Greenlight offers two types of disability cover namely Accidental Disability Benefit and Physical Impairment Benefit.
This benefit provides cover against disability due to an accident. An accident is an external, unexpected event that is not traceable, even indirectly, to your state of mental or physical health before the event.
It is important to note that the benefit will only be paid following a waiting period of 6 months from date of disability or impairment, provided you are still disabled as per the definitions. Premiums must be paid during the waiting period.
In order to invest in this benefit you must be gainfully employed. Certain occupations are not eligible: housewives, students, commercial pilots and flying instructors, professional sports people.
Old Mutual must be notified if there has been a change in occupation.
Occupational disability is defined as the assured individual being permanently disabled such that he or she is unable to carry out a reasonable occupation. The assured individual may be required to undergo a reasonable amount of re-skilling and/or medical treatment as part of the rehabilitation process.
The benefit is payable on occupational disability due to an accident or physical impairment due to an accident. The policy is not payable if the assured individual is in retirement or not gainfully employed.
This benefit provides cover against becoming permanently physically impaired and surviving. A specified percentage of cover is paid as a lump sum. The percentage varies by event.
All lives are eligible, subject to underwriting and age limits.
The assured individual must survive (without the use of life support) for a continuous period of at least 6 months after the benefit event or end of period on life support, to receive a cover payout. This means that if the assured individual dies before the end of 6 months, no impairment benefit is paid. Premiums must continue during the waiting period.
If a partial payment is made the cover reduces by the benefit paid out. For subsequent Physical Impairment claims the assured individual would be eligible for the remaining percentage of the current policy cover.
For more information on the Greenlight Disability Cover please visit your nearest Old Mutual branch, send us an email or speak to your financial adviser.