It is often spoken about in confidence or not spoken about at all. But dreaded disease cover is a subject that should be addressed far more often. If left disregarded and you or a loved one is diagnosed with a severe illness, it could lead to financial distress or even, in a worst-case scenario, bankruptcy. Read more
Discussing dreaded disease cover is always a sensitive matter, after all, you’re discussing the potential premature passing of yourself or a loved one. However, ignoring it all together could be financially debilitating or even, in a worst-case scenario, lead to bankruptcy. As a result, it should at the very least, be investigated.
It is unfortunately estimated that one in eight people will contract cancer, and one in five will suffer from one of the “Big Four” serious illnesses before the age of 65. The Big Four is commonly referred to as heart attacks, coronary disease or bypass surgery, strokes, and cancer. The latter is the leading cause of claims against dreaded disease cover.
For the most part, dreaded disease cover, also known as critical illness insurance, can protect against other serious ailments. For example, kidney or chronic liver failure, rheumatoid arthritis, respiratory failure, and major organ transplants among a host of others. Be sure to read the fine print of these policies to determine the percentage payouts per diagnosis and which of them are covered.
Once insured with dreaded disease cover, it provides financial protection if diagnosed with a critical condition. Whether the diagnosis is poor or not, upon accepted diagnosis, the payment will be provided, tax-free, either as a lump sum once-off payment or paid out monthly.
Once in receipt of this money, it can be used for immediate or long-term treatment that is not covered by medical aid. It can also be used as travel expenses for overseas treatments, home renovations to improve quality of life, or as a monthly instalment to maintain living standards in case of lost income.
Dreaded disease cover is, not always, but usually linked to a life assurance policy and oftentimes expires or has reduced benefits once the recipient has reached an agreed-upon age.
There are two basic options for dreaded disease cover. Accelerated or stand-alone benefits. As its name suggests, the stand-alone option doesn’t affect your policy. It does, however, result in being more costly than the alternative. Accelerated benefits are offset against your policy and will affect it proportionately with drawings taken against it.
There are different levels of dreaded disease coverage. It is a costly investment, however, the policyholder may elect to diversify their policy requirements in line with personal health conditions or family history, thereby reducing the number of illnesses to be covered. Thus making it more affordable.
But, there are more comprehensive options that include a complete range of conditions. Some policies would insure conditions not associated with the listed events stated in the policy. Some institutions may offer added benefits, for example, intensive care, early cancer, or relapse cancer treatments.
Efficient Wealth of course. We understand that the dreaded disease cover is a controversial subject. But, we can offer peace of mind with minimal waste and maximum protection.
Efficient Wealth is a place of trust, where approachable humans deal with real human issues. Dreaded disease cover is an essential element in any future-fit financial plan and, although costly, it could end up saving many investments.
Should you be investigating the benefits of dreaded disease cover, consult with Efficient Wealth. We offer a vast range of options, giving you freedom and flexibility in finding the most relevant risk solution.
One of the often overlooked, yet, crucial aspects of financial planning is to make provision for succession. To this end, as part of our fiduciary services, we advise clients to do proper estate and financial planning, including the drafting of their will.
If you pass away without a proper and legally sound will in place, everything you have built up over the years will go to waste. The state will decide what will happen to your assets.
Your will must be updated every few years and whenever you sell assets like property. This is also true when you acquire new assets. What happens to the shares you have in a company when you pass away? These and other questions can be answered and dealt with to ensure your loved ones are not left without income or their inheritance.
Our range of services include, but are not limited to:
Making use of our firm and its services holds several benefits, such as:
In legal terms, a fiduciary is an appointed person or organisation to act on behalf of another person. In most instances, the person works with trusts, wills, testaments and estates. To undertake this role, financial, and legal expertise is essential.
When you entrust your will, trust structuring and administration, estate planning, estate management or administration, and likes to our firm, you have the assurance of well-qualified and experienced professionals providing you with advice and ensuring the best management of your trust and estate according to best practices in the industry, and in compliance with legal requirements.
With the responsibilities and legal requirements associated with the role, you need experts who understand your particular will, testament, estate and trust structuring and administration needs. We meet every requirement of the role, including:
We are bound by the standards for the industry to uphold your best interests. Whether you need expert guidance in setting up a trust, want help with the drafting of a living will, or need assistance in administration of a deceased estate, reach out for more information about our range of fiduciary services.
