Dread diseases, also known as serious illnesses, are the cause of most deaths in developed populations today – including millions of South Africans. Cancer, heart disease, and strokes are the best-known of these serious conditions, but there are over 100 dread diseases currently covered by many insurers.
The thought of suffering from one of these conditions is enough to put most people off thinking about the subject, but the reality is that any of us could find ourselves facing a serious illness during the course of our lives. As people live longer than they did in past generations, our chances of suffering from dread diseases are increasing – and many people are contracting these illnesses after retirement, at a time when their finances don’t easily allow for sudden increases in their cost of living.
Contracting a serious illness is a traumatic experience for the patient and their family. Lifestyle changes are almost unavoidable for people suffering from dread diseases, and each of these comes with its own cost. Here are some of the changes a serious illness patient may need to make during and after their treatment:
- Modifications to bathrooms and vehicles for easier access
- Purchasing wheelchairs or walkers
- Hiring a nurse on a temporary or permanent basis
- Increased transportation costs during the course of therapy
- Hiring an au pair for children or a full-time domestic worker
- Covering medical expenses that are rejected by medical aid schemes
These are just some of the expenses that you may face if you have the misfortune of contracting a serious illness – given the cost of these lifestyle changes, it’s easy to see how many people who suffer from serious illnesses endure financial hardship at the same time – but this is avoidable.
The Importance of Dread Disease Cover
Dread Disease Cover is a type of insurance that helps to cover the extra expenses that often result from a serious illness. Given the cost of lifestyle changes and medical assistance, it’s essential for all of us to consider Dread Disease Cover as an important part of our insurance portfolios.
The extra costs listed above can be covered by Dread Disease Cover, provided that you also have Income Replacement Cover and a good medical aid. Your financial advisor will help you to plan your insurance portfolio, including the right amount of Dread Disease Cover to suit your needs and your monthly budget.