Personal accident and disability insurance
Personal accident insurance is especially 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 serious injury. Personal accident and disability insurance will safeguard your personal financial security in the event of an accident, and financially protect those who depend on you.
A serious injury will cost money. Assuming you have adequate medical cover, incurring 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. The reduction or loss of income can be a serious and enduring problem, affecting your entire household and all those who depend on you.
Don’t I have enough cover already?
If your employer provides a group life policy, this may include some disability cover. Note, however, that this will generally only provide for minimal necessities, and will not be sufficient for maintaining the quality of your lifestyle or aiding your dependents. This problem will be exacerbated if you can no longer earn an income.
For further clarity about how much cover your existing policies provide, consult an insurance broker for guidance and information.
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 may be unable to sustain your business and be faced with a litany of debts and obligations. A good personal accident and disability policy 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 by debt and possibly financially ruinous debts.
Providing for your loved ones
Personal accident and disability insurance also covers accidental death. If you are killed by an accident, your dependents will receive a payout.
You can also extend cover to your family so that the policy will pay out in the event that your partner or children are permanently disabled or killed due to an accident. This is a safe way to ensure that you will be in a position to look after any family member who is seriously injured, without compromising your care for other members of your household.
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.
About the author:
Hollard are leading providers of insurance in South Africa. Hollard offers a number of quality personal accident and disability insurance products.
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