Serious illnesses, from cancer to heart attacks, could affect any one of us at any time. The SA Heart and Stroke Foundation warns that one in three men, and one in four women in South Africa will fall victim to cardiovascular disease before they are 60 years old!
As a breadwinner with dependants you need to ensure that your family is protected financially if you ever fall ill and are unable to work. You will find this protection in dread disease cover.
Dread disease cover, also known as chronic illness cover, is a type of insurance that pays out when the insured is diagnosed with a critical illness as defined by the insurance policy. Typically the illnesses and conditions covered include cancer, cardiovascular conditions like heart attacks, strokes and organ failure. Invented by famous South African heart surgeon Professor Chris Barnard, dread disease cover can be bought as part of a life insurance policy.
The payout that you receive when you are diagnosed with a dread disease can be used to:
- Replace your income when you are unable to work, to cover living expenses, car instalments, bond repayments etc.
- Pay any medical expenses not covered by your medical aid, for example a home nurse
- Pay any additional expenses incurred while you are hospitalised or recovering, for example child-care and school transport
- Should your illness leave your permanently disabled, disability cover will give you the financial protection you need. Disablement cover insures your income against the day that you are disabled by illness or injury and unable to work
- It is important to note that every insurance company structures their disability and dread disease cover policies differently in terms of benefits, exclusions, conditions and illnesses covered, payouts etc. Make sure that you fully understand a policy before you buy it and be sure to read all your policy documentation carefully.
Did you know that you can add disablement cover and dread disease cover to your 1Lifedirect life insurance policy? Contact Client Services today for any policy amendments/queries etc. on email@example.com