Be financially prepared for a severe illness
The cost of recovering from an illness can be high, but it's manageable with the right insurance.
Be financially prepared for a severe illness with Old Mutual Illness insurance
People take care of their health, eat well, and exercise, but never think that a severe illness could happen. However, sometimes it does, unexpectedly.
Simone Van Greunen, Senior Product Specialist for Retail Solutions at Old Mutual, shared her expertise on the importance of severe illness insurance in reducing your financial risks, should the unforeseen occur. Brought to you by Old Mutual Life Assurance Company (SA) Limited – a licensed FSP and Life Insurer. Ts & Cs apply
Listen to the interview below...
"Illness insurance is a risk protection product that will safeguard a client and their family from the financial repercussions of a severe illness.”
- Simone, Senior Product Specialist for Retail Solutions - Old Mutual
Simone highlighted that Old Mutual offers policies with a tax-free lump sum starting from R100,000, which pays out in the event of severe illness diagnoses like cancer, heart attacks, or strokes. This coverage serves as a lifeline to ensure policyholders can manage treatment costs and maintain stability during health crises.
A prevalent misconception about illness insurance is that it’s unnecessary unless one already has health problems.
"Many people are actually under the illusion that severe illness is something that only happens to other people.”
- Simone, Senior Product Specialist for Retail Solutions - Old Mutual
She shared that Old Mutual paid out a significant R926 million in illness claims last year alone, covering clients ranging from as young as 23 to as old as 83. These statistics emphasize that severe illnesses don’t discriminate by age or lifestyle, underscoring the unpredictability of such events.
For those wondering where to begin with illness insurance, Simone recommends consulting a financial advisor who can help tailor a policy to one’s needs and budget. With a thorough needs analysis, advisors can customize coverage to avoid overpaying for unnecessary features while ensuring adequate protection. This personalized approach allows clients to start with a basic plan and scale up as needed, especially as risks may increase with age.
In a world where severe health issues can arise without warning, illness insurance stands as a protective measure for navigating these unforeseen challenges. While no one likes to dwell on the possibility of illness, it’s wise to plan for the unexpected.