Young professionals should start getting life insurance to show they take themselves seriously.
This as the National Institute of Health (NIH) reports that lifestyle-related chronic diseases account for 20% of deaths among South Africans aged 35 to 64.
The cost of healthcare is a major reason why people do not buy life cover. But the financial impact of inadequate life insurance is substantial, according to Greg Smith, CEO of Dis-Chem Life.
“Many South Africans don’t have enough life or disability cover to protect their families. If the main breadwinner passes away or becomes disabled, their loved ones could struggle to afford daily expenses, school fees, or even a home. Yet, most people are underinsured, leaving their families vulnerable when they need support the most,” he said.
Cover improves healthcare outcomes
With 1.2 million Dis-Chem clients suffering from long-term illnesses, Smith stated that life insurance can enhance healthcare access and promote improved health outcomes in addition to providing financial security.
“The financial impact of the insurance gap on households is massive and we have the opportunity to address this, and increase access in the traditionally underserved market.
“Our ambition is to contribute to a sustainable diversified health and financial services ecosystem which will provide tangible value and increase access to healthcare.”
He shared that people suffering from chronic conditions are traditionally seen by the insurance industry as high-risk, irrespective of how they manage their health. They also have to grapple with inflated premiums —much higher than for those without the chronic conditions.
No one should be left behind
There are budget-friendly life insurance options that ensure that no one is left behind, Smith stated.
“Our insurance products provide flexible, inclusive options that challenge traditional life insurance models, while addressing a significant gap in coverage for people with chronic conditions like diabetes, hypertension and HIV.”
Dr Jessica Humay Blanco said young people believe that they are invincible but illness does not have an age restriction.
“No one is too old to have a chronic illness. That is why young professionals need to find a life insurance [product] that is affordable but also allows them access for their day to day health needs and emergencies.
“Because medical programmes are costly and public health has its own shortcomings, wage earners should have access to better healthcare,” she added.
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