Many headlines have covered the huge cost of cancer treatments in South Africa. ‘Hidden costs’ can add up as well – for example, costs associated with lifestyle changes, employing a carer for you and your children and transport to treatment centres.
That’s where a cancer benefit can play a big role in helping to ease financial distress. It is important to choose the right benefit for you. Comparing ‘apples with apples’ isn’t always easy, so consulting a trusted financial planner is the best starting point.
Nonkululeko Zungu, Product Support Consultant for Sanlam Individual Life, explains that cancer benefits cover different types of cancers. The types of cancers covered differ between insurers. Also, different benefits may pay out different percentages of the cover amount depending on the severity (stage) of the cancer. Hence, you need to consider the types of cancers covered as well as the percentage of the cover amount paid for the various severity levels.
There’s no one-size-fits-all answer. It depends on you, your budget, your family history with cancer and other factors. The ideal is to find a benefit that meets your needs and gives you value for money.
Zungu outlines a few considerations when doing the comparison.