Protecting your biggest asset – your income
Not being able to pay the bills because of disability is one of the greatest risks we face. What would you do if you could not work anymore?
What is disability cover?
Disability cover pays out if you cannot work because of an injury or illness. You can use the payout to replace your lost income.
Why you need it
Disability cover can ensure the following:
- You have an income if you are booked off work for longer than seven days (business owners).
- You have an income once your sick leave runs out (employees).
- You cover the shortfall of any group scheme benefit you may have through your employer.
Myriad offers a range of disability benefits that can protect your income until you are 70 years old.
After that you can convert your cover to an impairment benefit (Functional Protector) with no medical underwriting. Our Functional Protector benefits will cover you for the rest of your life.
- Temporary Income Protector – protects up to 100% of your net income for up to 24 months if you are booked off work because of an injury or illness and you are likely to recover again. For example, if you break your leg.
- Income Protector – protects up to 75% of your income up to a selected retirement age if you can no longer perform the duties of your occupation.
- Temporary Group Income Top-up – if you have a group income protection benefit, this benefit protects up to 100% of your net income for up to 24 months if you are booked off work because of an injury or illness.
- Group Income Top-up – if you have group income protection benefits, this benefit protects up to 75% of your net income until retirement if you can no longer perform the duties of your occupation.
- Business Overheads Protector (business owners only) – covers the fixed overhead expenses of your business for up to 24 months.
- Business Protector (Professionals) – covers your gross professional fees for up to 24 months. This is the most comprehensive protection in the market.
- Business Protector (Self-employed) – covers your monthly income based on turnover for up to 24 months. This is the most comprehensive protection in the market.
- Income Enhancer – provides you with 50% more cover during the initial period following a serious claim event for unexpected expenses.
- Complete Family Protector – provide you with a lump sum payout to assist you, as the breadwinner, to cover additional expenses associated with extended hospitalisation, diagnosis of a severe critical illness or a death of selected immediate family members.
- Longevity Protector – Income Protector and Longevity Protector – Group Income Top-up – cost-effectively extend your income protection to provide cover against the financial consequences of living a long life with a disability. It also pays out a benefit at age 80 if you didn’t claim under your Income Protector or Group Income Top-up.
- Comprehensive Disability Benefit – provides a 100% lump sum payment if you’re permanently unable to continue with your own occupation or a percentage payment (25%, 50%, 75% or 100%) if you become moderately or severely impaired.
- Own Occupation Disability Benefit – provides a 100% lump sum payment if you are permanently unable to continue with your own occupation or if you become severely impaired.
- Activities of Daily Work Benefits (for occupations that don’t qualify for the ‘own occupation’ definition) – similar structure to the benefits above, but the claim is assessed using a scoring system of your ability to perform certain tasks in the workplace.
- Longevity Protector – Disability – cost-effectively extends your lump sum cover for additional provision for a long life with a disability. It also pays out a benefit at age 80 if you didn’t claim under your disability benefit.
Our income disability benefits cover you even if you are only temporarily or partially unable to perform the duties of your occupation. You can also qualify for a guaranteed payout if you meet any of the defined impairment or illness definitions. You will qualify for a claim under our lump sum benefits if you are totally and permanently unable to work or if you meet any of our impairment definitions.
If you need your entire income now, you need to cover your full income. It is likely that your expenses will not drop once you become disabled. Income disability benefits allow you to cover 100% of your income for the first two years of a disability and 75% after that until you retire. Combined with a lump sum disability benefit, you can cover 100% of your income on permanent disability until you retire. Myriad’s unique Longevity Protector to your disability benefits, you can avoid running out of capital if you live a long life with a disability