The mental health fallout of Covid-19 has hit working adults hard, leaving them – and their loved ones – financially vulnerable. A new kind of disability insurance from Old Mutual offers to reduce financial anxiety when you can’t earn so you can focus on getting better.
As evidence of a sharp spike in mental illness continues to mount, there is little doubt that we’re living through a profound global trauma. The full extent of the crisis is yet to become clear, but we do know that more and more people are unable to work due to stress, anxiety, depression and other mental disorders.
According to Karabo Ramookho, Old Mutual’s Strategic Retail Marketing Manager, mental illnesses were already on the rise, even before Covid-19, and she predicts further increases in 2020.
Old Mutual’s 2019 personal cover claim statistics show that the insurer has paid out 59% more in psychiatric disorder claims under disability income cover since 2016.
83% of the claimants were between 30 and 50 years old, with major depression cited in 62% of the psychiatric claims. There can be no doubt that the significant pressures of 2020 will take its toll on this already embattled group.
When you suffer a major mental health setback, good disability insurance can make all the difference when it comes to recovery. Old Mutual’s Disability Income Cover is part of a ground-breaking new range of personal cover that responds to your individual needs and budget. It provides up to 24 monthly payments if you are impaired, unable to work or can’t take care of yourself due to an illness (including mental illness) or injury. This benefit means you can continue to take care of your dependents and meet your financial commitments.
What’s more, you can add the Income Extender Benefit to extend these monthly payments, as recovering from a mental illness can take time.
“Knowing you have good disability insurance can reduce some of the anxiety of not being able to provide for your family – which, in turn, can only be good for your mental health,” says Ramookho.
Find out more at www.oldmutual.co.za/personal-cover or speak to your financial adviser.