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It’s Women’s Month and we’re tackling dread diseases, a tough topic for most of us. But you can’t ignore the stats. Serious illnesses are a reality for so many women and emotionally and financially a diagnosis is devastating. We find out more about the impact of a dread disease on your budget, and how you can protect yourself, your finances and your family.
Women and dread disease
A dread disease is a serious illness, such as cancer or heart disease. Many dread diseases can be treated and managed, some can even be prevented!
The stats show that millions of women are affected by dread diseases, including the most common illnesses of cancer, heart disease and stroke.
Breast cancer is the most common cancer among women worldwide, and the leading cause of cancer-related death in women in South Africa, as well as globally. Nearly a quarter of all diagnosed cancers in women in the country are breast cancer, followed by cervical cancer (1 in every 42 women has a lifetime risk of being diagnosed with cervical cancer) and colorectal cancer.
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Women are also affected by heart disease. Globally, cardiovascular disease is the number one killer of women, and the second most common cause of claims at 1Life Insurance.
In addition to these more well-known dread diseases, women are also affected by auto-immune diseases such as lupus and rheumatoid arthritis.
Keep yourself healthy
Not all dread diseases can be prevented, but heart disease and even some cancers are less likely if you take care of yourself, which includes:
- Eating healthy foods in moderation, and reaching or maintaining a healthy body weight
- Exercising regularly
- Not smoking
- Drinking alcohol in moderation, if at all
- Reducing and managing stress levels
- Having regular health checks and screening for illnesses according to guidelines
- Following any treatment plans prescribed to you by your healthcare professionals
Healthy living guidelines are available from the Heart and Stroke Foundation of South Africa and the Cancer Association of South Africa. Your medical aid, if you have one, will have guidelines to prevent disease and illness, and your pharmacist and GP are also good sources of healthy living tips!
The financial impact of a dread disease diagnosis
Living healthy can help you avoid some dread diseases, but not all, and even the healthiest of woman can be diagnosed with a serious illness. The cost of treating a dread disease is high and the financial impact will be significant.
Work: You may require time off for treatment and recovery, which may not always be paid, and there is also the chance that you may only be able to work part-time, or not at all, all of which translates into lower earnings.
Home life: You may need to hire help to take care of family responsibilities such as home and childcare, and you could require care for yourself, all of which come at a cost in rands and cents!
Treatment costs: Although treatment is available at public health care facilities either free or at a low cost, delays are common as medication and specialists are not always available, and you may need transport to the facility where care is provided which will be for your own cost. Medical aid may also cover costs, but often not all, and any additional costs such as transport to facilities and occupational care may be for your own account.
We hope you don’t have to face a dread disease, but there is a chance that you will, and planning ahead will ease the financial burden and ensure you don't have to dip into savings intended for education and retirement, or go into debt, to fund the costs.
Dread disease cover helps you deal with the costs of a dread disease
Dread disease policies are designed to put money in your pocket when you are diagnosed with an illness so you can spend the pay-out wherever and whenever you need to. These policies pay-out a tax-free lump sum on the diagnosis of a dread disease, provided the dread disease is covered by the policy.
The amount of the pay-out depends on the sum assured and the severity of the disease. For example, if you have a stage 2 cancer diagnosis and are insured for R500 000, your policy may pay 50% (R250 000) as a lump sum amount. If the cancer is stage 4, the full R500 000 may be paid.
The good news is that this amount is yours to spend as you need to! You can use the money to replace any shortfalls in income, for treatment and care costs, and for the extras that make life with a dread disease less stressful such as childcare.
Learn more about 1Life’s policies and pay-outs
Dread disease cover can be added to life cover policies or taken as a stand-alone policy. 1Life Insurance Dread Disease Cover pays out up to R4 million if you are diagnosed with a serious illness, while 1Life Insurance Female Dread Disease cover has been designed to cover dread diseases that affect women. Female Dread Disease cover policies pay out if you are diagnosed with a female-specific cancer so you can pay medical bills, living expenses and more while you recuperate! The policy includes cover for up to four children for certain cancers.
Why not ask one of our skilled consultants for a quote and get the cover you need for yourself and your family this Women’s Month.
Dread disease cover is for everyone
August is Women’s month, so we have focused on women and the dread diseases they are most likely to be diagnosed with. However, dread diseases affect everyone, women and men, with heart disease, cancer and strokes prevalent in the male population too. Dread disease cover can help ensure the costs of a serious illness don’t destroy wealth building plans and lead to generational debt, for all families.
Take action on this tough topic
Because the risks are high and the stats suggest you or a loved one close to you, has a strong probability of being diagnosed with a dread disease, it is better to be prepared and protected rather than avoiding a tough topic! Have regular health checks, and chat to one of our skilled consultants about taking out a dread disease cover policy for you and your family.
Sources include:
Population health and burden of disease profile of South African women between 1990 and 2019, Population medicine
The status of women’s health in South Africa, Stats SA
Cancer in South Africa, Stats SA
Women’s health, WHO
Health issues affecting women, Council for Medical Schemes
From incidence to intervention: a comprehensive look at breast cancer in South Africa, National Library of Medicine