Here is what you need to know about dread disease, also known as critical illness, and how you can prepare financially.

What is dread disease?

Dread disease is when you are diagnosed by a medical professional with severe diseases such as cancer, heart disease, kidney failure, or an organ transplant that leaves you in a critical condition. It essentially means that you are diagnosed with a disease that can disrupt you from working and carrying out everyday tasks. According to ASISA, 35% of deaths in South of Africa are due to critical illnesses with the median age being at 52,5 years.

The cost of leaving it too late

There are many financial demands that people juggle, but a common mistake that some people make is leaving their financial future unprotected.

While it is never too late to take out a life cover since the cut off age is 65, leaving it until it's too late usually comes back to haunt you. It's usually advisable to take out a life policy while you are still young and healthy because it is more affordable.

The older you get the more prone you are of becoming ill.  ASISA further revealed that 60% of claims were due to people being diagnosed with critical illnesses. Being diagnosed with a critical illness can be emotionally and physically draining. The last thing that anyone wants to be stressed about is their finances.

How can having cover protect you?

Life insurance comes with a range of benefits that were created to grow with you as you age. Critical illness cover or dread disease cover has been designed to take care of you while you are still living. Your insurer will payout your claim should you be diagnosed by a medical professional so you can use the finances for:

Medical expenses

Daily expenses

Paying off of any debt

Modification of your home

Private health care at home

Or how you feel fit to help you in your situation. You can always contact your insurer to see what other terms and conditions that might come with this cover.