Cover for severe illnesses

Last week I sent a message about Critical Illness Cover. This week I’m showing you a list of the conditions covered by this insurance.

Although the conditions most claims are paid for are cancer and heart disease, a wide range of other illnesses are covered that could impact you financially due to lost income or very high medical expenses and/or lifestyle adjustments.

Have alook at the list of conditions in the table and diagram below; the table shows the broad caategories of conditions covered and the diagram shows how the product approaches paying a claim:

Momentum’s critical illness cover is available as follows:

1. Comprehensive Critical Illness: pays either 25%, 50%, 75% or 100% of the insured amount depending on the severity of the condition claimed for.

2. Comprehensive Critical Illness Plus: pays for certain illnesses of lesser severity and as a result, smaller claim percentages are payable in addition to the larger amounts described above. (see plus option in the diagram)

3. Elevated: Both the above options can be made ‘elevated’. This boosts claims that would have qualified for a 50%, 75% payout to 100% - ensuring maximum payouts are realised more easily.

You can select from the four options of cover that result to ensure your personal circumstances are properly insured.

This benefit can also be structured to provide cover either to age 65 or for “whole of life”.

The cost of Critical Illness

Did you know that one in four white South Africans get cancer?

Add that to heart attacks, strokes and the long list of other critical illnesses out there, and one wonders why only one in ten policies have critical illness cover included.

What is critical Illness cover? – Insurance that pays a lump sum on diagnosis of many serious illnesses.

Why do you need it? – The cost of a critical illness can impact your lifestyle dramatically, not only medical costs, but lost income and additional expenses:

• Your hospital bills may not be fully covered (have a look at the sub limits)

• Your day-to-day costs may eat away your savings

• Some chronic medication is not covered by the prescribed minimum benefits

• Besides shortfalls, advancing medicine may mean new cutting edge treatments that your medical aid has not approved – so critical illness cover buys you choice.

• Where a condition results from overwork or stress, less work time can mean less income and extra cash helps you take the time you need.

• You may need recovery time in excess of your sick leave and not qualify for disability payout. Your critical Illness cover makes this possible.

• If you need prosthetics, most medical aids have minimal cover for these.

I’d like to help you put the right type and amount of critical illness cover in place.