Illness and disease are unexpected and can affect more than just your health. The reality of life is that these “speed bumps” can happen when we least expect them. By arming yourself with sufficient knowledge and by obtaining the right dread disease cover, you can protect yourself from the knock-on effect it could have.
Firstly, you need to distinguish between disability insurance and dreaded disease insurance. Dread disease cover generally pays out a tax free lump sum, whereas disability cover pays you a lump sum on a monthly basis. Even if you are able to work, dread disease still pays you out as opposed to disability that covers your finances when you are unable to be at work.
Do you need disability insurance or dreaded disease insurance?
It is important to realise that by getting a lump sum payout, you are able to tackle medical bills from the beginning as opposed to having them pile up and be forced to pay installments. The lump sum reduces the amount you would need to pay monthly, which takes the pressure off of your finances.
What do you need to know?
When it comes to financial coverage, you need to know everything you can in order to make a proper decision. The policies vary from a stand-alone policy to a maximum cover benefit.
A stand-alone policy means that your dread disease policy will not affect any other insurance policies you may have. Should you require a lump sum payout, this won’t take away from any other financial payouts you may need in the future. However, it is important to talk to a consultant about what policy can be packaged to suit your needs and situation.
Maximum cover benefits pays out a lump sum as a whole. Should you claim at the start of your illness, you get one large amount back. This is a contrast to severity-based claims that only pay out a percentage of the claim, depending on how bad the situation is.
What can Compendium Insurance Brokers do for you?
While you focus on recovery, we’ll take care of the rest!
Making life easier by providing insurance that has you fully covered is something that we pride ourselves on. This means less worry and better financial backing in a crisis situation. In order to fully understand the extent of your dreaded disease insurance, you should do extensive research of your illness. This removes any kind of uncertainty regarding your claims and payments owed to you.
Dreaded disease cover is an insurance that should not be overlooked. In order to stay financially covered during an unexpected illness, this could go a long way. With one less thing to worry about, your main focus can be on your healing process and not your finances.
You should also determine what category your illness falls under. At Compendium Insurance we offer coverage of 84 different illnesses and diseases, making sure that you’ve got the best assurance from your insurance.
To arrange a short consultation with one of our brokers to discuss your policy, contact us today on 087 724 9390