In October every year, we are made aware of a dread disease that constantly affects a large portion of the female population, not only in South Africa but throughout the world. It is Breast Cancer and it is potentially life-threatening, but fortunately, it is not necessarily lethal and, more importantly, if it is detected in the early stages its severity can be minimised.

The problem with this is that, like hypertension, many cancers can be silent killers and go undetected for years. Taking cautionary measures, therefore, like checking for lumps, regular medicals and additional testing (like mammograms) can assist in early detection and by doing this we are more prepared for the things that we cannot prevent. Unfortunately, however, it is not only from a health perspective that contracting a critical illness can be crippling when it arises.

The financial implications of dealing with critical illness (and remember breast cancer is just one of many) are numerous and can be just as severe. If you are not fully prepared for such eventualities they can create financial difficulties that can deplete whatever savings and investments you may have made up to that point – hence being unprepared for what you can’t prevent could cripple your finances too!   

Preparation solutions

Just as Business Coaches will tell you ‘’success is when opportunity meets preparation,’’ a good Financial Advisor will tell you that ‘’long-term wealth creation rests on preparation for the worst!’’ Investments rest on market fluctuations and this is why flexible, diverse portfolios are structured to balance the good against the bad when such things happen. This, however, is just one way that we protect our wealth.

Another, and equally as important, is to ensure that we have policies in place like Critical illness cover and Income protection, for example, to deal with life’s worst-case scenarios if they happen. Medical Aids and even gap cover will not fully cover you if you are out of work for an extended period of time.

It also helps to have a good nest egg of some flexible savings but don’t waste your money putting it in a bank. Rather talk to a Financial Advisor about something like Unit Trusts. These can earn good interest but, if necessary, be drawn on within a few days.

Also don’t ever underestimate the efficacy of a really good Life Assurance policy which can help to ensure you will still have a decent payout for your family when you pass, even if your other finances have been depleted.

Consult the preparation specialists

Being all too aware that we are dealing with people who, in turn, have to deal with life’s often unexpected downturns, we at Hereford Group have always been determined not to be a company that just sells policies. We take a holistic view of what it takes to create wealth, regardless of how it can be derailed and ensure that we have all the bases covered should this happen.

We see every client as an individual with unique requirements but some things can happen to all of us and from these neither paupers nor Princes are exempt! So, talk to us today and let’s make sure that being unprepared for what you can’t prevent will never cripple your finances – because we simply won’t let it happen!