MyMoney Online, Make Money Mondays

How to ensure you can keep on providing when you get ill or injured

(Click here for more "Make Money Mondays" articles such as this one.)

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.

The Money Show’s Bruce Whitfield interviewed Peter Dempsey, deputy CEO of the Association for Savings and Investment South Africa (ASISA), for his weekly "Make Money Mondays" feature.

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

Subscribe to our Business Wrap Newsletter


702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Cape Town – facing worst drought in 100 years – braces for bumper tourist season

Cape Town – facing worst drought in 100 years – braces for bumper tourist season

Cape Town Tourism CEO Enver Duminy on what his organisation is doing to help the tourism industry through the drought.

Meet Bongumusa Makhathini, Chairperson of the Board that has to save the SABC

Meet Bongumusa Makhathini, Chairperson of the Board that has to save the SABC

The Money Show’s Bruce Whitfield interviews Makhathini for his “ShapeShifter” feature.

Safeguarding your family’s financial wellbeing if something should happen to you

Safeguarding your family’s financial wellbeing if something should happen to you

There's no use in denying your mortality. If you have dependents it’s vital to take out life cover. Read this to learn more.

Do you need an expensive funeral policy when you’ve got life insurance?

Do you need an expensive funeral policy when you’ve got life insurance?

Funeral policies vs life insurance… We discuss what each one is (and isn’t) and whether you need any (or both) of them.

It costs peanuts to insure your most valuable asset

It costs peanuts to insure your most valuable asset

Your most valuable asset – your ability to earn an income – is worth 10 times more than your house, yet it’s very cheap to insure.

Why medical aid is woefully inadequate (and how affordable gap cover helps)

Why medical aid is woefully inadequate (and how affordable gap cover helps)

It may come as a shock (but it’s all there in the small print); medical schemes do not fully cover you when you’re hospitalised.

Popular articles
So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Shop 'til you drop: The top 'Black Friday' deals this week

Shop 'til you drop: The top 'Black Friday' deals this week

Start your Christmas shopping off with a bang at these major retailers offering some impressive discounted sales for Black Friday.

Pamela Nomvete on her downfalls as actress, and 'climbing back'

Pamela Nomvete on her downfalls as actress, and 'climbing back'

This week Xolani Gwala's speaks to former Generations actor Pamela Nomvete for #WhatInTheWorldHappenedTo feature.

How Naspers paid peanuts for Tencent (China’s most valuable company)

How Naspers paid peanuts for Tencent (China’s most valuable company)

In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...

Police hunt man who doled out drug-laced sweets to school kids

Police hunt man who doled out drug-laced sweets to school kids

60 children from three schools in south of Johannesburg were rushed to hospital after eating sweets handed out by a stranger.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?