'My illness cover was invaluable,' says this cancer and stroke survivor
Would you be able to financially survive two major illnesses? Protect yourself and your family with illness insurance from Old Mutual
Vincent Laufs is very much your typical family man. He is a successful self-employed professional, a loving husband, and a father who takes care of his health.
But when his wife Cezanne started noticing that he was often tired and nauseous, she took him to their family doctor for a routine check-up. Little did they know, this visit would change their lives.
Laufs' unexpected diagnosis
To their shock, at 39 years old, Laufs was diagnosed with colon cancer and the family had to brace themselves for an uncertain journey ahead. Luckily, they had illness insurance in place that would provide financial support in case of a severe illness.
They say “lightning never strikes (the same place) twice”, but this was not the case for Laufs. Just four year's later, he suffered a stroke.
Would you and your family be able to survive two illnesses that affect your ability to earn or generate an income for a prolonged period?
The impact of illness on family
With his colon cancer diagnosis, Laufs needed chemotherapy and radiotherapy, which meant he often couldn't work for up to two weeks after each treatment. The whole family felt the impact of his illness. As Cezanne recalls, “The first six months of his cancer treatment were incredibly hectic.”
“A severe illness diagnosis has a ripple effect on the person receiving the diagnosis and their immediate family,” says Dr Adil Khan, senior medical officer at Old Mutual. “The fear of the unknown, coupled with watching a loved one suffering can weigh heavily on your partner and young children. Having cover takes one major weight off you and your family’s shoulders.”
The value of severe illness cover
Recovering from a cancer diagnosis involves not only coping with the emotional trauma of the diagnosis itself, but also enduring the agony of waiting during treatment, the anxiety of waiting for multiple rounds of test results, and the disruption of your regular routines.
Cezanne credits her financial adviser for recommending severe illness cover, which proved invaluable in supporting them through both the stroke and cancer diagnoses. Laufs firmly believes that he would have had financial difficulties over the past five years had it not been for the Old Mutual Illness insurance policy he had in place.
The payout received from such insurance can be used to cover rehabilitation costs, travel expenses to treatment centres, modifications to your home or car and day-to-day expenses while taking time off from work to recover.
Old Mutual Illness insurance pays a single tax-free amount from R100,000 to R6m if you are diagnosed with a critical illness such as, but not limited, to cancer, a heart attack or stroke. You will be covered up to 30 days before your first premium is payable, and you can customise your cover to suit your specific needs.
In the case of a cancer diagnosis, the Cancer Enhancer benefit will boost the cash payout by 25% if your quality of life is severely affected by cancer treatment and you can’t care for yourself.
Don't wait for an unexpected diagnosis to change the course of your life. Take control of your future and financially protect your family by speaking to your financial adviser about illness cover or visit the Old Mutual website.
Investing in tomorrow, today
Empower yourself to take the first steps towards securing a brighter financial future: visit the Old Mutual “Investing in tomorrow, today” hub to read insightful articles filled with practical tips about everything from saving for retirement to funding your child’s education.
This article was sponsored by Old Mutual.
Old Mutual Life Assurance Co (SA) Ltd is a licensed FSP and life insurer. This article does not constitute financial advice and Ts and Cs apply to Old Mutual's Illness insurance. Vincent Laufs received a monetary token of appreciation for sharing his story.