In South Africa, 1 in 8 women and 1 in 6 men will be diagnosed with cancer in their lifetime. In a study by the WEF, 61% of people indicate that they are, or have been, affected by cancer through personal experience or through knowing someone who has, or has had the disease.
The domino impact of this insidious disease extends well beyond the medical treatment costs. It impacts every aspect of life – from your ability to work and earn an income, to performing seemingly simple tasks of daily living that we often take for granted, to an increase in living expenses due to the necessary lifestyle changes that the aggressive and debilitating treatment brings about. Add in the emotional and psychological stress for both the cancer patient and family, and it is very clear why a cancer diagnosis is such a universal fear and impacts every facet of your life.
“When you weigh up both the obvious and hidden costs of dealing with a cancer diagnosis, many people find that they are financially unprepared and underinsured for the full ramifications of this illness, both in the short- and long-term. Most only discover the extent of the financial crisis that cancer brings about at the point of impact,” explains Brad Toerien, a director and co-founder of Aynjil Cancer Insurance which provides absolute certainty in the time of a cancer-related health crisis.
“Private medical scheme membership and critical illness insurance, while invaluable, are not always the complete solution that one expects. Depending on what medical scheme benefit you are on, shortfalls and co-payments on cancer diagnostic tests and treatment do occur, which you may have to fund upfront from our own pocket. Certain medical schemes also only fund biological treatments partially, if at all. Many critical illness policies provide broad-based critical illness benefits that are not perfectly suited to cancer – for example some will only pay out a percentage of the insured sum according to the stage and type of cancer, while some do not pay out for early stage (1&2) cancer at all – which may mean less cover than you expected and outright gaps in your insurance protection.
Another crucial consideration is the fact that tough economic times are also driving a ‘buy-down’ trend in medical scheme benefits and life cover across the board, which means a commensurate decrease in the benefits and limits that you are covered for, and an increase in the uninsured risks you could face. The financial challenges of surviving a cancer diagnosis also extend well into the long-term,” explains Toerien.
“Having to draw on your savings now to fund any costs and loss of income may mean less or no money going towards your retirement savings – which means you may have to work longer to make up the shortfall or downgrade your standard of living during retirement. It may mean dipping into education funds meant for your child’s future studies, and the loss of income while you are unable to work may mean that you fall behind on major debts such as bond and car repayments – all of which impact your financial situation and security in future.
For younger people in their 20s and 30s, a cancer diagnosis and treatment my very well interrupt their education and career progression which has a significant impact on earning potential. If you are supporting a family through all of this, the stress and strain is not only enormously amplified, but also materially and emotionally impacts every family member,” he adds.
In a study conducted by the Financial Services Conduct Authority in 2019, only 12% of the population have any form of life cover, and that figure is expected to be significantly lower now following the economic impact of the pandemic and depressed household income. The reality is that millions of South Africans have no safety net whatsoever when it comes to a health crisis like cancer.
For people with other existing non-cancer-related conditions, such as diabetes and heart disease – broad-based critical illness cover can be prohibitively expensive due to premium loadings and exclusions on cover. In many instances, such people will forgo any form of critical illness cover as the high costs are simply untenable, and seemingly do not justify the perceived limited benefits.
It is this glaring protection gap on one of the most prevalent critical illnesses that Aynjil Cancer Insurance steps in to solve. It is available direct or through your insurance broker.
“Aynjil cancer cover is similar to critical illness cover, however, it is more specialised and solely focused on cancer. This means we’re able to offer a lower monthly premium as we remove the costs that come with insuring a much broader range of critical illnesses. It also means that the benefits and terms are clear, very simple and 100% relatable to a cancer diagnosis.
For more information go to www.aynjil.com
