Don’t let critical illness cripple your finances

Don’t let critical illness cripple your finances.

It is simply a fact that dread diseases, often referred to as critical illnesses, and financial wellness are inextricably linked. The stats are not known (as the instances are way too common) of how many people who suffer serious illnesses and have not financially prepared for them go on to suffer equally devastating financial losses consequently derailing their wealth creation and retirement plans. 

Critical illness is something that invariably hits us unexpectedly, but in so many cases could have been prevented, or at very least its severity dissipated with awareness and prevention – and pretty much the same applies to financial losses when such events occur.

Cancer is preventable and treatable with preparation and awareness.

This year on Feb 4th we are once again reminded of the most common and most dreaded of all the critical diseases – Cancer, and on World Cancer Day the world has been called upon to unite in its prevention and decline through the slogan ‘Close the care gap.’

In the words of the World Health Organisation, ‘’Cancer can be prevented and controlled by implementing evidence-based strategies for cancer prevention, screening and early detection, treatment, and palliative care. The most common modifiable risk factors for cancer, which are shared with many other noncommunicable diseases, are:

  • Tobacco use
  • Low fruit and vegetable intake
  • Harmful use of alcohol
  • Lack of physical activity

One-third to one-half of cancer cases could be prevented by reducing the prevalence of these known risk factors.”

Financial demise is preventable too!

As so many people found out during the COVID-19 pandemic, even having a good medical aid and gap cover is not enough to cover the long-term effects of a dread disease as this can be financially crippling. It simply stands to reason, therefore, that at such times you need to receive a substantial boost to your finances if you are not to lose all that you have worked so hard to accumulate up to this time. 

Dreaded Disease or Critical Illness cover can give you this financial security as it pays out a substantial lump sum if you are diagnosed with cancer or suffer a heart attack or stroke. It is also prudent to have ‘Income Protection’ which provides you with a regular monthly income during any time you may be unable to work whilst recovering from the illness. 

It’s a good idea to consult your Financial Advisor for the implementation of these policies as they can vary and need to be assessed according to your specific portfolio and affordability. 

Your financial wellness is our concern.

Just as you would go to see a health professional in the case of any kind of illness, your financial wellness should also be in the hands of professionals. Hereford Group’s Financial Advisors are experts who can not only assist you through some of the economic downturns and difficult financial situations that we often face but more importantly can ensure that you are fully prepared for such unexpected events. Just as preparation is key in health matters, so it is for financial wellness too. 

Talk to your Financial Advisor today to ensure that you don’t let critical illness cripple your finances and watch this space for more interesting advice pieces on how you can ensure a lifetime of financial creation and wellness, no matter what fate throws at you!


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