Disability cover protects your biggest asset – your ability to earn an income. Disability cover is a vital benefit in your life insurance portfolio. It financially protects you against the risk of permanently losing your income if you suffer an illness or injury and covers the extra costs of living with the disability.
Calculate your personalised disability cover premium discount of up to 35% with LifeReturns® to save on your monthly premiums. LifeReturns® is a modern approach to calculating maximum discounts on your monthly disability cover premium using the latest digital technology to quickly and accurately assess your health risk factors that are used to calculate your monthly premium price.
What's the difference between life and disability cover?
Disability cover compensates you if you cannot work and earn an income because of an illness or injury.
It provides for expenses that occur because of the disability suffered, for example, alterations to your car or home or covering medical expenses that your medical aid may not cover. It isn't just about planning for the worst to happen. It's a positive step toward protecting your financial future.
Life cover gives you peace of mind that your loved ones will be financially provided for in the event of your death. You can take out both disability cover and life cover with Momentum.
How much disability cover do I need?
Disability cover benefits are tailored to your individual needs.
It is available both as a lump sum pay-out and in the form of monthly payments through income protection products. It’s important to consider whether you will choose one over the other, or a combination of both.
Lump sum products pay a single amount in the event that you are permanently unable to work. This amount must be sufficient to fund your lifestyle for the rest of your life.
A combination of lump sum and monthly income benefits is generally recommended, depending on your particular situation and affordability.
Disability cover 2022 claims stats
Having the proper financial support is everything when the unthinkable happens.
- In 2022 we paid R500 million in lump sum disability claims.
- The largest disability claim payout was R15.7 million.
- The largest number of claims were cancer-related in both women and men.
Want to know more?
Claims and payouts
If the person insured is not totally and permanently unable to perform the normal duties of his/her own occupation.
The benefit amount will be paid out to the policyholder.
We will pay out as soon as permanence is established.
No. This benefit is tax-free.
The premium depends on the person insured's age, gender, smoker status, and health as well as the premium pattern chosen at the outset of the policy.
If you skip a payment, the policy won’t lapse as long as we receive a payment within the 30 days grace period.
Cover term and amount
If the person insured chose an increasing cover amount during the application process, the cover amount will increase annually and so will the policy premium.
The person insured can choose how long he/she wants to be covered for – up to age 65 or 70 years, or for a specific term (of which five years is the minimum and 20 years is the maximum), after which he/she has the option to convert the disability cover to functional protector cover.
Yes, the cover amount can be changed through an alteration process.
Minimum: R100 000
Maximum: R25 000 000
Discuss the advantages of taking out this additional disability benefit with your financial adviser.