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VIEW THE TRIARC
DISABILITY COVER
TECHNICAL SPECIFICATION
27 Year Male
32 Year Female
43 Year Male
47 Year Female
27 Year Male
R4mil Disability Cover
From R166 pm
32 Year Female
R3mil Disability Cover
From R186 pm
43 Year Male
R1mil Disability Cover
From R179 pm
47 Year Female
R2mil Disability Cover
From R538 pm
IS THIS FOR YOU?
Why?
If the stats office have anything to say about it you will most certainly have Disability Cover in your Life Insurance portfolio!
Given the fact that over 1 out of 4 people will become disabled before they retire, you should very seriously consider some form of disability cover.
But, there is a caveat!
Not all occupations qualify for disability cover, so if you are a policeman, actor, pilot or a few handful other ones, you will have to consider Functional Impairment instead. (Click on the Functional Impairment link for more info)
A Disability claim typically pays 100% of your benefit
Disability Cover is closely linked to your occupation and you would be able to claim if you are unable to do your normal job due to an injury or disease. A disability claim normally pays out 100% of your benefit amount.
You could also get a partial payout
Your Triarc Disability Cover policy also has a Functional Impairment component built in. This basically means that you could get a partial payout of your Disability Cover if an injury or disease limits your ability to do normal daily activities like walking and looking after yourself even if you are still able to do your own occupation.
WHAT TO CONSIDER
Benefit amount
A rule of thumb is to aim for Disability Cover equal to 10 times your annual salary plus current debt.
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. Our Financial Advisers will gladly assist you with this if you prefer.
Premium Pattern
When you take out Disability Cover you can either opt for a level premium or a percentage premium pattern typically between 2.5% and 10% or even higher.
A premium pattern is just a way to make the premiums more affordable now while you are younger and probably having more debt to pay back, and then you pay a higher premium when you are older and earning a higher salary.
Triarc offers you two options, level premium or a 5% premium pattern.
Benefit Growth
It is always a good idea to at least link your benefit amount to inflation so that your insured amount in 10 or 20 years is worth the same as it is now.
Triarc offers you three options, 0%, 3%, or 6%. If you chose the 0% option your benefit will not grow in Rand value so whatever amount you take now is the amount you will get paid if you claim some time in the future.
Premium Guarantee
A premium guarantee on your Disability Cover policy means that your premium cannot be increased during that time. (over and above the premium pattern and benefit growth you chose).
If you opt out of a premium guarantee you will get a cheaper quote, but your premium may increase annually based on the risk experience of the insurer.
SINGLE OR NOT?
Disability Cover can be taken as a standalone policy or you could combine it with Life Cover to capitalize on some of the advantages of doing that.
Accelerate or not?
When you combine policies, your first consideration is whether to accelerate the benefits from the different policies or not.
The main advantage of accelerating benefits is that it provides you with a way to get cover for more things while still paying a relatively low premium.
Disadvantage
The main disadvantage is that if you claim on your Disability Cover policy, your Life Cover is reduced with the same amount.
This means that you could get to a point where you have little or no Life Cover remaining to pay for the things you intended it for.