Dreaded Disease Cover

Being diagnosed with a dreaded disease can have a severe emotional and financial impact on your family. While having dread disease cover won’t completely remove the impact of the disease on the entire family, it will lighten the emotional load by giving your family what it needs to keep going, security in knowing that the financial side of things will be covered.

Dread disease cover is an insurance policy that protects you should you contract one of the diseases on the predetermined list of illnesses with your policy provider. As the policy holder, once you have been diagnosed with a dread disease, you may be paid out a lump sum should you have the benefit on your existing policy.

The contract terms contain specific rules that define when a diagnosis of a critical illness is considered valid. It may state that the diagnosis need be made by a physician who specialises in that disease or condition, or it may name specific tests, e.g. EKG changes of a myocardial infarction, that confirm the diagnosis.

“Henk Meintjes, Head of Risk Product Development at Liberty, said that more young people than ever before are being diagnosed with illnesses like cancer and cardiovascular disease. Cancer is the top claim cause at 24.3% [of our number of claims], and cardiovascular conditions a close second at 20%. And while cancer affects people of all ages, it was 16% for young achievers – the millennials – and 21% for young parents.” via Health24

Serious illnesses are a reality for us all, but the sooner you are diagnosed, the sooner you can act, and get the treatment you need. We are starting to see that dread disease’s do not discriminate, it doesn’t matter how old you are or what stage of life you’re at, anyone is at risk of contracting any of these diseases. While genes play a part, not everyone who contracts one of these diseases has a family history of the illness, this means that now, more than ever it’s essential to have a dread disease benefit to protect your finances should you contract a life-threatening illness.

With medical advancements you are more likely to survive a major health crisis, than to die from one, but the financial strain can impact your family, self-esteem and ability to keep going emotionally.

In 2018 PPS paid out R266,150,250.00 in cancer claims alone, with a total of R541,665,520.00 in sickness benefits that covered not only cancer, but diseases of the musculoskeletal system and connective tissue, diseases of the circulatory system, psychological illness and more. Refer to our post PPS: 2018 in Reviewfor more details on causes and conditions most claimed for last year.

These policies can cover you against cancer, stroke, coronary artery bypass, heart disease and more. Speak to your broker about what is on the predetermined list on your current policy or to apply for dread disease cover via your existing policy or through a new application.