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Smoke and Mirrors – Decoding Disability Benefits

in Disability, Financial Plan, Income Continuation Benefit, Permanent Disability, Risk Assurance, Temporary Disability, Wealth Ecology Leave a comment
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DISABILITY COVER – DECODING THE SMOKE AND MIRRORS

For anyone of working age, disability benefits or cover are not a nice to have, they are a ‘have to have’ – but make sure you’re not swallowing a sugar-coated bitter pill that is going to give you an ulcer down the line. It isn’t the easiest benefit to understand, and many providers don’t help with all sorts of acronyms, abbreviations and BS, so let’s do some decoding.
In the old days you used to get ‘capital disability’ cover, where you had to be so severely disabled as to be a few months away from death before you were paid out. If they could push you behind a desk, you ‘could work’. This shoddy cover gave the whole benefit a bad name, and fortunately things have improved a whole bunch – but be aware – these inferior products still lurk around in some of the older ‘group benefits’ provided by companies.

There are 2 types of disability benefits – lumpsum and income protection, each of which has its merits.
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Insure the car but not the Driver

in Disability, Financial Plan, Income Continuation Benefit, Permanent Disability, Short term Insurance, Temporary Disability, Wealth Ecology Leave a comment
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The risk of disability

Like many of my clients out there, I always used to think that disability cover was a ‘nice-to-have’ grudge purchase until I came into the industry and face to face with claims. I couldn’t be more wrong. After life cover for minor dependants, (spice can go out and get a job), it is actually top of the risk list. Somehow it’s okay to spend thousands on comprehensive cover on a car, but if you happen to be in that car that is ‘written off’ there is a good chance you will be in need of as much panel beating as the car! Okay, so maybe it’s politically incorrect to joke about this sort of thing, but it’s about time someone blew away the smoke and obfuscation (yes, I had to spellcheck that one) surrounding temporary and permanent disability.

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