SEVERE ILLNESS COVER
What is it?
Severe illness cover pays out a lump sum when you suffer a heart attack or stroke, get diagnosed with cancer, Parkinson’s, Diabetes or Alzheimer’s, just to name a few. It also covers injuries from accidents such as paraplegia, major burns or brain damage.
Why do I need it?
An illness or injury can give rise to unforeseen and unpredictable costs, such as the out-of-pocket medical costs that your medical aid doesn’t pay, costs associated with rehabilitation after a stroke and costs to adjust your lifestyle, i.e. to make your house wheelchair friendly etc. The financial impact of a severe illness can be detrimental. Severe illness cover offers you financial protection for these unexpected extra expenses.
Severe illness cover becomes even more important when you are the breadwinner in a family. What will happen when you suffer a stroke and it takes you 5 months to recover before you can return to work? Do you have enough funds available to take care of your family during this time? Can you afford a caregiver should you need one? When you suffer from a stroke or get diagnosed with cancer, it can cause high levels of physical and emotional stress. You don’t need the additional burden worrying about your finances and if you can afford the treatment you need. Your only focus should be to get better.
What about my minor child?
Cancer is the leading cause of deaths amongst children, with Leukemia being the most common cancer. Most of the insurance companies automatically covers your minor children should they be diagnosed with cancer or another severe illness. The cover amount is usually a percentage of your severe illness benefit, up to a maximum amount that they determine.
Discovery is South Africa’s largest medical scheme. In 2017, Discovery’s top cancer claims for men were for prostate cancer and the highest number of cancer claims for women were for breast cancer. The Western Cape had the highest number of patients that were diagnosed with cancer.
How much cover do I need?
There is not a specific formula to calculate how much cover you need. Severe illness cover can be an expensive benefit; therefore, we recommend you get as much cover as you can afford.
For more information or if you have any questions about severe illness cover, please don’t hesitate to let me know.
Tel: 041 581 2509