Regular health and wealth ‘check-ups’ can prevent a lot of pain!

The month of November has for many become affectionately known as ‘Movember’ and it is a time when you’ll see moustaches (or ‘Mo’s) sprouting on the upper lips of men all over the world. The Movember initiative was started as a bar bet by a couple of Aussies many years ago to see who could grow the best ‘Mo’ and mushroomed into global awareness and support of Prostate Cancer initially, but now men’s health issues in general.

A deadly serious initiative

As much as the initiative always carries with it an element of fun, the message behind it is deadly serious. It attempts to make men more aware of the critical illnesses they may have to face and encourages them to undergo regular medical examinations as a preventative measure, rather than wait until it’s too late.

The prevention and early detection of many critical illnesses, particularly the aforementioned Prostate and other cancers, can save lives, so we all need to be cognizant of this. Unfortunately, however, sometimes critical illnesses take a great toll even when we have tried to prevent them.

If and when critical illness does prevail despite our best preventative efforts it can severely deplete the wealth we have been able to create unless we have also taken similar precautions against this. So what are a few financial preventatives we can put in place to minimise wealth depletion when the unexpected strikes?

Good medical cover 

It goes without saying that you need to ensure that your medical aid will adequately cover you against critical illness (at least in the hospital) and adds good gap cover to amortise the usually numerous shortfalls encountered with medical aids in a hospital or for extensive additional treatments.

Critical illness cover 

Regardless of how effective you think your medical aid will be, in the event of contracting one of the dread diseases like cancer, diabetes or heart issues, if you are extensively laid off or, as an entrepreneur, unable to run your business, the additional cost in terms of loss of income can be astronomical.

This is where a lot of people who fairly suddenly contract a critical illness come unstuck, and so the best insurance cover you can have against this is specified, dedicated critical illness cover.

With this cover, a lump sum is paid in accordance with the severity of the illness and with the proviso that it has been listed as a benefit on your
agreement. If you are not sure what cover is adequate one of our Financial Advisors will be able to do a comprehensive calculation based on various factors and decide on the lump sum required to align with your profile and affordability.

Life insurance cover

To adequately protect your family there is no more affordable and effective policy available than Life insurance. This is something that should be preferably inflation-linked, taken when in good health and as early in life as possible.

Too many people make the mistake of neglecting this in the belief that the wealth they will create in time will be adequate but (as COVID taught us) you can succumb to critical illness suddenly and much earlier in life than you would like to believe.

Prevention preserves both health and wealth

What’s clear from this article is that health and wealth issues are inextricably linked and both regular health and wealth ‘check-ups’ can prevent a lot of pain! It is a very good idea, therefore, when in good health to regularly talk to your Financial Advisor about the policies and plans that you need to not only build wealth but to protect it too.

Hereford can help!

Hereford Group has for over 25 years been assisting our clients with the preservation of wealth and even though we understand that every individual and business is unique, certain universal principles apply. One of these is that the prevention of loss of wealth is achieved by protection against the unexpected. It’s up to you to protect your health, but you can trust us to always grow, preserve and protect your wealth!

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