In a year of severe storms, what has concerned South Africans most is the health and wellbeing of their family and other loved ones – followed by their own wellbeing. This was one of the findings of the recent Old Mutual Savings and Investment Monitor (OMSIM) Covid-19 Special Report.
Being battered by bad news on both the health and economic fronts has brought a renewed focus on family and a deeper appreciation of the value of our close relationships.
Inevitably, the unpredictable nature of the pandemic and its unforeseen impact on all our lives has also taken a toll on our emotional health. 58% of our OMSIM respondents said they were experiencing high to overwhelming financial stress, which can lead to depression and anxiety, or make them worse.
Says Karabo Ramookho, Strategic Retail Marketing Manager at Old Mutual: “Even before the pandemic, our claim statistics indicated a rise in mental health issues. Our 2019 claims statistics showed that we paid out 59% more in psychiatric disorder claims under our Disability Income cover since 2016. These included claims for major depression, bipolar mood disorders, post-traumatic stress disorder and stress.
“My personal observations lead me to believe that health problems and financial worries often go hand-in-hand. This is why it is essential to put measures in place that will give you and your family greater peace of mind. A key step is to safeguard your family’s financial future by taking out Old Mutual Protect Disability Income cover.”
Depending on which disability product you choose, Old Mutual will pay out a single tax-free amount of up to R30 million or up to 24 monthly payments from R6 000 to R250 000; if you are impaired, unable to work, or can’t take care of yourself due to an illness or injury.
“Knowing that you have this cover in place can be very reassuring - and if you do become disabled, suffer a serious injury or cannot take care of yourself it will take some weight off your shoulders and help you recover,” says Ramookho.
How does our Disability Income cover work?
If you become permanently and irreversibly disabled due to illness or injury and are unable to do your job, then Old Mutual protect Disability Income cover pays out up to 24 monthly tax-free amounts.
This income can be used towards school fees, groceries, rent and other important expenses, plus any costs involved with having to adapt your home to make it easier for you to live with your disability.
You can also customise your cover by enriching it with the following extra benefits:
- The Income Extender Benefit extends the monthly payments you receive beyond the initial 24 months for related events until you recover and can work again, your cover ends or you die.
- The Sickness Benefit pays up to 24 monthly tax-free payments for related events when you’re booked off from work because of sickness or injury.
- The Family Support Benefit pays you up to three monthly tax-free payments if your spouse/partner or biological, step or legally adopted child younger than 18 has a severe illness and needs you to care for them or when your spouse/partner dies. And, pays four monthly premiums as a single tax-free amount on the birth or stillbirth of your or your spouse’s biological child or if you legally adopt a child younger than three.
- Not claimed for five years? Get Cashback in your pocket on a certain percentage of your premiums every anniversary, so that you can spend this on something you need (or really want!).
We’ve designed our Disability Income Cover this way precisely because we know that all families are different, and no two parents are the same. Truly customisable and totally flexible, this cover offers immediate cover up to 30 days before your first premium, so you know you and your family are financially protected from life’s curveballs without delay.
Terms and conditions apply.
Have a question about Old Mutual’s Disability Income Cover? Find out more.
Old Mutual Life Assurance Company (SA) Ltd is a licensed FSP and Life Insurer.
This post and content is sponsored, written and provided by Old Mutual.