Risk Cover Archives - Finsure

Cancer claims reveal risk trends

anthonyb@timslatter.com — Mon, 30 May 2016 06:30:22 +0000

Recent statistics made available by Liberty Life reveal that cancer is the leading cause of claims paid by the assurer in 2015. One in four claims paid by Liberty were for cancer, and the proportion of claims for cancer is increasing, even at younger ages.

Motor vehicle accidents are typically cited as the reason that young people need disability or income protection cover, but cancer was a greater cause accounting for 12.3% of claims (motor vehicles accounted for 11.9%). Even more worrying is the fact that in young parents, cancer was the cause for claim for 22.5%.

These statistics are for claims on policies that provide cover for death, disability or dread disease (illnesses such as cancer, strokes and heart attacks). The fact that many people now survive cancer means that most of the claims were paid as a result of severe illness and not as a result of the life assured dying.

Liberty’s claims-payments for severe illness cover increased by 50% from 2014 to 2015. This was not only due to the fact that more people are taking out this cover, but also because of the growth of awareness and early detection of cancer.

Liberty was not alone in their findings. Sanlam’s claims-statistics for 2015 show that 60% of its dread-disease claims were for cancer. At Momentum, 34% of its dread-disease claims were for cancer. At Discovery they were 38%. And at Old Mutual, 57%

An interesting statistic put out by Old Mutual with its claims figures is that 60% of all claims were for people under 45.

You may ask yourself why, if you already have medical scheme cover and loss-of-income cover, do you also need severe illness cover for cancer?

A medical scheme offers crucial cover that you shouldn’t be without. The problem is that cancer treatments are expensive and schemes have rules about what they do and do not pay for. Sometimes a doctor will recommend the best treatment available but a scheme only pays for a more modest treatment or there is a diagnosis of a rare form of cancer that requires specialised treatment.

These statistics show that cancer is still a widespread affliction, even at younger ages. While cancer claims are obviously higher among older age groups, even 20- and 30- somethings should be prudent when it comes to taking out risk policies.

If you have any questions or want to review your policies then give me a call and let’s meet up.

Source: iol

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LIFE INSURANCE LIBERATIONS

anthonyb@timslatter.com — Mon, 03 Aug 2015 06:30:25 +0000

With all of the pressures of modern life it is nice to know that you can offer yourself and your loved ones some reprieve from the stressful doubt of forethought. Life insurance can free you from certain worries and ease your mind when it comes to the future of your kin. Life insurance can achieve this because it…

Buys time
Allowing loved ones to focus on their grieving process by helping to pay for funeral and other costs.

Provides a fresh start
Leaving a clean slate by paying off debt such as credit card bills, outstanding loans and mortgage payments.

Generates income
Replacing lost income for future years so that family members can continue to afford their life’s essentials.

Offers flexibility
Giving a spouse the opportunity to take time off to look for a job that offers a more flexible work schedule or better financial support.

Creates opportunities
Providing sufficient funding for family members to continue schooling, attend training or start a business.

Funds the future
Offering a chance to complete long-term goals such as funding a college education or securing a suitable retirement for a surviving spouse.

Leaves a legacy
Giving parents the chance to leave their descendants with an endowment of long-term financial stability.

How do you want to be remembered?

In need of financial advice? I can help you out. Let’s get in touch!

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5 MORE FACTS ABOUT HOSPITAL PLANS

anthonyb@timslatter.com — Mon, 06 Apr 2015 06:00:10 +0000

As I wrote in a previous article, full medical cover has become an expensive purchase that few South Africans can afford. As we see a significant increase in the purchase of hospital plans, we are also seeing a decrease in how much our clients fully understand the big differences between an old-school medical aid and the intuitive products of today’s marketplace.

Having come from a generation that largely understood medical cover as a ‘covers all’ policy, I’ve highlighted five more facts about hospital plans that are overlooked until they are needed! Some are comforting to know that they’re in place, others require being armed with the correct information.

If you find yourself in a crisis, the hospital will contact your scheme to arrange admittance.

Hospital plans can pay for hospitalisation in private hospitals, although some specify the use of network or state hospitals. Usually, schemes have agreed rates with specific hospital groups and your hospital bill and in-hospital medication will most likely be paid in full, depending on the specifics of the plan you have chosen.

Private doctors and specialists in private hospitals can charge up to three times the rate that the hospital plan will pay, be prepared to make co-payments (even people on full medical schemes can find themselves in this position). You can always check with your hospital plan administrators for available avenues to reduce costs. Always go with the designated service provider/network hospital if there is one, your bill could be completely covered!

Consider taking out gap cover if you want to prevent making co-payments on your hospital bill yourself. It consists of a small monthly payment that could reduce some unnecessary pressure in the future.

Hospital plans usually cap the annual maximum hospital bill they will cover per family. Cases that exceed the specified costs will be closely monitored.

Hospital plans generally cost less than half of what full medical insurance would cost you and they are strictly regulated. Always read the small print so that you know exactly what you are covered for. I’d be happy to run through these with you and answer any questions you might have!

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5 FACTS ABOUT HOSPITAL PLANS

anthonyb@timslatter.com — Mon, 23 Mar 2015 10:32:14 +0000

Full medical cover has become an expensive purchase that few South Africans can afford. This is the reason for the increased popularity of hospital plans that cover your medical bills if you are hospitalised.

Having come from a generation that largely understood medical cover as a ‘covers all’ policy, it’s important to run through these five facts about hospital plans that are overlooked until they are needed!

You usually need to be hospitalised for the hospital cover to kick in. This does not include visits to the trauma unit, unless the doctor decides to admit you to the hospital.

Hospital plans are great for people who are fit and healthy and thus need minimal cover. Visits to doctors, dentists and optometrists will have to be paid by you. If your medical needs change, you can always select another option regarding your level of cover (usually in December).

Hospital plans need to cover you for 26 prescribed chronic conditions, such as hypertension. This means that the medication for your chronic condition is paid for by the plan. This is done to try and prevent hospitalisation. Prevention is better than cure.

Some hospital plans pay for certain procedures that allow for early diagnosis. Colonoscopies, mammograms and pap smears are examples of procedures that can be covered if done in doctors’ surgeries.

Designated pharmacies, ambulance and other services recommended by your hospital plan will likely be a lot cheaper.

In order to ensure that your portfolio matures with you, it’s essential that you are kept up to date with your policies and the way in which your portfolio has been designed. If you’d like an update – then let’s hook up!

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WHAT WILL IT REALLY COST ME?

anthonyb@timslatter.com — Mon, 13 Oct 2014 10:30:05 +0000

The current SA stats for breast cancer reveal that one in thirty-six women has breast cancer. My blog last week spoke about the general costs and overall statistics of cancer, but today I’d like to get a little more specific as to the expected ‘realistic’ impact that breast cancer will have on those who may be diagnosed this month.

Whilst it’s a scary reality, the sooner breast cancer is diagnosed the higher the chance that it can be treated through to full recovery. Breast cancer can run in families, but fewer than 10% of cases are as a result of an inherited family gene.

As I’m sure you will know by now, October is dedicated to breast cancer as it is currently the most common cause of cancer-related death among women (522,000 deaths in 2012). Hopefully, with more education and awareness, less deaths will be caused by this common cancer.

The Likelihood of Getting Cancer

Since the 2008 GLOBOCAN estimates, the incidence of breast cancer has grown by more than 20%.

Before age 65: 1 in 10
Over the age of 65: 1 in 4
Over the age of 75: 1 in 2

The Cost of Breast Cancer Treatment

Currently, the choice of many Oncologists is Herceptin (find out more here) and it’s considered by some to be the ‘wonder’ drug for breast cancer treatment. This treatment costs around R25k per dose. Treatment plans vary from case to case, but you can expect the costs to be well above R300k.

Do You Have Sufficient Critical Illness Cover?

There are many strategic financial products on available to cover medical costs as well as loss of income during treatment and recovery that, if in place early on, can help you and your family should you find yourself in need of life-saving treatments and recovery time that will be free from additional financial stress.

Should you wish to check out your existing cover, then let’s hook up! If you think it’s hard to think about this now, imagine how hard it would be to receive a life-changing diagnosis and not have any cover?

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PLAN FOR THE HIDDEN COSTS OF BREAST CANCER

anthonyb@timslatter.com — Mon, 06 Oct 2014 20:12:42 +0000

Last year I shared an article on my blog that spoke to the stark reality of the tragic impact that cancer has had (and continues to have) on almost every family in South Africa. It’s very rare, in fact, to meet someone who hasn’t either had cancer themselves, or has a close family member who has been diagnosed with some form of cancer.

As I wrote in my previous blog, cancer has increased exponentially and is, in many cases, treatable – at a cost; making cancer a life, health and personal finance issue.

According to South African cancer stats for the insured population, 100 000 cases are diagnosed in South Africa each year with 60 000 deaths from cancer each year. Around 1 in 4 men and 1 in 6 women are diagnosed with cancer in their lifetime (figures for the general population are 1 in 6 males and 1 in 8 females) with the top cancers being breast, cervical, prostate, lung, colorectal and oesophageal.

Breast cancer is the most common cancer in women – accounting for over 50% of diagnoses, with some reports revealing that 1 in 8 women will be diagnosed with breast cancer in her lifetime.

Although survival rates are higher when cancer is diagnosed in the early stages – the cost can still be high and the treatment debilitating.

Old Mutual says that a cancer diagnosis can be overwhelming news for any family. What usually follows is a process involving intense treatment, medical bills, time off work and psychological adjustment.

Treatment and recovery can be a long, difficult and even debilitating process for the patient and for her support. Apart from having to cope with the emotional and psychological trauma of cancer, the side effects of treatment can have a dramatic impact on normal day-to-day activities and one’s ability to work and earn an income.

There are many ‘hidden’ costs to consider as well as factors like home adjustments, recuperation time and income replacement.

Direct medical expenses include operations, procedures and medication; palliative care includes pharmacist costs, nurses and psychologists. Recovery assistance is a cost that may not often be covered or thought of. The final cost of lost income occurs where illness prevents earning income.

In many of these cases medical aid won’t be sufficient – and other options include insurance – critical illness and/or gap cover; or you can choose to self-fund – but the affordability of this option must be carefully considered.

And don’t assume cover won’t be needed early on. It’s important to be prepared. Don’t wait until it’s too late.

The reality is that you need to have cover in place when you are younger as this is the most productive time of your life, when you are most reliant on your income to meet financial obligations, take care of your family and secure a comfortable future.

If you would like to review your medical cover, go to my contact page and let’s get in touch soon!

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A DIFFERENT APPROACH TO DREAD DISEASE COVER

anthonyb@timslatter.com — Mon, 22 Sep 2014 20:28:42 +0000

One of the reasons that I have my blog and Facebook page is that this industry changes about as regularly as the price of petrol. A financial solution that we relied on five years ago may still apply, but it also may not. There may be better options, better approaches; better products, for your needs. This is a place for me to share some of the newer ways of looking at financial planning.

When it comes to dread disease cover, which in itself is a relatively new kid on the block, and not something pleasant to consider, I have a new way of approaching the way that we could structure your plan.
According to actuaries (clever people at the life insurance companies) statistics show that 80% of the time, it’s the SECOND heart attack that kills you, not the first one…

So what could this mean?

Well, simply, it helps us reconsider how we plan for possible eventualities for which we can provide financial protection and provision. By arranging your life policies in a creative and strategic manner, we can plan for the provision of a lump sum of cash when a potential heart attack, stroke or cancer diagnosis becomes a reality – so that you can buy back some time in order to change your lifestyle.

Anyone can change their diet, but changing your lifestyle needs money.

Changing your lifestyle might include special treatments, less working hours, costly health equipment or extra staff to assist with tasks that you can no longer fulfill – either temporarily or permanently.

I can help you plan to protect your income and have additional income provided, should you need it. The stats assure us that it’s not if but when we may need the money.

By simply leaving your premium in the bank, you fund shareholder dividends instead of your own family’s financial security. Instead of funding expensive branches and ATM machines, let’s use the money to reposition your family balance sheet and increase your protection.

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RECOVERY MONEY

anthonyb@timslatter.com — Mon, 19 May 2014 11:32:00 +0000

Unless you’ve already had a debilitating illness, the last thing you think about is your health failing you for anything longer than your hospital stay. As a result, we tend to only include a hospital plan, and perhaps some GAP cover in our financial planning. But what happens if the accident means that you can’t work for six months?

Your hospital and GAP cover may take care of most of your in-hospital expenses (costs incurred whilst you’re admitted), but how will you cover your monthly costs?

Difficult as this subject may be, stats show that we’re all going to have an unexpected brush with some major illness at some point in the future. It might be you, it might be your partner, or it might be someone close to you that you will need to support.For many of us a tragedy of this magnitude it will have a profound effect on both our physical health and on our financial health. The wise question to ask is: how do I keep paying the bills when I’m ill?

Well, let me share the solution with you about a real breakthrough in our financial planning artillery. No, it’s not just ‘another insurance product’… it’s so much more.

I call it Recovery Money.Recovery money a revolutionary concept that gives you an immediate lump sum payment on a diagnosis of certain severe illnesses. Money that you can use at your own discretion to provide for your family, clear debt or pay for certain treatments.

You can now have the assurance that your income is protected in the event of a severe illness diagnosis stopping you from earning that income yourself.

Please contact me so that we can arrange to meet and I can show you how this valuable concept may work for you, your loved ones and even those around you.

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KIDNEYS AND RISK COVER

anthonyb@timslatter.com — Mon, 17 Feb 2014 02:00:00 +0000

If you were to take a quick poll from your peers of what they fear the most, you’re most likely to receive answers like snakes, flying, thunderstorms (non-Highveld-people…), needles, the dark and, if they’re really honest, the dentist! For the most part these fears originate around our mortality and anything that threatens our health. Which means that a dentist shouldn’t really be too high on the list…

When signing any policy for personal risk cover your health and medical conditions play a fundamental role in the processing and approval of your cover. For most clients, the first thing that they think about is the condition of their heart, which for most is not really a concern. But the important two organs that are frequently overlooked, and of high interest to insurance houses, are our kidneys.

These two 130g (approximate weight) organs are essential in the urinary system and serve in the regulation of electrolytes, maintenance of acid–base balance, and regulation of blood pressure (by maintaining salt and water balance). They serve the body as a natural filter of the blood, and remove wastes which are diverted to the urinary bladder. In producing urine, the kidneys excrete wastes such as urea and ammonium, and they are also responsible for the reabsorption of water, glucose, and amino acids. The kidneys also produce hormones including calcitriol, erythropoietin, and the enzyme renin. So they’re pretty important!

Most people who suffer from chronic kidney failure will not be covered by a life insurance company, even if they’ve receive a transplant.

This is because the risk exists that the body will reject the organ. In this situation the person will need to take medication to prevent them from rejecting the organ. The medication results in its own set of additional risks.

In short, when your kidneys fail when they are no longer able to filter enough waste products from your blood.

There are two types of kidney failures. When the kidneys fail suddenly, it is known as acute kidney failure or acute renal failure (ARF). This usually happens when the kidneys malfunction, due to dehydration, medication, drug abuse or loss of blood during or after an operation.

The good news is that Acute Renal Failure is treatable. The doctor will do an ultrasound and renal function test to diagnose the disease.

Symptoms that could indicate ARF include little or no urine when urinating; feeling confused, anxious and restless or sleepy; and pain in the back just below the rib cage. These symptoms are the same as if someone had kidney stones. This is not surprising because if the urinary system is blocked, it can lead to acute kidney failure too.

Chronic kidney failure develops over months and years, resulting in the degeneration of the kidneys. This is usually caused by a chronic disease that is poorly controlled, such as high blood pressure or diabetes. The illness damages the kidneys slowly over time and reduces their ability to function. Eventually the kidneys stop function and dialysis or a kidney transplant is needed.

However, regardless of your medical history, each case is determined on it’s own merit. Whilst insurance companies say that they won’t insure against certain conditions, there’s a good chance that they just might. If you need to re-evaluate your risk cover, give me a call or go to my contact page.

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5 TIPS FOR HEALTHIER KIDNEYS

anthonyb@timslatter.com — Mon, 23 Dec 2013 21:22:00 +0000

Whenever we see an article with a list of ways to improve something, we seem to jump to the points and skip the first bit out… I hope you don’t do that here! Healthy kidneys are important when applying for any kind of risk cover, so naturally an article about keeping your kidney’s in great health would be read fast!

So if you’re actually reading this intro and not just jumping through points one through five, then you will now know that these five points are actually great for your overall health. Not only will they benefit your kidneys, but they will improve the health of all your major systems: cardiovascular, nervous, digestive, respiratory, reproductive, skeletal and, of course, your urinary system that includes the kidneys.

All in all, they’re five great habits to build into your lifestyle if you want to enjoy a life to the full potential!

1. Stay hydrated

Always remember to drink water, every day. Not juice, not coffee, not tea, not milk: water. You can drink the others, but be deliberate in drinking water. Whether it’s in a bottle that you carry around with you or in a glass, staying hydrated helps your kidneys function properly. Your urine should be straw-coloured or paler – if it’s any darker it’s a sign of dehydration. However, if you’re taking vitamin B supplements, they will cause your urine to be considerably darker about 4-6 hours after taking them.

Every time you have a hot drink (tea, coffee, hot chocolate etc), have a glass of water. When you go out to a restaurant, before you place your first orders, ask for a glass of water, this will sate your appetite and you will drink less alcohol, eat less and save money! Before you go to the shops, have a glass of water and you will be less likely to buy snacky treats whilst you’re walking through the aisles.

2. Eat healthily

A balanced diet ensures that you get all the minerals and vitamins that your body needs. Eat plenty of fruit and vegetables and grains, such as wholewheat pasta, bread and rice. Don’t eat too much salty or fatty food.

3. Reduce alcohol consumption and don’t smoke

Cigarettes contain over 4000 chemicals (of which at least 43 are carcinogenic) and 400 toxins, all of which get filtered into the kidneys. Drinking too much alcohol means that your kidneys have to work harder to remove toxins from your blood. If you are a smoker, try to stop smoking completely and limit yourself to two small drinks a day for a man and one small drink a day for a woman.

4. Monitor your blood pressure

Remember to have your blood pressure checked regularly. Raised blood pressure has no symptoms but it can increase your risk of kidney problems. A simple, quick and painless blood pressure check is available free of charge at most Dischem and Clicks pharmacies.

If your blood pressure is higher than it should be, your GP can suggest lifestyle changes or, if necessary, prescribe medication to reduce your blood pressure and reduce the strain on your kidneys.

5. Keep slim to help your kidneys

There’s a joke that goes a little like this: “Of course I have a six pack, it’s under my belly.”

The truth is, you do. We all have the muscles, we just can’t see them if there’s too much fat covering them. Whilst most of us rationalise our softer parts as being a part of the ageing process, they can be the sign of serious health risks in the future.

Being too heavy, amongst other things, raises your blood pressure, which is bad for your kidneys. Try to keep yourself at a healthy weight by keeping active and not overeating.

Our diet is responsible for between 70-90% of our weight management.

Having said that, exercise is a necessary component in weight loss. Aim for at least 150 minutes of moderate-intensity exercise, such as walking, cycling or swimming, each week a week. This is less than 30 minutes a day!

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