Nearly 100 000 traumatic brain injuries are reported in SA every month – what if it happened to you?
March is World Head Injury Awareness month and during this month most healthcare providers aim to raise awareness around head injuries, mainly focussing on prevention and treatment. With nearly 100 000 traumatic brain injuries sustained every month in South Africa alone, the need for this initiative is vital.
Despite doing everything you can to stay safe, life still happens and even the most careful among us may have to deal with the harsh reality that comes with a traumatic head and/or brain injury. At Cornerstone Financial Planning we believe in preparing for the worst, while hoping for the best and never shy away from asking the tough questions to safeguard your financial future.
“What will happen to you and your family if you were to suffer a severe head injury?”, “Who will take care of you when you are unable to do so yourself?” and “How will you generate an income if you become disabled and you are unable to work?”
If you do not have a resolute answer for any of these questions – you need to continue reading.
Fortunately, these questions do not have to remain uncomfortable and unanswered.
If you have the right risk cover in place combined with an expertly developed financial plan, you can rest assured that – although not totally unavoidable – a severe head injury will not destroy everything you value.
Furthermore, having the appropriate risk cover in place is vital to your financial wellness and should form an integral part of your financial planning solution. To help you get started, here are a few basic risk cover options you should consider getting:
Disability cover/income protector
We insure our cars in case of damage and contribute to medical aid plans in case we fall ill – why not insure yourself against disability? Such a massive change in your lifestyle will not only affect you, but it will also affect everyone around you.
Serious head injuries may result in some form of disability, varying in seriousness. Ensuring that you can continue to spend the same quality time with your loved ones, even if you are disabled, means you’ll have to ensure that your income is secured, and your new needs can be accommodated.
With disability cover in place, you will be able to keep on earning your monthly salary even if you are unable to work due to disability. You can also take out a lump sum disability plan, which will pay out a tax-free lump sum in accordance with your disability, to help you pay for any adjustments your new lifestyle may require.
Severe illness cover
The cost of private medical care is very expensive, but full-time care that caters for disability or severe illness, can be totally exorbitant. Even if you have an excellent medical aid, sometimes that is just not enough. Without proper protection, a severe illness diagnosis can leave you and your family crippled financially.
Severe illness cover is a policy benefit that offers protection against illnesses (including some brain injuries). With a severe illness policy in place, you will receive a tax-free lump sum benefit to aid in payment of additional expenses due to lifestyle changes, possible post illness rehabilitation expenses, assist with shortfalls on your medical aid and to access advanced medical treatment, which is not always covered by your medical aid.
The claim categories and illnesses covered by your policy, and the extent to which they are covered widely ranges from provider to provider and the comprehensiveness of the benefit selected. Most commonly, the following diseases may be covered under a severe illness benefit:
- HIV/ AIDS
- Coronary artery bypass graft
- Type 1 Diabetes
- Parkinson’s disease
- Accidental brain damage
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