Are you financially prepared for a severe illness?
The cost of recovering from a severe illness can be high, but it's manageable with the right insurance.
Receiving a diagnosis of a severe illness can be an incredibly overwhelming experience. From the initial shock of the diagnosis to the daunting task of exploring treatment options, enduring hospital stays, managing in and out-of-hospital care, and eventually embarking on the road to recovery, every aspect of your life can be turned upside down.
Have you ever taken a moment to consider how you would navigate and survive the financial implications that come hand in hand with recovering from a severe illness such as cancer, heart attack or stroke?
Would you and your loved ones be able to weather the storm and emerge financially stable? Lizl Budhram Head of Advice, Old Mutual Personal Finance, highlights that battling a severe illness involves three key physical stages: diagnosis, treatment, and recovery. Throughout this journey, financial support is crucial at every step.
She adds that there are typically four stages to overcoming a severe illness financially: the cost of diagnosis, followed by the treatment phase, moving into the recovery period and having to face the possibility of additional ongoing and unexpected expenses due to any lifestyle changes that may be required to manage the effects of the illness.
Surviving these stages financially can prove to be quite a challenge, even with medical aid and gap cover in place. Illness insurance can assist with medical expenses at each stage of recovery and can help towards managing other non-medical costs.
Each product can provide vital financial support when an unexpected severe illness happens. Should your medical aid fall short of covering the full costs, you can rely on your gap cover and/or illness insurance. The expenses associated with quality medical care for major life-threatening diagnoses and procedures can be astronomical. These costs can devastate your finances, which is why it is essential to have adequate cover across all the stages of overcoming a severe illness diagnosis. Knowing that you are adequately covered can protect your family against the potentially devastating financial consequences of a severe illness diagnosis.
It is important to highlight that severe illnesses typically entail a lengthy recovery period outside of the hospital, which may affect your ability to work. This is particularly significant when you are self-employed or a commission earner as it can significantly impact your ability to generate an income, either partially or entirely. This payout can be used to settle unexpected costs associated with rehabilitation, travelling to treatment centres, modifications to your home or vehicle, as well as day-to-day expenses while on leave from work to focus on your recovery.
Old Mutual Illness insurance was designed to allow true customisation, meaning you can build your cover to suit your and your family’s needs. It offers total flexibility where you can add or remove features as your life changes, and you are covered for up to 30 days before paying your first premium.
Would you and your loved ones be able to weather the storm and emerge financially stable? Lizl Budhram Head of Advice, Old Mutual Personal Finance, highlights that battling a severe illness involves three key physical stages: diagnosis, treatment, and recovery. Throughout this journey, financial support is crucial at every step.
She adds that there are typically four stages to overcoming a severe illness financially: the cost of diagnosis, followed by the treatment phase, moving into the recovery period and having to face the possibility of additional ongoing and unexpected expenses due to any lifestyle changes that may be required to manage the effects of the illness.
Surviving these stages financially can prove to be quite a challenge, even with medical aid and gap cover in place. Illness insurance can assist with medical expenses at each stage of recovery and can help towards managing other non-medical costs.
Each product can provide vital financial support when an unexpected severe illness happens. Should your medical aid fall short of covering the full costs, you can rely on your gap cover and/or illness insurance. The expenses associated with quality medical care for major life-threatening diagnoses and procedures can be astronomical. These costs can devastate your finances, which is why it is essential to have adequate cover across all the stages of overcoming a severe illness diagnosis. Knowing that you are adequately covered can protect your family against the potentially devastating financial consequences of a severe illness diagnosis.
It is important to highlight that severe illnesses typically entail a lengthy recovery period outside of the hospital, which may affect your ability to work. This is particularly significant when you are self-employed or a commission earner as it can significantly impact your ability to generate an income, either partially or entirely. This payout can be used to settle unexpected costs associated with rehabilitation, travelling to treatment centres, modifications to your home or vehicle, as well as day-to-day expenses while on leave from work to focus on your recovery.
Old Mutual Illness insurance was designed to allow true customisation, meaning you can build your cover to suit your and your family’s needs. It offers total flexibility where you can add or remove features as your life changes, and you are covered for up to 30 days before paying your first premium.
You might never get a severe illness, but what if you do? Protect your family from the financial impact that can follow and give them peace of mind when they need it most.
Speak to your financial adviser or visit www.oldmutual.co.za/illness to learn more.
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer. Ts & Cs apply.
You might never get a severe illness, but what if you do? Protect your family from the financial impact that can follow and give them peace of mind when they need it most.
Speak to your financial adviser or visit www.oldmutual.co.za/illness to learn more.
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer. Ts & Cs apply.
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