In last month’s Triarc Newsletter we asked the question “who pays your debts when you pass away?” However just as important and definitely a question YOU should be asking yourself, is “what can you do to protect your Salary, your Lifestyle and your Family should you become disabled?”
Given the fact that statistics show 1 in 4 people will become disabled before they retire, it really hits home how important having Disability Cover is.
If you’ve never heard of this type of cover, here’s what you need to know:
- Disability Cover is there to ensure that you and your family are covered financially if you’re not able to work due to injury or an illness. Accidents can strike at any time and the same goes for illness - you never know when you’re going to need a safety net.
- Disability Cover makes sure you don't run into debt and it makes sure all your fixed expenditures are covered while you are unable to earn. Unfortunately, however, Disability Insurance is one of the various types of insurance that often gets overlooked.
In summary, Disability Cover is a type of Life Insurance policy that typically pays out a lump sum in the event that you are unable to do your normal job due to an injury or disease.
Your Triarc Disability policy also has a Functional Impairment cover component built in which means that you could get a partial pay-out from your Disability cover in the event that your ability to do normal daily activities has been impaired due to injury or disease, even if you are still able to do your normal job.
Not all occupations qualify for Disability Cover, so if you are a Policeman, Actor, Pilot or a handful of other occupations, you will have to consider Functional Impairment instead.
To get an accurate assessment of your Disability Cover requirements you need to do a Financial Needs Analysis and provide detail on Income and Expenditure and Assets and Liabilities. Triarc’s Financial Advisers will gladly assist you with this. Call a Triarc Financial Advisor on 0872310222 or click HERE for a quote.
To put it simply, not taking out Disability Cover is a risk. If you were to become disabled, whether temporarily or permanently, the last thing you want on your mind is bills and debts. If you do have these things on your mind, there's often little that can be done anyway and if your Disability is a mental condition, then the stress of not being able to earn could make the problem worse and last for longer.
You will certainly be paying a premium for Disability Cover, but you will also have absolute peace of mind knowing you are covered if and when things go wrong.