BUSINESS OF

INSURANCE

REVIEW POLICY AND COVER

DISABILITY cover protects individuals in the event that they become disabled due to illness or injury. While it’s not something most people like to think about, life can throw unexpected circumstances their way, from illness to injury – and in South Africa, 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.

“While insurance providers may vary in their definitions, occupational disability generally refers to a situation where individuals become permanently or temporarily unable to perform their usual job or any other career suited to their education, knowledge, training or experience, for example, losing both of your eyes, hands or feet, or if you suffer from a debilitating illness that prevents you from being able to work a normal job,” said Felix Kagura, the head of LongTerm Insurance Propositions at Standard Bank.

“Consumers should also ask themselves if they would be able to cover their current or future financial needs if they became disabled; would their family be protected if they couldn’t bring in an income; and would they be able to pay for any additional expenses related to the disability,” said Kagura.

“The amount of cover individuals qualify for depends on a number of factors like the individual’s gender, age, health, income, lifestyle habits and education,” says Kagura. “Everyone’s insurance needs change over time – individuals may get married, buy a house or have children – and the cover they need now may not be sufficient in a few years’ time. Consumers need to be sure to review their policy regularly and apply for increased cover if they need to.”