Are you Financially Prepared for Severe Illness?

– Chanelle Taylor (Director, Cornerstone Financial Planning)

A severe illness event can occur at any stage. The last thing on your mind should be your finances should you be diagnosed with a major illness. It is therefore prudent to have comprehensive severe illness covers in place.

As we near the end of Movember, an annual event that involves the growing of mustaches during November to raise awareness of men’s health issues such as prostate cancer, it is important to ensure that you are financially prepared should you be diagnosed with a severe illness at any stage in your life.

Statistics indicate that you have an extremely high chance of contracting a severe illness such as cancer, stroke or heart disease before you die. With advanced medical technology, the probability of surviving a severe illness is much higher than in the past. Many people aren’t aware of the additional expenses associated with contracting, or being afflicted by, a major illness and are therefore not financially prepared.

Consider the following points in preparing yourself financially, should you be faced with a life-changing health shock such as a severe illness:

–      Do you have sufficient provision in place to settle liabilities in the event of a severe illness that may result in permanent disablement?

–      Although medical schemes assist in covering certain medical expenses associated with an illness, ensure that you have sufficient provision in place for additional medical and post-illness expenses.

–      Ensure that you have income protection cover in place if you are unable to earn an income due to temporary or permanent disablement resulting from ill health.

Comprehensive severe illness cover is a crucial element in your financial plan. You will find comfort in ensuring that you are adequately covered in the event of a severe illness or permanent disablement and that you and your family will be able to maintain your current lifestyle during such a debilitation event.

At Cornerstone Financial Planning, we can assist you with advice and solutions to make sure you and your family are financially prepared for an unexpected severe illness event.

Contact us if you would like to talk to us or make an appointment.


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