Personal accident and disability insurance is specifically created to protect your future well-being. If you are injured in an accident and are no longer able to earn an income, your livelihood will be seriously compromised. This is not to mention the additional burden of the expense associated with a serious injury.
Personal accident and disability insurance will safeguard your personal financial security in the event of an accident, offering income protection to support you and those who depend on you.
Why you need disability cover
A serious injury will cost money. Even with adequate medical cover, a disability may still require costly modifications to your lifestyle. It is also possible that you will no longer be in a position to earn an income, or will have a reduced capacity to earn a living.
This reduction or loss of income can be a serious problem, affecting your entire household and all those who depend on you.
The advantages of personal accident and disability cover
One of the key advantages of personal accident and disability cover is the additional reassurance it provides when compared to your life cover’s built-in disability benefits.
Often, employers provide a group life policy that includes some disability cover. This will, however, generally only provide for necessities and will not be sufficient for maintaining your current lifestyle. This problem will only be made worse if you can no longer earn an income.
Personal accident and disability insurance, on the other hand, can ensure you maintain the quality of life with which you are familiar. For further clarity about how much cover your existing policies provide, it’s best to consult an insurance broker for guidance.
The importance of income protection
It is important to acknowledge the potentially devastating financial consequences of becoming disabled without sufficient cover. While your ability to earn a living may be undermined, your expenses will not diminish – indeed, you and your family may find yourselves faced with a host of new costs.
If you are self-employed, becoming disabled may have very serious consequences. You might not be able to keep your business going and be faced with a host of financial obligations that you can’t fulfil. Personal accident and disability insurance is a safeguard against such financial loss.
Disability should not ruin your quality of life. It is possible to live a full and satisfying lifestyle even after facing a serious injury. But your well-being and lifestyle security will be seriously compromised if you are faced with financial demands you can’t meet.
Additional benefits of personal accident and disability insurance
Personal accident and disability insurance goes beyond just providing income protection in the event of serious injury or illness. Disability cover also provides for accidental death. If you are killed in an accident, your dependents will receive a payout. You can also extend cover to your family so that the policy will pay out if your partner or children are permanently disabled or killed due to an accident.
Personal accident and disability insurance enables you to take simple and decisive steps now to ensure that you have the best protection against future risks.
Hollard is a leading provider of insurance in South Africa. Hollard offers several quality personal accident and disability insurance products.
