What Really Matters – Critical Illness

“You need insurance not just because you’ll die, but because you’ll live”

As a self-employed person, you’ve taken all the steps necessary to protect your income and earning potential against an unexpected accident or sickness. You know that you alone are responsible for your earning ability, and so you have personal disability insurance (as much as you can get), overhead, and even life insurance should the unexpected occur. You should be OK…or will you?

In South Africa, every 4 minutes a new life threatening cancer is diagnosed. 38% of all women and 41% of all men will develop some form of cancer in the life!

Consider that, even if you have purchased the maximum disability benefit available (based on your after expense income) you will only have about 60% (or less) of the income you would have generated yourself had you still been able to work. Will that be enough? Will you have any additional out of pocket expenses, and if so, where will that money come from?

The average hospital stay for a heart attack is 7.8 days for men.

Getting sick or hurt isn’t something any of us like to dwell on. But it can happen, and it does. Thanks to improvements in healthy living and medical science, there is a good chance you can recover. However, with each breakthrough in medical science that increases survival is an associated cost, as survival does not necessarily mean a return to work.

The odds of a critical illness over the next 20 years increases from 1 in 13 at age 35 to 1 in 3.5 at age 55 (male n/s), with the risk almost 50% greater for a smoker!

Getting better costs money. Treating and coping with a medical problem can mean significant or often unexpected costs that are often not covered by provincial health plans. Government hospitals are to most extent not an option for health care, due to extremely poor facilities, and private health care is excessively expenses.

Although only 3% of foreclosures are as a result of death, 46% are due to a condition covered by critical illness plans.

You can protect yourself against depleting your savings, and ensure you have enough money by obtaining a Critical Illness plan. These plans provide a lump sum benefit following diagnosis (or severity, depending on the company), of up to 60 life threatening conditions (company specific), and benefits are available up to R4million. Plans are also available for spouses, and even children with some carriers. Use the money for treatment, the best health care available; pay off the mortgage, travel, or any other purpose you choose.

We can’t promise you’ll never need this plan, but if you do, you‘ll know that you can focus on what really matters, getting better.

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