Taking care of yourself financially when facing a permanent disability can be hard and financially straining. Visits to specialists, bills, and living expenses will have to be taken care of. With a tailored disability plan, all the expenses that come with a permanent disability can be taken care of. 

The Investec Disability Cover is an insurance product that is dedicated to helping individuals insure themselves against disabilities. The insurance product provides a payout should the principal insured get permanently disabled. Lesser disabilities also get a payout should the policyholder suffer from one. 

The policyholder has the opportunity to choose the amount of coverage that he or she wants to be covered for should the insured incident take place. The payout can be used for anything, as the payout can be used by the insured to his/her own will. 

Investec Disability Cover gives the policyholders access to the Investec One place where they can manage their banking, investments and insurance products. Policyholders can earn rewards through the ‘Investec One Place’ when they pay their monthly premiums. 

Before getting yourself the Investec Disability Cover first read further below to get acquainted with the product and how it works. The product is explained in further detail below. 

Investec Disability Cover Summary 

Investec Disability Cover is a type of insurance that covers injuries that result in permanent disability. If the insured suffers a permanent disability, the policy pays out a lump payment. The amount of compensation, however, will vary depending on the amount of coverage taken.

Less severe disabilities are only compensated at 50% of the insurance amount. Lesser disabilities affect an insured person’s ability to conduct three or more advanced Activities of Daily Living (ADL). Advanced ADLs consider a person’s capacity to shop, cook, communicate, bank on their own, manage medication, make reasonable financial decisions, and drive.

Severe disabilities are compensated at 100% if they are permanently unable to conduct three or more Activities of Daily Living (ADL). This category of ADLs considers a person’s capacity to wash, dress, feed themselves, move, and use ablution facilities. The inability and impediment to fulfilling these responsibilities are subject to a lump sum payment of 100% of the cover’s value.

The Investec Disability Cover premiums are determined by one’s age and the level of coverage. Premiums for insurance products are not guaranteed to remain constant, so they rise each year on the anniversary of the policy to keep up with inflation. As rates rise, so does the level of coverage.

Investec Disability Cover is available in conjunction with Investec Life Insurance or as a standalone product. The product is only available to individuals under the age of 60. One must be under the age of 60 at the time of application. Additionally, people with an Investec Private Bank Account can use the product.

How the Investec Disability Cover works 

Investec clients have access to the Investec Disability Cover. This product is only available to customers who have an Investec Private Bank Account. The Investec website or the Investec app can be used to submit an application. This product is available as a stand-alone policy or in conjunction with Investec Life Insurance.

The account’s premiums will be determined by the amount of coverage requested and the applicant’s age. The amount of coverage will increase year after year, as will the premiums. An estimate of how premiums will rise will be offered to the applicant, who can accept or reject the offer and choose a greater or lesser level of coverage.

The insurance policy will become active after the cover amount has been accepted. Premiums will be charged on a monthly basis and must be paid in order for the policy to remain active. The premiums, as well as the amount of coverage offered, will be increased on the policy’s anniversary.

Policyholders receive points for paying premiums through Investec One Place. When one pays his/her required premiums each month, one can gain points. The points one earns can be redeemed for discounts or purchases on shopping, lifestyle, and travel items.

Compensation will be provided if the insured becomes disabled. The amount of compensation will be determined by the severity of the disability. Depending on the severity of the disability, the insured will get a 50% or 100% lump sum payment of the total coverage. After a successful claim, the money (payout) is paid.

Advantages of the Investec Disability Cover

• Premiums are low when compared to other disability cover products in the South African market. 
• The cover amount increases every year to keep up with inflation. 
• Rewards are earned on a monthly basis for making premium payments. 
• The policyholder has the ability to choose the cover amount that he/she wants. 
• The cover amount can be customized to meet one’s needs. 
• Up to 100% payout for severe disabilities. 
• Payout is made as a lump sum payment and can be used according to the wishes of the insured. 

Disadvantages of the Investec Disability Cover 

• Only private account holders can get this standalone cover. 
• Not all disabilities get a 100% payout. 
• Those over the age of 60 cannot be covered by this product. 

Conclusion 

For individuals having an Investec Private Bank Account, the Investec Disability Cover might be a decent disability cover and even a better choice for those with an Investec Life Insurance policy. The insurance plan offers a variety of benefits, including the ability to preserve your family’s lifestyle.

Although the product offers benefits, it also has disadvantages. When purchasing insurance, one must be cautious because some disabilities only qualify for a 50% payout of the whole amount insured. As a result, the amount covered should be carefully determined to ensure that your needs are satisfied regardless of whether you suffer from a mild or severe disability.