The job market has always been a competitive place – for both employer and employee. It’s one of the reasons why companies are offering more and more employee benefits. One that’s being offered more frequently is disability insurance. It’s one of the best types of cover you, as an employee could take out. However, it’s a benefit that’s overlooked by many employees.
If you’ve never heard of this type of cover or you’re not too sure what it’s for, here’s what you need to know: It’s there to ensure 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. When you hear stats like “one in seven South Africans will get cancer during their lives” it really hits home how important something like disability cover is.
So why are employees choosing to go without? A common misconception is that health care and disability cover have the same benefits. This isn’t the case, they each offer their own set of benefits and cover different areas of health. To avoid confusion between the two types of cover we suggest giving your broker a call and asking for a comprehensive breakdown on what each offers.
Another reason employees are choosing to forego disability cover is because most companies don’t cover the full cost. So employees have to put money towards it and in some cases pay for it completely.
If this is the case for you, there are definitely benefits that might make you reconsider whether or not it’s worth the extra expense. – Insurance fitted to your lifestyle and profession. – Monthly income and once-off lump sum pay-outs both available. – Secure cover for your family’s basic life expenses like rent, monthly utility bills, school fees etc. – Get extended cover to accommodate the cost of any forced lifestyle changes.
At Compendium Insurance, we offer disability cover that caters to your specific needs. If you’re interested in finding out more on disability insurance, why not give one of our brokers a call on 031 242 6800? Alternatively you can find out more on our website at www.cig.co.za
