You have invested in life insurance in case of sudden, or unexpected death so that your family is financially secure, but have you insured yourself for situations that may arise when you are still alive? As much as we like to believe we are indestructible and that “it couldn’t happen to me”, it really is important to also consider different insurance policies that may be worthwhile taking out to protect yourself while still alive but unable to support your loved ones the way you do now.

A good place to start

Critical illness insurance is a long-term insurance policy that has been put in place to cover you should you fall victim to a life changing illness that makes it impossible for you to still earn a living. If you become seriously ill, you are paid out a lump sum of money, tax-free, that you can choose to use however you want.

What illnesses are included?

Illnesses that are covered may include:

  • Stroke
  • Heart attack
  • Alzheimer’s disease
  • Organ transplant
  • Parkinson’s
  • HIV/AIDs treatments
  • Blindness/deafness
  • Cancer
  • Multiple sclerosis

*Please note that these are only some of the illnesses that are covered. It is important to know what your chosen insurance provider will cover you for before you make the final buying decision.

Do I need it?

Like we said before, no one is invincible so you need to prepare for the worst. Falling ill, especially to such a degree, is not only hard on the patient, but on the family as well. Having critical illness insurance will help relieve at least one stress you will be facing if the worst actually happens.

Some of the benefits of having critical illness cover are:

  • It will help fill the gap for any shortfalls from your medical aid
  • You may need it for additional costs such as installing a wheelchair ramp into your home
  • It will help give you access to medical equipment that is not covered by your medical aid such as a reliable wheelchair

How do I know if I should take out the cover?

Our suggestion to you is to do the following:

  • Take a look at your family medical history, if you know there is a critical illness that is common then it may be worth taking the extra precaution
  • Take a look at your bank accounts and investments to see if you have a decent reserve of funds saved up; you may find that you are well off enough not to need to take out the insurance

We are not suggesting that you quickly call your insurance provider and take out the policy, as it is an additional cost each month. Our goal is to make you aware that these types of help do exist.