A 'help when you need it most' policy
Insuring yourself and your family against severe illness is increasingly prudent
Claims statistics released recently by three large life assurance companies are enough to make anyone think twice about not ensuring that they have adequate cover against severe illnesses, particularly cancer. Medical advances and a focus on healthy living have extended our lives, and with increased longevity comes increased risk of contracting a severe illness and surviving it, and even the possibility of contracting another severe illness. Cancer is one of the top causes of severe illness claims and is constantly rising, according to Karin Muller, CEO of Sanlam Individual Life. "In 2010 cancer made up 36% of all severe illness claims. In 2017 it was the cause of 59% of admitted claims at Sanlam," she says. Cancer was also the main reason for severe illness claims at Momentum and Liberty last year, making up 38% and 24% of all these claims respectively for the two assurers. Soberingly, it is not only older people who are subject to severe illnesses or conditions. Henk Meintjes, the...
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