Your most valuable asset is not your house, car or life savings – it is your ability to make a living. Without an income, none of the assets you currently own or hope to own one day will be possible.
That is why disability insurance is of utmost importance to anyone who relies on a salary or other regular income. No-one can predict when tragedy will strike, but you can prepare yourself for when it does.
A recent study done on behalf of the Association for Savings and Investment South Africa has shown that the insurance shortfall for the average income earner is more than R1.1 million for disability cover.
According to Johan Scheepers, founder and primary insurance broker at Northern Natal Insurance Brokers (NNIB), people often shrug off the risk of disability because they think horrible accidents that result in things such as spinal cord injuries or amputation are unlikely, especially when you are working in an office. However, common medical conditions such as cancer, diabetes and heart attacks are more often than not the reason for disability claims.
“We often think about retirement and savings for our old age, but forget to take into account those unpredictable stumbling blocks that could happen along the way,” says Scheepers. “Disability insurance will pay out when you are unable to perform your occupation due to disability caused by illness or injury. It is effectively a safety net for unpredictable events that prevent you from making a living.”
Contact NNIB today to help you be financially prepared for life’s unforeseeable events.