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


Recommended

by NEWSROOM AI
Read More
Sun City is losing money

Sun City is losing money

Sun International slashed the value of its prize asset by R306 million. Bruce Whitfield interviews its CEO, Anthony Leeming.

Burger King to open 45 more restaurants in South Africa, despite losing money

Burger King to open 45 more restaurants in South Africa, despite losing money

Bruce Whitfield interviews Mohsin Tajbhai, acting CEO at Grand Parade Investments, the owner of Burger King in South Africa.

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
I come from having very little, to having a lot - Craig Gradidge

I come from having very little, to having a lot - Craig Gradidge

The Money Show’s Bruce Whitfield interviews Gradidge about his attitude to money (hopes and fears, successes and failures, etc.).

'The next Steinhoff is around the corner!'

'The next Steinhoff is around the corner!'

The Steinhoff-debacle happened while the world praised SA for its auditing standards. Bruce Whitfield interviews Dr Steven Firer.

'I left Australia for SA so that my sons can practice their religion in freedom'

'I left Australia for SA so that my sons can practice their religion in freedom'

A Muslim mom and former community spokesperson - now living in SA - recounts the deep-rooted history of Islamophobia in Australia.

Load shedding will be resolved permanently in a few weeks - Fikile Mbalula

Load shedding will be resolved permanently in a few weeks - Fikile Mbalula

ANC head of elections, Fikile Mbalula says the president is hard at work to resolve Eskom's problems.