The real advantage of knowing…
Liberty Life is currently running a radio ad about their income replacement product. Income replacement is an essential part of managing your financial risk and for any self-employed person it is almost essential cover. However, not all income replacement cover is created equal and it is essential that before you buy this kind of cover that you make sure that read the fine print and find out what is and what is not covered. In other words, what exclusions and restrictions are there on the cover?
I had heard a rumour about the Liberty Income replacement product not covering depression so I set about to try and find out if this is true or not.
It is quite difficult to get the information when you don’t have a contract with a company but I did manage to find a PDF* document online that details the exclusions on their product…and here it is…no “mental health or musculoskeletal conditions for the first 2 years of eligibility”.
Not 100% sure what that means but I would make sure that I get an answer (in writing) from Liberty before I sign anything. I have written to Liberty to find out more and will update this if/when they reply.
You need to find out before you sign the application form – it is too late to find this out at claim stage. Now that’s the real advantage of knowing!
*Pdf document accessed here: https://www.google.co.za/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwi9ooTnsZTUAhXjD8AKHSjoD3EQFgg6MAA&url=http%3A%2F%2Fwww.liberty.co.za%2FDocuments%2Fincome-protection-plan.pdf&usg=AFQjCNHS-AnnkIIH6y3NOSG5Eg1dszu5qA&sig2=5G_HjJi32FmwITAbCGKcvg