The right time to take out dread disease cover

Dread disease cover, also known as critical illness cover, provides financial support if you are diagnosed with a dread disease. It helps individuals and their families manage the expenses associated with serious illnesses. Learn more about how the product works and the best time to take out dread disease cover.

How does dread disease cover work?

Dread disease insurance pays out a tax-free lump sum if you are diagnosed with a dread disease as specified in your policy documents. These diseases include cancer, cardiovascular and heart disease, strokes and organ failure as well as a range of neurological and gastroenterological conditions. A policy pay-out can be used for medical and rehabilitation expenses not covered by your medical aid and to replace lost income.

If you are interested in taking out 1Life Dread Disease Cover your first step is to contact our call centre for a quote. The call centre agent will ask you a number of questions about your health and lifestyle. Answer these questions honestly and in detail to avoid reduced or declined claims. If you accept the quote we will send you a policy schedule and the 1Life policy book. Be sure to read both documents carefully to understand the terms and conditions of your policy.

How to claim dread disease cover

To submit a claim on your policy contact our claims consultants who will explain the claims process and provide you with information on the documents required to process the claim.

Your policy will pay a percentage of your cover amount if you are diagnosed with a dread disease as listed in the 1Life policy book. Depending on the severity of your illness, 25% - 100% of your sum assured will be paid out. For example, if you are diagnosed with Stage 1 cancer, 25% of your sum assured could be paid out. However, if you are diagnosed with Stage 4 then 100% could be paid out.

Note that claims must be reported within 3 months of the event, and initial claims documentation must be sent within 3 months of notifying 1Life of the claim. Additional documents must be submitted within 3 months. The lump sum will only be paid if the assured survives for at least 28 days from the date of diagnosis.

When should you take out dread disease cover?

At the age of 45, John was diagnosed with throat cancer and faced out-of-pocket costs associated with his treatment, such as travel expenses for specialised treatments, medical equipment and home care costs. Even with a medical aid, these costs could have put a strain on his finances and perhaps even forced him into debt. However, John had taken out a dread disease cover policy in his twenties, which provided him with a lump sum pay-out that he could  use to cover these  expenses. This allowed him to focus on his recovery without worrying about the financial impact of his illness.

John's experience highlights the importance of taking out critical illness cover at a young age when you are less likely to have any pre-existing medical conditions that could increase your premiums, result in exclusions on your policy or you may not qualify for dread disease cover.

So, do I really need dread disease cover?

There are a few key factors to consider when deciding if a dread disease insurance policy is really worth taking out:

• The financial risks associated with a serious illness. Without adequate cover, you may have to rely on your savings or take on debt to cover these expenses.
• Your financial obligations. If you have dependants or financial obligations, such as a bond or other loans, a serious illness could have a significant impact on your ability to meet these obligations.
• Your medical history. If you have a family history of critical illnesses or other risk factors for serious illnesses, you may benefit from the financial protection offered by critical illness cover.

Get covered with 1Life Dread Disease Cover

A dread disease can impact not only your health but also your finances. 1Life Dread Disease Cover pays out a tax-free lump sum of up to R4 million, depending on the cover you choose. These funds can be used to cover any expenses related to the illness, providing you with financial stability and peace of mind during a difficult time and allowing you to focus on your wellbeing and recovery.

With 1Life Dread Disease cover you can get the cover you need with just 1 call and no paperwork or medical exams, just an  . No waiting periods apply to your policy and you can Increase your cover without medical underwriting, just a new negative HIV test, on every third policy anniversary or major life event like marriage or the birth of a child.  (Ts & Cs may apply)

Get the cover you need to protect yourself and your loved ones from the financial impact of a dread disease. Call us for a quote today.

We answer your questions about our products and services!

What factors determine the ideal time to purchase dread disease cover?

Factors such as age matter, the earlier you obtain coverage, the better. Premiums tend to be lower when you’re younger and healthier and when you are less likely to have any pre-existing medical conditions that could increase your premiums, result in exclusions on your policy or disqualifying you for dread disease cover. Other factors include assessing your health status, reviewing your family history of illnesses, evaluating your financial responsibilities, as well as your lifestyle choices.

Is there a specific age range considered the right time to take out dread disease cover?

You can qualify for dread disease cover/critical illness cover at any time from 18 to 59.

Can I take out dread disease cover if I already have pre-existing medical conditions?

Some policies may have a clause that prevents you from obtaining insurance cover for any condition that you were treated for or that you knew about. This is known as a pre-existing condition and any such condition not disclosed to the insurance company will most likely result in a claim for the condition being rejected. It bears repeating that when you take out an insurance policy, the responsibility lies with you to provide the insurer with all the necessary information, so that the company can correctly assess and price your risk.

Is it possible to increase my dread disease cover later in life?

Yes. However, re-underwriting will apply for the upgraded portion of the application. A new HIV test may also be required.

Are there waiting periods for dread disease cover policies?

No, there is no waiting period that applies to dread disease cover. There is however a “survival period”. This means that the lump sum will only be paid if the life assured survives for at least 28 days from the date of diagnosis.

Can dread disease cover be used to replace lost income entirely during treatment?

Dread disease insurance pays out a tax-free lump sum if you are diagnosed with a dread disease as specified in your policy documents. These diseases include cancer, cardiovascular and heart disease, strokes and organ failure as well as a range of neurological and gastroenterological conditions. A policy pay-out can be used for medical and rehabilitation expenses not covered by your medical aid and to replace lost income.