Metropolitan disability cover is disability cover that provides coverage to individuals between the ages of 14 and 59 years. The insurance product provides cover that ranges from R150,000.00 to R4 million for individuals to choose from.

Metropolitan Disability Insurance Premiums

Cover starts at R100.00, depending on the amount of coverage chosen and the underwriting results. Policyholders can opt for a Flexi premiums benefit, which lowers payments and provides coverage during difficult times.

The Metropolitan Disability cover only allows the policyholder to select the FutureChoice Occupational Disability Cover. Individuals can get insured and receive a lump sum payment if an insured incident occurs with the FutureChoice Occupational Disability Cover.

The FutureChoice Occupational Disability Cover is one of the few disability insurance policies in South Africa that covers safety workers. The plan may also cover safety employees such as South African Police Service officers and South African National Defense Force soldiers.

Employees of the SAPS and SANDF may be covered for certain claims arising from war, civil commotion, riot, terrorist activity, or rebellion. These covered incidents are among the most uncommon cover options for South African safety workers that an insurance product can provide.

While the Metropolitan disability cover can be purchased for a variety of reasons, the plan includes a variety of automatic benefits and optional add-ons that the policyholder can use. Below, we discuss the benefits that come with the cover and add-ons that can be included when purchasing the product.

Metropolitan Disability Cover Benefit

The Metropolitan disability cover includes a variety of benefits, which we will go over in detail below. We begin with the automatic benefits that come with FutureChoice Disability Coverage at no additional cost.

Automatic Benefits

Automatic Benefits are benefits that don’t charge an extra premium when choosing the cover. These are automatically available to anyone who subscribes to the FutureChoice Disability Cover. Here are the automatic benefits that come with the cover:

Disability Benefit

When subscribing to the disability cover, a disability benefit will have to be chosen. A disability insurance policy will pay out if a covered incident occurs. Disability caused by an accident that prevents an insured party from doing his or her job is one of the covered incidents.

In the event of disability, a disability benefit pays out a lump sum ranging from R150,000.00 to R4 million. When the policy is purchased, the policyholder determines the amount of coverage. The amount of coverage influences the premiums that must be paid; the lower the disability benefit, the lower the premiums, and the higher the benefit, the higher the premiums.

There are a couple of things to consider when choosing the payout amount. The payout amount should be able to cover ongoing health care, therapy costs, modification of a car or house, etc. With these considerations, a good enough disability benefit can be chosen.

Flexi Premiums

The Flexi premiums benefit protects the policyholder in the event of financial difficulty. During difficult times, the policyholder can adjust the amount of coverage. By adjusting the cover amount to a lower amount, the policyholder’s premiums are reduced, and a lower monthly premium is payable.

The Flexi Premiums benefit allows the policyholder to increase the amount of coverage when he or she regains financial stability. The newly increased coverage amount will be accompanied by a higher premium, which will be determined by the underwriting at the time the cover amount is adjusted.

Safety Members

Individuals who work in hazardous environments may be covered by Metropolitan disability insurance. The plan protects the insured in the event of a disability while on the job that prevents them from performing their duties normally. Members of the SAPS and the SANDF can all be covered under the plan.

FutureChoice Disability Cover includes some optional add-ons that can be purchased to enhance the coverage. The add-ons that can be added to the cover are listed below.

Optional Benefits

Optional benefits are add-ons that can be added to the disability cover and require the policyholder to pay an extra premium to get access to the benefit. Here is a list of add-ons that can be added to the cover.

Escalation Options

The escalation benefit allows the policyholder to choose to increase the coverage amount annually. This benefit helps the policy to keep up with inflation; however, the premiums will also increase when the coverage amount increases.

Disability Premium Waiver

The benefit pays the premiums of the disability cover should the policyholder become disabled. The policy pays the premiums that are due to the policy for the rest of the premium waiver benefit term.

Retrenchment Premium Waiver

The Retrenchment Premium Waiver benefit pays the premiums that are due to the Metropolitan Disability cover should the policyholder get retrenched. Premiums will be paid for the 12 months following retrenchment. This benefit doesn’t pay for any lagging premiums or interest on collecting premiums.

Death Premium Waiver

The death premium waiver benefit pays the premiums that are due on the policy should the premium payer die. This benefit only applies to the policyholder who is not the one responsible for paying the premiums on the policy.

CashBack Benefit

The cashback benefit provides the policyholder with cashback every 5 years for a certain percentage of the premiums paid. This benefit can be claimed provided that the monthly premiums are up to date, and the policy is still active.

Monthly Support Payout

A monthly support payout is a cash benefit that provides monthly payments to the beneficiaries of the policy to cover expenses for a period of up to 60 months.

Advantages of Metropolitan Disability Cover

• There are several additional benefits to choose from.
• The maximum cover amount of R4 million is very high and can cover the cost of most disabilities.
• There is no waiting period, and the coverage is activated immediately.
• Policyholders can add a cashback benefit, and premiums are very competitive.
• SAPS and SANDF employees can also get covered, and the cover can be mixed with a life insurance cover.

Disadvantages of Metropolitan Disability Cover

• There are no monthly service fees or management fees.
• Most of the benefits on the plan are optional, meaning they incur an additional premium.

Conclusion

The Metropolitan Disability Cover provides the best way to insure against disabilities and includes optional add-ons that can assist the policyholder in obtaining more comprehensive coverage. Premiums are also low, starting at R100 per month, making the coverage more affordable.