The Easter holidays are coming up, which means there will be a spike in the number of travellers on the roads, making their way to mountain retreats or the beach where they can spend time with their loved ones.
Sadly, during this busy season there is also an increase in road accidents, which means that for many, the unexpected tragedy can become a reality.
While you can be cautious and take precautions, it’s not always possible to avoid other irresponsible motorists. What you can do, is make sure that you and your family are taken care of financially in the event of an accident that leaves you seriously injured.
Accidents or injuries like these can leave you without the funds you need to triumph over disability. Thankfully, insurers like 1Life can offer you the protection you need, in the event of disability.
Why you need disability insurance
We all think “it won’t happen to me”, but the reality is that an accident can happen to anyone, and in the blink of an eye.
Disability insurance provides cover for severe permanent injury or illness, which prohibits you from working or performing normal day-to-day activities.
If you have disability insurance cover with an insurer like 1Life, in the event of permanent disability, they will pay out a lump sum, which compensates for lost earnings resulting from the disability.
These funds can also be used to settle outstanding debts, to reduce monthly expenses and to secure assets like your house and car.
The funds can also be allocated to home remodelling to cater for the disability, or to customise your car so you can still travel independently.
With 1Life Disablement Cover you can choose between two types of disability insurance:
- Occupation-based disablement: This option pays out if you are permanently and completely disabled and cannot work – either at your normal job or any other work to which you are suited.
- Event-based disablement: This option pays out a percentage of your cover amount for disability according to the tables in your policy book. This type of cover pays out even if you are still able to work. Once the total sum assured has been paid out, no further pay-outs for this benefit will be considered and cover will cease.
How much disability insurance do I need?
1Life offers a financial needs analysis tool, which lets you buy disability cover suited to you and or your family’s specific needs, based on your individual circumstances and what you can afford.
In general, most disability insurance companies will calculate your premium based on your specific risk profile. This means that your age, gender, occupation and health will all be considered to calculate your monthly premium.
Use the insurance calculator to work out how much cover you and your family need against disability and dread disease.
How much does 1Life pay out?
1Life offers you immediate cover for accidental disablement and will pay out between R50 000 and R10 million in the event of permanent disability.
Premiums are fixed, which means there are no increases in premiums for the first 24 months. Thereafter, premiums will increase by only 5% per year.
With 1Life, you can increase your cover amount on your disability insurance policy anniversary or if you get married, have a child, or buy a new home, without having a medical.
This article was published in partnership with 1Life.