This coverage offers support when you are unable to work, whether temporarily or permanently, in your current job.

For instance, if a broken leg prevents you from working for three months, you still need to manage your bills and get the kids to school. Income protection insurance can assist you in handling these responsibilities.

Myriad’s complete income protector benefit can provide up to 100% of your income for a maximum of 24 months, based on the coverage period you select, or until you recover. If you are permanently unable to work, we will continue to pay up to 100% of your net income until you reach retirement age.

No. This benefit is tax-free.

Ancillary benefits serve as add-ons to lump sum stand-alone risk benefits, enabling a full or partial (accelerated) disbursement of the lump sum upon the occurrence of an insured event

Referred to as ancillary benefits or accelerators, these features facilitate the expedited payment of either the entire or a portion of the benefit amount linked to a specific stand-alone benefit

For instance, when Paul acquires a R2 million Death Benefit and incorporates a R1 million Functional Impairment Benefit as an ancillary benefit, an accident leads to the permanent loss of use of both his legs, prompting the Functional Impairment Benefit to be disbursed at R1 million

Consequently, since this ancillary benefit is tied to the Death Benefit, Paul is left with R1 million remaining under the Death Benefit after the claim, and the Functional Impairment Benefit becomes void as the complete payout of R1 million has been executed

Disability insurance is essential because it protects your income, which is often your most valuable asset. If an illness or injury prevents you from working, this insurance helps you cover living expenses, debt repayments, and other financial commitments.

Medical Boarding:
This occurs when a treating doctor recommends that an employee be placed on disability benefits due to their medical condition. Medical boarding focuses solely on the individual’s health status and may lead to a recommendation for disability benefits based on their medical needs.

Occupational Disability:
In contrast, occupational disability assesses how an injury or illness affects an employee’s ability to perform their specific job. Momentum Corporate’s disability benefit products evaluate not only the details of the employee’s medical condition but also the implications for their insured occupation. This assessment follows the definition of disability outlined in the relevant policy document.

Key Points

• An employee can be medically boarded by their doctor, but this does not guarantee eligibility for benefits.
• The claim assessment considers the employee’s ability to continue working in their insured occupation, aligned with the specific disability product in place.
• Eligibility for benefits ultimately depends on how the medical condition impacts their job performance, rather than solely on the medical recommendation.

In South Africa, income protection benefits are typically tax-free. Covering 75% allows policyholders to receive an amount that closely matches their net income after taxes. If you were to insure your gross income fully the policyholder will receives more than what they would take home normally.