A lot of people misunderstand the term ‘dread disease cover’… and with that name, it’s enough to take the smile out of anyone’s day. But dread disease or CI (critical illness) insurance is a powerful tool to ensure that health emergencies don’t trip up your financial dreams or weigh heavily on your family.
Dread Disease Cover vs Disability Cover
Sometimes called CI cover, dread disease cover is different to disability cover, which protects you and your finances after an accident temporarily or permanently leaves you unable to work. In a similar way, dread disease cover is there for when a health setback floors you temporarily or for a longer period of time. From strokes or heart attacks to serious illnesses like cancer, this cover helps you focus on your recovery without having the added stress of loss of income each month just when your medical and associated expenses are skyrocketing.
Dread disease cover isn’t about dying… it’s about surviving
When the average person thinks of cancer, a tumour or a stroke, they imagine the worst. And no one likes thinking about it… it will never happen to us anyway, right?
But in reality, these things are more common than we realise and are not a death sentence – far from it.
“Statistics confirm there is a high likelihood of contracting a major illness such as heart disease or cancer. And thanks to advances in medical technology, people are more likely to survive these illnesses than ever before,” Old Mutual’s Ferdi Booysen says in insurance publication FA News.
Get peace – get well
Research shows that one of the single biggest impediments to recovery in any illness (barring chronic mental illness) is stress. Research also shows that finances are one of the biggest things that people are concerned about when ill – a vicious and ironic circle.
And they’re not wrong. There are lots of little unforeseen expenses surrounding illness and hospitalisation. Even if you have an amazing medical aid in place, there will be things the medical aid doesn’t cover. And what about other things you may need, like therapy for you and your spouse after the trauma of a stroke? With dread disease cover, it’s easier to relax and focus on recuperation knowing that everything is in place. In fact, most CI cover pays out a lump sum so that you can decide what’s important for your recovery journey.
But don’t just survive – thrive
Falling seriously ill or having a health episode is never pleasant, but it is a fact of life – and it needn’t be the end of it. In fact, it can be the start of a whole new one.
Those who have experienced these things with the support of insurance and the ability to focus on themselves rather than being forced to work when physically unable, often describe their journeys as powerful wake-up calls that helped them re-prioritise and improve their lives, relationships and trajectory.
So don’t just pretend it won’t happen to you and don’t just survive – thrive.