MyMoney Online, Make Money Mondays

How to ensure you can keep on providing when you get ill or injured

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Disability cover pays you a lump sum if you cannot work because of a permanent illness or injury.

You may use the payout for once-off disability related expenses.

The remaining funds can be reinvested to provide you with a monthly income.

The Money Show’s Bruce Whitfield interviewed Peter Dempsey, deputy CEO of the Association for Savings and Investment South Africa (ASISA), for his weekly "Make Money Mondays" feature.

Dempsey discussed the importance of taking out disability cover.

Scroll down for quotes from the audio below.

Disability cover stops at 65.

Peter Dempsey, ASISA CEO

Disability cover is typically bought by those with many years of employment ahead of them.

Peter Dempsey, ASISA CEO

The majority of disability cover that South Africans buy is lump sum cover, but income protection is probably a better buy.

Peter Dempsey, ASISA CEO

Lump sum cover is cheaper than monthly cover, but not by much.

Peter Dempsey, ASISA CEO

Fraud is the reason why disability cover is so expensive.

Peter Dempsey, ASISA CEO

Take a good look at your budget. What is the bare minimum you can survive on?

Peter Dempsey, ASISA CEO

The vast majority of claims are paid.

Peter Dempsey, ASISA CEO

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This article first appeared on 702 : How to ensure you can keep on providing when you get ill or injured


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