The thrill of the ride, the challenge of the trail, and the camaraderie on the road… these are just some of the reasons why cycling becomes a way of life rather than a mere hobby for those who love the sport.

Yet cycling comes with its fair share of risks, and accidents can happen no matter how skilled or careful you are. Just like in everyday life, it is important to be prepared for these unexpected twists and turns, and this is where disability insurance offers crucial financial protection when you need it most.

In or out of the saddle, it pays to be prepared.

Whether competing in a race or enjoying a leisurely ride, a sudden fall or collision can lead to serious injuries, and the impact can be severe – physically and financially.

“The risk of an unexpected disability, however, is not restricted to life in the saddle,” says John Kotze, Head of Retail Protection Product Marketing at Old Mutual. “You only have to take a closer look at our 2023 disability claim statistics** to understand that a disability can strike anyone unexpectedly. Luckily, it does not have to derail your financial future, provided you take the necessary precautions.”

During this period, Old Mutual paid an astounding R477 million in disability claims. The demographic breakdown of these claims tells an interesting story, with a 58% vs. 42% skew towards men. The youngest male claimant was only 22, and the oldest was 75. This goes to show that disabilities are not restricted by age or gender. 

“What is of particular interest to cyclists is that the leading cause of disability claims, totalling 44%**, were for musculoskeletal disorders. Cyclists, in particular, may be at risk of contracting musculoskeletal disorders due to factors such as repetitive motion, prolonged posture in the cycling position, impact and vibration, muscle imbalance, and injuries from falls,” says Kotze.

Disability Insurance provides a safety net by ensuring you are financially protected if a disability affects your ability to earn an income. Please note that coverage may be subject to certain exclusions and conditions. It is a crucial investment in your peace of mind, allowing you to prioritise your recovery without the added stress of financial uncertainty.

Understanding Your Options

Just like every rider has a set-up tailored to their unique riding style and technique, disability insurance allows you to customise your cover and benefits to suit your needs, budget, and lifestyle.

Some of the more important choices to understand are the differences between temporary and permanent disability cover, as well as the difference between cover that pays a monthly amount (income cover) and cover that pays a single amount (lump sum cover).

Temporary vs. Permanent disability cover

• Temporary disability cover: This type of cover is designed to provide financial support if you are unable to work for a short period due to an injury. It helps cover your day-to-day expenses during your recovery. This is particularly useful for cyclists who may need time off to heal from an injury but expect to return to life as usual eventually.
• Permanent disability cover: If a disability has long-lasting effects that prevent you from returning to work, permanent disability cover provides more comprehensive financial support. This type of policy is crucial for those who may have to live with a disability for life or require significant lifestyle adjustments, such as house or car modifications or specialised medical equipment like prosthetics.

Income cover vs. Lump sum cover

• Income cover: This option offers a steady stream of tax-free income to help replace your earnings if you cannot work due to a disability. This will assist in ensuring you can continue meeting your financial obligations and maintaining your lifestyle.
• Lump Sum cover: Alternatively, a lump sum payment provides a tax-free one-time payment that can be used to address significant financial needs. This might include paying off debts or making home modifications, for example. It is ideal for those who prefer to have a more substantial amount of money upfront to manage their financial future.

Life HAPPENS: Ensure you can get back up if you should fall.

At Old Mutual, we understand that every individual’s needs are unique. That is why we offer Disability insurance customised to your specific circumstances, helping you to protect yourself and your family against the financial impact of a disability. Our expert financial advisers work closely with you to understand your needs and goals, helping you to select the most suitable cover for your situation.

Help protect your financial wellbeing if a disability should strike. Speak to a licensed financial adviser about our range of personalised Disability insurance solutions or visit www.oldmutual.co.za/disability to learn more.

Disclaimer:

** Old Mutual Data

Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and life insurer. It is recommended that you consult with a licenced financial adviser to discuss your personal insurance needs and options. For more information and Ts & Cs, visit oldmutual.co.za/illness