Talking to women who are battling breast cancer and other serious illnesses, and to their families, prompted insurer FMI, a division of Bidvest Life, to design critical illness cover that addresses real needs.
FMI's chief executive Brad Toerien says that medical costs for serious illnesses add up quickly, taking account of treatments, hospital stays and travelling expenses.
“Our critical illness cover pays you 130% of your monthly income for 12 months when you're diagnosed with a critical illness, regardless of whether or not you go back to work.”
Structuring cover to pay out monthly, instead of in one lump sum, is an important benefit. “The vast majority of disability cover (77%) currently sold in South Africa is lump-sum cover,” says Toerien.