Kresantha Pillay, Chief Specialist for Risk Products at Liberty
In today’s world, few diagnoses are as fearful and financially devastating as cancer. The emotional toll is immense, but the financial strain can be equally overwhelming. With the cost of cancer treatment ranging from expensive medical bills to the indirect costs of caregiving and lost income, it is clear that comprehensive financial protection is essential.
This is where Liberty’s approach to critical illness cover, particularly cancer-related claims, steps in. By enhancing their products with forward-thinking solutions like the Cancer Claim Booster, Liberty is offering South African clients more robust support during some of life’s most challenging moments.
The Heavy Financial Burden of Cancer
When a cancer diagnosis is made, it often feels like the world comes crashing down. In addition to the emotional and physical toll, the financial implications can be staggering. Not everyone has medical aid, and even those who do may find themselves grappling with unexpected medical costs, particularly for non-traditional treatments or therapies not covered by standard plans. Beyond the hospital bills, there are additional challenges—caring for children, taking time off work, or needing someone to drive to and from treatments. The last thing a cancer patient should be worried about is how to pay for these costs.
At Liberty our goal is to ensure that clients facing such life-altering diagnoses can focus on what matters most—fighting the disease—without the added stress of financial hardship. We want to provide clients with the financial support they need so that they can focus on their health and recovery. The financial burden should not distract from their ability to heal.
Liberty’s Innovative Cancer Claim Booster
Liberty’s Living Lifestyle Benefits already provided substantial coverage for critical illness, including cancer, but the company recognised the need for more comprehensive support. This led to the introduction of the Cancer Claim Booster, a unique feature designed to address the financial needs of clients at different stages of their cancer journey.
For those diagnosed with stage 3 or 4 cancer, the Cancer Claim Booster offers an additional 25% payout. This can be used for a variety of expenses, from traditional treatment to non-traditional therapies, or even for palliative care if the cancer has become terminal. This booster not only covers ongoing medical treatment but also addresses the need for emotional and practical support during the most difficult stages of illness.
We wanted to go beyond traditional coverage and help our clients at the earliest stages of cancer, including pre-cancers, as well as provide extra assistance when the illness progresses. Our Cancer Claim Booster gives clients additional financial relief during these critical times.
Caring for your clients means
KEEPING UP with them.
Give your clients the space they need to focus on what truly matters, instead of financial worries. Chat to your clients about cover that keeps up with late-stage cancer diagnosis or when it progresses or recurs after remission.
A life covered is a life lived.
In it with you
Liberty Group Limited is a licensed Life Insurer, an Authorised FSP (no.2409) and part of the Standard Bank Group. Terms & Conditions, Risks and Limitations apply.
Addressing Recurrence and Progression
Another critical aspect of cancer coverage is addressing recurrence or progression of the disease. For many cancer patients, the initial treatment may not always result in a permanent remission. In such cases, the Cancer Claim Booster kicks in again, offering clients an additional payout if their cancer recurs or progresses despite treatment. This aspect of the benefit is vital, as it provides continued financial support when patients face an uncertain future.
We understand that cancer does not always follow a linear path, and patients may need more financial support as they go through the ups and downs of treatment. Our booster ensures that clients aren’t left without resources during these difficult times.
A Comprehensive Approach to Critical Illness
While the Cancer Claim Booster specifically addresses cancer-related claims, Liberty’s broader Critical Illness Booster offers similar benefits for other life-altering illnesses. This benefit is designed to provide extra financial support for conditions that have a long-lasting impact on a person’s lifestyle and finances, such as heart attacks, strokes, or organ transplants.
For clients who suffer from a serious illness, the Critical Illness Booster offers payouts ranging from 25% to 100%, depending on the severity of the condition. When paired with the base Living Lifestyle Benefits, this can result in up to 200% of the original payout. The idea behind these enhancements is to ensure that our clients have the financial resources they need, not only for immediate medical costs but also for the long-term care and lifestyle adjustments that may follow.
Early Detection and Pre-Cancer Coverage
A standout feature of Liberty’s critical illness cover is the inclusion of early cancer benefits, which focus on pre-cancerous conditions and less severe illnesses. This proactive approach helps clients address potential health issues before they become more serious, ensuring they have the necessary financial support if their condition worsens.
We wanted to be ahead of the curve, particularly with cancer, which is a leading cause of claims in our industry. By expanding our coverage to include pre-cancers and offering a 10% base payout for milder conditions, we give clients the tools they need to manage their health at the first sign of trouble.
The Importance of Professional Financial Advice
As with any insurance product, the complexity of Liberty’s critical illness benefits and boosters means that expert financial advice is essential. Advisors play a crucial role in helping clients understand their coverage options, assess their needs, and make informed decisions about the protection that is right for them.
Given the intricacy of these products, it is vital that clients engage with a trusted advisor. A financial advisor can help navigate the various options available, taking into account individual needs and ensuring that the coverage fits the client’s financial situation.
Finding the right solution
As the prevalence of critical illnesses, particularly cancer, continues to rise, Liberty’s solutions are a step in the right direction for providing clients with the financial peace of mind they need to face the future with confidence.
For clients navigating a cancer diagnosis or other serious health challenges, having the right financial protection in place can make all the difference. Expanded coverage options and the guidance of knowledgeable financial advisors ensure individuals and families can focus on recovery, knowing they have trusted partners to support them financially through life’s toughest battles.