Disability cover pays you a lump sum if you cannot work because of a permanent illness or injury.
You may use the payout for once-off disability related expenses.
The remaining funds can be reinvested to provide you with a monthly income.
Dempsey discussed the importance of taking out disability cover.
Scroll down for quotes from the audio below.
Disability cover stops at 65.— Peter Dempsey, ASISA CEO
Disability cover is typically bought by those with many years of employment ahead of them.— Peter Dempsey, ASISA CEO
The majority of disability cover that South Africans buy is lump sum cover, but income protection is probably a better buy.— Peter Dempsey, ASISA CEO
Lump sum cover is cheaper than monthly cover, but not by much.— Peter Dempsey, ASISA CEO
Fraud is the reason why disability cover is so expensive.— Peter Dempsey, ASISA CEO
Take a good look at your budget. What is the bare minimum you can survive on?— Peter Dempsey, ASISA CEO
The vast majority of claims are paid.— Peter Dempsey, ASISA CEO
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