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Protecting your Ability to Earn an Income

What would you classify as your most valuable possession? Is it your house? Your car? None of these really.

Your most valuable asset is you

Your most valuable asset is you and your ability to earn an income during your working career. But have you ever stopped to think about what would happen if you could no longer work because you were disabled, whether it was temporary or permanent?

Your income enables you to maintain your lifestyle - the home you live in, the type of education your children receive, your retirement provision, access to medical treatment, the car you drive, and your emergency savings.

Consider that any one of these disability triggers can impede your ability to earn an income temporarily or permanently:

  • Accident (car, home or at work)
  • Short-term illness or condition (fractures, operation)
  • Long-term illness or impairment (paralysis, heart condition)

An unexpected illness or accident can prevent you from working, and depending on your occupation, you and your family may be left with a reduced income or no income at all. There may also be additional costs related to the illness or accident, which may not be covered by your medical aid. For instance, specialist treatment and rehabilitation is often not fully funded by your medical aid. Will your emergency savings be able to cover these?

How much disability cover is enough?

You need to insure 100% of your average monthly earnings, increasing at the rate of inflation, until your planned retirement age.

Keep your retirement planning on track

Disability cover can also help to keep your retirement planning on track by replacing 100% of your income while you are disabled. This enables you to continue your retirement savings. Tax deductible premiums on income disability benefits also put money back into your pocket.

Disability cover after retirement

You may be wondering why you would need disability cover after retirement? You may need additional funding to provide for a nursing home, frailty care or an enhancement to your home should you become impaired. With GREENLIGHT, you can insure your income up to R50 000 for temporary and permanent impairments after retirement, or up to a R6 million lump sum for permanent impairments after retirement.

How can you protect my family's income?

Whether your household budget is small or large, you should identify areas of waste or overspending. Once you are comfortable with your budgeting for the necessities, you know how much is left to put away for emergencies and savings. But creating a budget requires an income.

With GREENLIGHT, you can protect your income and your ability to provide for your family. To find out more about GREENLIGHT's income protection cover or any of our other products, please:

  • Contact your financial adviser or broker;
  • Contact us on 0860 60 60 67 or;
  • Complete the block on the top right hand side of this page and we'll call you back.
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