Safeguarding Your Financial Future Against Cancer and Other Life-Altering Illnesses
By Zac Dermick
As financial advisers, it’s our responsibility at TIB Wealth to help clients prepare for the unexpected, especially when it comes to serious health conditions like cancer. The latest findings from Cancer in South Africa (2008–2019) by in the Statistics South Africa report highlight just how prevalent and life-altering cancer can be. Sadly, this won’t be news to most, since most of us have someone close to us (family or friends) who have suffered through the illness.
Whilst Critical Illness cover is designed to supplement your medical and gap cover – it is an essential consideration of any financial plan, offering peace of mind and support during one of the most challenging struggles of life.
The Rising Cancer Burden in South Africa
According to the report, females accounted for 51.3% of cancer diagnoses while males accounted for 48.6%. The average age for diagnosis is around 60 years old, yet clients are facing the illness at all ages.
This data underlines a critical reality: cancer is a widespread concern in South Africa, affecting people across all demographics. Unfortunately, many people aren’t prepared for the financial implications that come with it.
Critical illness cover is designed to cover extra medical costs, rehabilitation, or even day-to-day living expenses if you need to take time off work. With cancer treatment becoming increasingly expensive and often requiring specialised care, this type of cover can prevent financial ruin during an already traumatic time.
Risk Factors and the Need for Early Detection
The World Health Organization (WHO) highlights several lifestyle factors that increase cancer risk, such as smoking, alcohol consumption, poor diet, and lack of exercise.
South Africa’s cancer statistics reflect these global trends, with prostate, colorectal, lung, and skin cancers being the most common among males, and breast, cervical, colorectal, and skin cancers being most prevalent among females.
Despite the best efforts to reduce risk, anyone can be affected by a critical illness, whether due to genetics, lifestyle, or environmental factors. Critical illness cover serves as a financial safety net, ensuring that, in the event of a diagnosis, your focus can be on recovery rather than worrying about medical bills or loss of income.
Financial Protection: A Necessary Safeguard
Your medical aid or income protection may not fully cover additional costs associated with treatment, recovery, and taking extra time off work. However, the quality of your medical aid, gap cover, and income insurance may reduce the amount of critical illness cover necessary.
The second consideration that can’t be overlooked is the financial effects on parents if they have to face the unimaginable reality of their child receiving a cancer diagnosis. Critical Illness insurance typically provides a Childhood Cancer payout that’s designed to help parents with additional finances to get their child the best possible care and support.
Take Action Now
As a financial adviser, my role is to help you protect your financial future, no matter what life throws your way. If the statistics in this report tell us anything, it’s that cancer is a real and present risk for many South Africans.
By ensuring that you have comprehensive cover in place, we can mitigate the financial impact of a cancer diagnosis, allowing you to focus on what truly matters—your health and recovery.
Don’t wait until it’s too late. If you get a cancer diagnosis – you can’t apply for insurances after the fact!
Speak to myself or Justin today about how we can incorporate critical illness cover into your financial plan, giving you, and your loved ones the security and peace of mind you deserve.
