Disability Cover

In order to cover the cost for everyday life it is necessary to generate some form of income and to do this we enter the job market and earn salaries to pay for these costs. What would happen, therefore, if we are no longer able to generate that income? This could be as a result of a disability that no longer allows us to perform our daily work and would mean that we can no longer cover our day to day expenses. This is where disability cover comes in.

Disability cover protects us form a loss of income due to a disability that no longer allows us to generate an income. Say for example that you loose your sight in an accident and are no longer able to perform you day to day job. Disability cover would pay out due to the fact that you can no longer generate an income in your current field of employment. In some instance you may become partially disabled and still be able to generate some form of income. Some insurance companies will then pay out a portion of your benefit depending on the extent of your disablement.

There are a number of things that you need to make provision for should you become disabled. These include such things as your basic life expenses such as car repayments, groceries, school fees, etc... One of the most important things that should be covered under disability are your medical expenses which are likely to increase as a result of your disability. Should you become wheelchair bound you may need to alter your home to accommodate this, this is another expense which you need to provide for. It is necessary to ensure that your policy would adequately cover such expenses.

In some cases you are able to add a waiver to your disability cover. This means that your insurance premiums will continue to be paid should you no longer be able to pay them and you policy will thus continue.

None of us know what the future holds and it is important to be prepared for any eventuality making disability cover an important part of your insurance cover.