Risk Cover
Risk cover is protection against loss of life or disability. It is cover that
pays out to your family should you die, or to you should you become disabled.
Risk cover has, however, evolved from the traditional life insurance version of
the past to a modern select-what-you-like experience.
You now have a greater level of personalisation, and choice, when it comes to
personal risk cover. To help you through the maze of benefits available, here
are some questions you may want to use as a guide.
What do you need?
Risk cover comes in all sorts of shapes and sizes. Ideally what you need to do is
identify your needs – on your own or with the help of a financial adviser – so
that you can consider the different options available.
Do you want traditional life cover?
Traditional life cover pays out to your family/beneficiary upon your death. The
payout can be used to settle your outstanding debt like a homeloan.
Do you want to safeguard yourself against a change in lifestyle?llness or even
retrenchment. The amount paid out could be used to:
- Convert your home into a wheelchair-friendly environment (result of physical
impairment);
- Contribute to your medical expenses, which may occur due to your medical
benefits having been used up or requirements outside the scope of your medical
cover.
- See you through six months of unemployment due to retrenchment.
Do you want to safeguard yourself against a disability that will impinge on
your earning ability?
This cover protects you should you become unable to work or carry out normal
daily tasks as a result of a disability or illness. The Greenlight Risk Cover
from Old Mutual is designed to meet different risk cover needs. It is structured
in a way that enables you to select only the cover you need or want.
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