Income Continuation Benefit
Disability is one of life’s great unknowns. We always think that a life-changing event will happen to someone else, but we face moments every day that can disable us, such as being injured in a car accident on the way to work or falling down a staircase and breaking an arm or leg.
Most of us haven’t considered what life would be like, nor how we’d cope with a disability, whether temporary or permanent.
As parents and breadwinners, we should be giving this more thought and looking at ways to protect ourselves and our families.
So, what is your most valuable asset?
Is it your house? Your car? It is none of these things, really. Your most valuable asset is your ability to earn an income during your working career.
But have you ever stopped to think about what would happen if you suddenly lost your ability to earn an income and you could no longer work?
How would you pay your mortgage, the kids’ school fees, groceries, car installments?
How would you maintain your lifestyle if your income reduced or stopped coming in completely?
The following benefit options are included in the income continuation benefit:
- Employer waiver: This benefit will continue to pay the disabled employee’s risk premiums and pension fund contributions
- Medial aid waiver: This benefit will continue to pay the medical aid premiums when an employee is disabled
- Escalation benefit: An employee’s disability income will increase by a specific percentage as requested on the quotation or by inflation.
Disability Benefit
Many Basothos protect their families and possessions after they die with life cover but don’t make sure that their lifestyle will be safe and that their bills will be paid if they’re disabled and unable to earn an income.
At Alliance Employee Benefits, we pay what we promise, and we will make sure that your life continues and that your bills can be paid if you become temporarily or permanently disabled.
Capital Disability
A lump sum amount is paid, linked to the member’s annual salary in the event of permanent and total disability.
Total permanent disability is the total inability to perform your occupation or any other occupation the employee may be suited for due to their education, knowledge, experience, training, and age.
With disability cover, you can get cover for the duration of your life up to retirement or death to help with your living costs and frail care. That would be a great help, wouldn’t it?
Imagine, for example, if you were saving for your child’s education but then had to use that money to renovate your home, like fitting wheelchair ramps, to accommodate a disability instead. The financial consequence of not insuring your income against disability passes to the next generation.
No one wants to be burdened with providing for their children’s financial needs and supporting their ageing parents. The challenges are compounded by the fact that people tend to live longer and thus need to care for themselves and their families for much longer and sometimes outlive their savings.
Temporary Disability Benefit
This benefit pays out when an employee becomes temporarily disabled and pays 50% – 100% of an employee’s salary for up to 24 months.
You will get a monthly income while you are disabled. Imagine being paid a whole month’s salary if you fractured your arm?
Life is precious, so protect your income-earning ability with disability cover from Alliance Employee Benefits.
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