Old Mutual Illness insurance keeps family in the green after a devastating diagnosis
In 2022, 50-year-old Aveen Dayaram, a supervisor from Tongaat, KwaZulu-Natal, received devastating news. He was diagnosed with Hodgkin’s lymphoma, a type of cancer that affects the body’s germ-fighting immune response.
Aveen was worried about the financial and emotional burden his illness would bring to his family. As the breadwinner, he was concerned about covering their expenses, especially with a daughter still in school and a bond to pay. Fortunately, Aveen had signed up for the Old Mutual Illness insurance a few months before his diagnosis. This insurance covers the financial effects of various diseases, including cancer, stroke, heart attack and many others. It provides a payout if you become critically ill, which can be used however you like — to help cover health-related costs, monthly expenses or lost income while you focus on getting better.
Aveen says that having illness insurance has been a godsend for his family. It has relieved them of financial stress and helped them cover the unexpected costs associated with his recovery. With this weight lifted off his shoulders, Aveen can focus on his treatment and getting better.
He initially thought he wouldn’t be able to afford illness insurance, until after chatting to his financial adviser, who explained to Aveen that having minimal cover is better than having no cover at all. “Illness insurance is perceived as one of the more expensive risk covers out there, but one can — with the help of a financial adviser like Aveen’s -– build cover that is not only affordable but also suitable to your specific needs,” says John Kotze, Head of Retail Protection Product Marketing at Old Mutual.
“In designing our risk products, we deliberately focused on modularity instead of a ‘one size fits all’ approach. As a customer, you can build your cover to suit your specific needs. And as and when your life changes, you can change your product to suit your lifestyle.”
Old Mutual Illness insurance offers additional benefits, such as the Top-up Benefit, to enrich your cover. The Top-up Benefit not only pays the full cover amount, but it includes a Lifestyle Enhancer that pays double the cover amount if your quality of life is severely impacted by an accidental brain injury, coma, heart attack, paralysis or a stroke and you can no longer care for yourself and your loved ones.
The comprehensive cover provided by Aveen’s policy has given him and his family peace of mind during this challenging time. They can focus on supporting each other without worrying about financially surviving an illness. Aveen’s wife, Urmilla, is grateful for the cover. It has helped her focus on her family, especially during a year filled with stress and loss. The payout from Old Mutual has made things and recovery easier for them financially.
Aveen is now concentrating on getting better, as his health improves daily. His policy also has the Returning Illness Benefit, which pays up to 50% of the cover amount for returning severe illnesses (such as cancer, heart attack or stroke) after the full cover amount has already been paid.
Old Mutual Illness insurance pays a single tax-free amount from R100 000 to R6 million if you are diagnosed with a critical illness such as cancer, a heart attack or a stroke. You will be covered up to 30 days before your first premium is payable.
Do not allow affordability to stop you from doing what’s best for your family: speak to your financial adviser or click here and get cover today.
Aveen received a monetary token of appreciation for sharing his story with
Old Mutual — and this isn’t financial advice. Ts & Cs apply.
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.