Protect your client’s business and employees from the debilitating impact of disability

By: Elna van Wyk, National Head of Disability Management and Technical Underwriting at Momentum Corporate

Living with a disability is never easy. Most disability claimants need help to get the care they need. Proper care and rehabilitation empower them to regain a sense of independence and make adjustments to cope with their disability. This increases the likelihood of a speedy, successful return to work and reduces the indirect costs of disability for employers and the economy.

Financial advisers play a crucial role in ensuring that their clients’ businesses are protected from the impact of disability. This is best achieved by partnering with a future-fit group insurance provider with the necessary skills to rehabilitate employees and facilitate a successful return to work, where possible.

Momentum Corporate receives approximately 1 800 lump-sum disability claims per year. Our research shows that musculoskeletal, neurological, respiratory and cancer have been the most prevalent causes of disability.

A person’s ability to earn an income is their biggest asset and should be protected through sufficient income protection and lump sum disability cover. Group insured benefits are a cost-effective way to protect employees from the potentially catastrophic financial impact of disability. For many employees, insurance cover through their employer’s group insurance arrangement is often the only insurance they will ever have.

When an employee is temporarily or permanently disabled, they also need medical treatment, rehabilitation and assistance to make the necessary lifestyle adjustments to help them get back on track. When they are unable to return to their original profession, they require a reskilling process aligned to their interests, age and ability to ensure successful re-entry into the employment market.

By enabling employees on disability to successfully return to work, the employer reduces many of the indirect costs associated with disability. These include loss of productivity related to the employee’s absence, the recruitment and salaries of replacement workers, costs related to training and workflow disruptions and decreased customer satisfaction. Returning to work obviously also benefits the claimant as they can earn an income and become self-sufficient.

Over the last six years, approximately 36% of Momentum Corporate’s group disability claimants have successfully returned to work. Momentum Corporate’s disability management team works closely with the employee, doctor, union and employer to ensure claimants experience integrated and effective rehabilitation and reskilling.

It is important that employers appoint the services of a financial adviser that will understand the needs of employees and the business, and offers holistic advice which minimises the direct and indirect costs of disability.