Dreaded Illness Cover

Medical Research has made such major impacts on diseases like cancer, heart attacks, strokes etc. as well as trauma surgeries that the chances of survival increase year on year. Having a heart attack for most is no longer a sure death, but more of a slow down in life. The same for other illnesses. Certain illness might not be able to be cured, but the life span has certainly increased. Look at Steve Hawkins or Joost Van Der Westhuizen. Both these gentleman have survived longer than what was originally thought. The human body paired with major advances in medical research show that we are more powerful than we like to give credit for. We are able to survive some of the most incredible beatings to our bodies and minds.

Trauma’s such as burns are survivable. Ground breaking surgery on a toddler has given her new skin, and a new lease on life. She has severe burns all over her body, yet she has survived. People with over 90% 3rd degree burns have been known to survive. Pretty amazing when 100 years ago, those individuals would have had a much smaller chance of survival.

All these illness and trauma’s come at a financial impact to one’s pocket. For those that have medical aid, it might cover all medical bills, might not, but what is the impact on lifestyle? Lifestyle changes will naturally follow an illness or trauma. This will come at a cost that most have not budgeted for. Further to the lifestyle changes; the survivor will now need to self insure a portion of their estate.

Dreaded illness is the ideal vehicle to buffer the cost of change and self insurance. It will pay out an amount on diagnoses. Some companies will work on severity basis of the diagnosis and some will give a 100% payout. This amount will help with the new costs incurred and what is left over should be invested should the illness or trauma prevent the individual from applying for future cover.

Where there is dreaded illness cover for adults, children are able to be covered as well. This is a critical kind of cover. Children need their parents when they are ill. This has its own cost impact as well. Many companies only cover a certain amount of family responsibility leave, and the parent needs to earn to be able to ensure their child has the best care possible. Dreaded illness cover for children can allow the parent to take that needed time off work to be at the bedside of the sick child.

Dreaded illness cover can be called severe illness cover or critical illness cover as well. Each company have labelled their cover differently. The broker will be able to define the cover for the client.

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