If a covered employee becomes permanently disabled and is not able to perform the duties of their current job, or another suitable occupation, they will receive a lump sum payout of between R50 000 and R2 million. As with the Life cover, you can choose the amount of cover for each employee. It can be the same for all your staff, or a multiple of each employee’s annual salary.
Becoming disabled can result in massive financial burdens for the disabled person and their loved ones. In addition to no longer being able to earn a salary, the lifestyle adjustments and enhanced care requirements for a disabled person can be expensive.
The Old Mutual SME StaffCover Disability Cover is a comprehensive occupational disability benefit that pays out if the insured person is permanently occupationally disabled.
This means they suffer from a bodily injury, illness, disease or surgical operation which results in them being, in our opinion, totally and permanently unable to perform their current occupation’s duties, or the duties of another suitable occupation.
Determining what a suitable alternative occupation will take into account the insured person’s education, previous training, abilities and work experience, and need not be with the existing employer.
There is a six-month deferred period from when the disability occurs to when the benefit will be paid out. This is to allow for a full assessment of the disability and its impact on the covered person.