How disability and dread disease severely impacts a livelihood

Something that we hope to never have to think about is how disability and dread disease severely impacts a livelihood. But all too often these topics have to be addressed especially if you know you are at risk. If you have a family history of a specific illness you’re anxious about, it stands to reason that you would be investigating a critical health cover option.

However, multiple bullet-proof statistics, cite that the most common causes of death worldwide, can just as likely be caused by factors that go beyond genetics. These reports also repeatedly reveal that we are far more likely to contract a dread disease than to die prematurely or become disabled.

The truth is, severe illness is a reality for many of us

In fact, more than 95% of the world’s population has health problems! And over a third has more than five ailments.

Apparently, one in five of us (an alarming number) will have a serious disease at some stage of our life. Even more brutal is that one in eight will have cancer before the age of 65.

70-90% of all dread disease claims across the board of insurance companies, cover these four situations: cancer, stroke, heart attacks and coronary artery bypass surgery. With cancer, unfortunately remaining in top of the list of dread disease claims.

We often think, “It will never happen to me.”, and we think it’s impossible to imagine loss of sight, requiring an organ transplant or even sustaining a disability due to a car accident.

For many, such a conversation can be rather uncomfortable and we would rather avoid the subject all together. But to safeguard your livelihood should anything happen, advice would be to contact a reputable financial planner.

Why should I plan for something like dread disease or disability?

Since there are no obligations, you can change your mind or make decisions when you are ready, it’s wise to investigate what options you have when speaking to an advisor. It may not be a pleasant topic, but leaving you penniless or your family without an income will be far worse.

At Kainos, our advisors do not pressure our clients, and they prefer to supply you with right tools to make a financially sound choice that best suits your needs.

We understand that it’s a difficult subject to address, but one of the worst things you can do is put it off. No-one can predict the future, and whether you decide to take disability cover or not, at least you will have enough information to make such a decision.

Why should I take dread disease and disability cover?

Medical Aid schemes are primarily geared towards covering immediate medical expenses. These, in most cases, address costs related directly to your medical bills, such as hospitalisation, medicine and appointments with specialists.

Moreover, even the most expensive medical schemes and highest cover options do not necessarily cover all the expenses. More often than not, there are gaps that must be covered with cash out of your pocket. This could result in dipping into savings or using credit cards and loans to pay for shortfalls, racking up debt and high interest rates.

But what of the other expenses? What happens if you have to buy a wig after you have had treatment for cancer, or have to adjust your vehicle to allow for a wheelchair, or your bathroom at home because it is not access-friendly? Human dignity in such situations can be preserved, but the costs can be high.

There is a lot of stress around having a dread disease and covering the regular costs of managing it. This stress is felt not only by the person who has it, but by carers and loved ones who are assisting the patient. This can add pressure onto an already difficult scenario.

Added to this, one should also consider that, in many cases, the patient may have their income severely negatively impacted. They may not be able to work, or lose hours because of doctor visits, off-days or an inability to concentrate whilst on selected medication.

Fatigue, burn-out, brain fog and mental health issues are often by-products from long-term illnesses and can also affect how soon one can return to the workforce, if at all. If there is no money to pay for a professional care giver a family member may have to quit their job or take less hours of work.

So, beyond regular, on-going costs and the loss of income (which is especially needed around this time), there is the added anxiety around exorbitant expenses. Big expenses that may not only preserve one’s dignity, but may make the experience more comfortable, pain-free and even assist in recovery. These are a priority.

But how does one cover the costs, and how do they remain priorities when there are so many urgent matters that need to be addressed, too?

Dread disease and disability cover is a necessity rather than an after thought

Consider for a moment, the value of peace-of-mind. The peace-of-mind that these expenses are covered. Consider, too, how even more appreciated it will be if the disease is terminal. Less stress, more comfort and ease, and more dignified memories in the limited time.

This is where dread disease cover (also known as critical illness or severe illness cover) bridges the gap and offers a strong hand in supporting everyone who has been directly and indirectly affected.

This cover can give you an advantage where it is needed most. It can help with lifestyle adaptations, settle debt, cover medical expense gaps, the costs of home care, travel costs for treatments locally or internationally or to supplement your loss of income.

Dread disease and disability cover is known to be expensive, given the large payments it covers. The numbers speak for themselves with regards to the risk element, and as risk managers, we hope that this article gives you enough food for thought to investigate and compare products as soon as possible.