The financial impact of a chronic illness can be as devastating as the illness itself. It is prudent to plan ahead.
October is Breast Cancer Awareness Month. While South Africa braces for a rising second wave of Covid-19 infections, medical experts are warning of a potential increase in cancer-related claims and diagnoses in the year ahead. Dread disease or critical illness cover can help you weather the accompanying financial storm.
Dr Noluthando Nematswerani, head of Discovery Health's Centre for Clinical Excellence, says a serious, unexpected consequence of the pandemic is a reduction in screening tests among high-risk members who perceive seeing their doctor as increasing their risk of exposure to Covid-19.
Discovery's data shows that, compared with last year, there has been a 44% reduction in breast cancer diagnoses, and a 51% reduction in mammograms performed.
These are alarming stats in light of the fact that cancer remains one of the leading causes of death and dread disease claims in the life assurance industry.
Life assurer Momentum Myriad says cancer accounted for 32% of total death claims and 42% of total claims for women last year.
When it came to Momentum's critical illness or...