy.
Both disability and dread disease cover should be provided in a holistic insurance policy, and both are critical insurance policies for breadwinners and those with dependents.
How can I apply for disability insurance in South Africa?
You can apply for disability insurance or dread disease insurance today, by contacting us for a personalised quote. Speak to Hollard Direct Solutions, on 0860 46 55 27, for a quote tailored to your insurance needs.
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