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.
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
Recommendedby NEWSROOM AI
Small business guru Pavlo Phitidis gives advice to a listener who has an opportunity to turn a tiny business into a massive one.
Don’t be dumb with money like many smart people! Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
There's no use in denying your mortality. If you have dependents it’s vital to take out life cover. Read this to learn more.
Funeral policies vs life insurance… We discuss what each one is (and isn’t) and whether you need any (or both) of them.
Your most valuable asset – your ability to earn an income – is worth 10 times more than your house, yet it’s very cheap to insure.
It may come as a shock (but it’s all there in the small print); medical schemes do not fully cover you when you’re hospitalised.
The chilling call Henri van Breda made to emergency services on the night his mother, father and big brother were hacked to death.
Another heist was carried out in Boksburg on Thursday morning and led to five people being arrested.
Desalination is not a risk-free solution to the water crisis and could have health implications, local experts have argued.
Cyril Ramaphosa's ex-wife says abuse allegations spread by EFF leader Julius Malema are an attempt to tarnish his reputation.
Entrepreneur Max Lichaba built his own empire and is the CEO of Lichaba Creations and several other businesses. This is his story.
How relevant is Shakespeare in SA's English literature which is written in a manner that no one speaks today?
Economist Dawie Roodt says that the petrol price hike is going to boost the cycle of inflation and force interest rates up.