BUSI­NESS OF

IN­SUR­ANCE

Daily News - - LIFESTYLE - | Sup­plied by Stan­dard Bank

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.”

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