There is no doubt that your greatest asset is your ability to work and earn an income.
After all, you insure your house, car and other assets, which don't come anywhere near your income earning potential.
If you are managing to survive on your salary... how will you survive without it?
IF YOU CAN’T AFFORD AN INSURANCE PREMIUM, YOU SURE CAN’T AFFORD A DISABILITY!
You have a;
Over an average working lifetime, you could earn in excess of R14,000,000!
So, your earnings are vital to both you and your family's continued financial security.
A huge responsibility that no one should have to bear.
A situation that is too frightening to contemplate - but that can so easily be prevented!
Surely it makes sense to secure your income earning potential !
Unfortunately, people often assume that just because they're healthy, they won’t become disabled.
And that's simply not true. Accidents happen. So being healthy doesn't usually have anything to do with whether you become disabled or not.
Your lifestyle is determined by the income you earn. Take away this income and you are in deep, deep trouble! Only two things produce an income;
People at work.
Capital at work.
If you cannot work anymore and like many, don't have the capital saved, you'll need another source of income.
Disability Insurance is the only way to IMMEDIATELY have access to a large, tax-free lump sum if you suffer a life-changing event.
See the impact that a disability could have on your future income in the table below:
|Income||R 120 000 pa||R 120 000 pa||R 120 000 pa||R 120 000 pa|
|Potential Income loss||R 15,3 million||R 8,5 million||R 4,2 million||R 1,7 million|
|Income||R 240 000 pa||R 240 000 pa||R 240 000 pa||R 240 000 pa|
|Potential Income loss||R 30,6 million||R 17 million||R 8,6 million||R 3,4 million|
|Income||R 360 000 pa||R 360 000 pa||R 360 000 pa||R 360 000 pa|
|Potential Income loss||R 46 million||R 25,5 million||R 12,8 million||R 5,1 million|
|Income||R 480 000 pa||R 480 000 pa||R 480 000 pa||R 480 000 pa|
|Potential Income loss||R 61,3 million||R 33,9 million||R 17,1 million||R 6,8 million|
Table: Magnitude of loss of potential income (Assumptions: retirement age is 65 yrs and income growth was 5% pa)
Example using the above table: When a 35 year old individual, earning R 240 000 pa, becomes disabled permanently; He stands to lose R17 million future income (That is if his income grew with 5% pa and he wanted to retire at age 65 years).
Would you cope financially if an illness or injury prevented you from earning your living at any time during your working life?
Income protection ensures that you do not have a shortfall in cash flow in the event of illness, injury or disability. It is especially important to consider this if you have others who depend on you for financial support. The Income Continuation Benefit is a market-leading product that will pay your monthly income if you are unable to work due to being ill or disabled.
Proceeds are free from Tax.
* Immediate upgrade to 100% of pre-disability income when you become permanently disabled.
* Cover of up to 100% of your income on temporary disability.
* Protection and certainty for you and your family through the Income Continuation Benefit Extender.
* Automatic Sickness Underpin.
* You may choose cover up to age 70.
* Cover for your other Discovery product premiums.
* Boost your Discovery Card partner store cash backs by up to 50%.
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