You may have heard of lump sum disability cover, and if you read our blog regularly you may have seen our post on this type of insurance cover. What many people may not know however, is that Liberty Life recently took disability insurance to the next level with an innovative product – Whole of Life cover.
What Makes Whole of Life Cover Unique?
To understand what sets Whole of Life Cover apart from other risk cover policies, imagine that you have taken out a lump sum disability policy that expires at retirement age. If all goes according to plan, you will never need to claim on this policy but life sometimes takes unexpected turns and should the unthinkable happen you won’t regret being insured.
However, once you retire your disability cover will expire and though you may think you will have more than enough income to cover any unexpected financial situation this may not be the case. If you become disabled after retirement, the expenses involved in nursing, rehabilitation and frail care could be so high that they eat into your retirement savings and put your quality of life in jeopardy.
Fortunately, Liberty Life’s Whole of Life cover solves this problem by extending the policy term into your retirement years. Before you retire, you will be covered for disability through a lump sum payment similar to many other policies that are available. What makes this policy unique is that after retirement you will still be insured against disability.
Should you become disabled at this time of your life, Liberty will pay you a monthly amount that will assist you in paying the additional expenses that a disability after retirement can cause. The monthly payment is calculated as a percentage of your total cover and is adjusted for inflation.
If you would like more information on this ground-breaking insurance product, ask your financial advisor to discuss the details with you at your next consultation.