Cover The Basics
While these plans are similar, they don’t overlap and will ensure that you and your family are financially secure, whatever the outcome.
LIFE COVER “Life cover should always be in place to ensure that you adequately cover any financial shortfalls your debt may leave, as well as to ensure that your loved ones are adequately provided for,” says Morkel.
DISABILITY COVER This will ensure that your ability to support your family and your lifestyle is protected in the event that you’re no longer able to work, explains Morkel.
ADDITIONAL COVER If you have the means, you should also consider adding severe illness (aka dread disease) cover, which will pay you a lump sum in the event you’re diagnosed with a serious illness, but are still able to work, and an income protector, which will pay you a monthly “salary” if you’re unable to work.
It’s Not Too Late Already diagnosed – and don’t have any of the above? Don’t freak out. “Depending on the stage of cancer and your response to treatment, numerous forms of cover can still be considered,” says Morkel. “Although every case is unique, once someone is in remission, an insurer would consider whether or not it’s able to offer life cover and disability at an increased premium risk – or even at standard rates.” Yes, it’s true that in the past someone with a history of cancer wouldn’t be considered for severe illness cover. But the good news is that this year Sanlam launched a unique product in which cancer and cardiovascular (CVS) disease benefits are stand-alone products. Plus, CVS severe illness cover is available to certain groups of cancer patients as well.