Ways to maintain your income when you can't work
Income-protection disability cover that pays a monthly income is the best match to replace your income and should include temporary disability cover
A staggering 70% of South Africans will, in their lifetime, have a disability that will prevent them from earning an income either temporarily or permanently. Yet only 47% of South African consumers think they will suffer a temporarily disabling injury during their working lives. These statistics are highlighted in the #RealityCheck Consumer Survey conducted by life assurer FMI. The survey also shows that many people (48% of those surveyed) believe life assurers offer cover only for death; they do not realise they can get cover for the very real risk of being disabled, says FMI CEO Brad Toerien. Given a choice on how to protect themselves, however, most people (61% of those surveyed) would prefer to cover the risk of being disabled with an ongoing income benefit rather than a one-off lump-sum cash benefit. Yet 82% of disability cover is sold with lump-sum benefits. General advice is that lump-sum life and disability cover is most useful to cover debts such as a home loan, car loans ...
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