Terminal Illness Insurance

What is Terminal Illness Insurance?

Terminal Illness Cover is normally embedded in most of our Life Cover policies. It pays out the full cover amount if you are diagnosed with a terminal illness during your period of cover.

A terminal illness is one that has no known cure or has progressed to a point where it cannot be cured. And in the opinion of your medical doctor and our chief medical officer, it will lead to death within 12 months.

At Budget, we recognise that not having enough money should not stand between you and the care you desperately need. We know that it can be hard enough to deal with a new illness, so we’ve formulated some broad coverage options for Terminal Illness Insurance.

Why do you need Terminal Illness Insurance?

At Budget, we recognise that living while diagnosed with a terminal illness isn’t just hard on you– it’s also difficult for your family and loved ones. Terminal Illness Cover can pay out a lump sum that you can use however you see fit: whether it’s hiring a nurse to give your family a well-deserved break or covering extra medical treatments that your medical aid didn’t cover. 

While medical care has advanced and more people can now survive illnesses that were previously fatal, you may require extra assistance to cover lifestyle changes or added costs that have come up as a result of suffering a terminal illness event. You can use your lump sum to adapt your house to cater to your new circumstances. 

With Terminal Illness Insurance, you’ll be taking care of yourself and your family when it’s needed most.

Budget Terminal Illness Insurance

You might be wondering why you should choose Budget Terminal Illness Cover. We’ve got a far-reaching range of cover, including:

• A lump sum that is paid out to cover the costs of your illness 

• Cover from R200 000 up to R10 million is available, depending on your health needs.

• Guaranteed Assurability option, meaning that your cover amount can increase if you have any major life changes, like you get married or buy a home.

• Cover for your entire life.

• Fixed premiums for the first 24 months, thereafter the increase will only be 5% per year. 

• Immediate cover for accidental and natural death; however, an HIV test may be required.

• No medical tests or exams needed, excluding one HIV test and a questionnaire.

• Your pay-outs are tax-free, meaning you can enjoy the full benefit offered.

We can also customise a plan for you, no matter the size of your budget or severity of your illness. 

What can you use Budget Terminal Illness Insurance for?

While health risks can depend on both your lifestyle and genetic factors, the reality is that anyone could develop a serious health condition. Thanks to today’s advanced equipment and medication options, it’s easier to treat diseases than ever before, with improved survival rates for serious illness. However, these conditions can be expensive to cover. Even if you have Medical Aid cover, you may not be adequately covered for your health condition. Additionally, patients who are diagnosed can find themselves unable to work regularly, which could create a loss of income.

In the event you are diagnosed with a terminal illness, Budget could pay you out in cash which can be used to assist with care and lifestyle changes.

You can rest assured, knowing that you and your loved ones are protected in your time of need. You might also get our Guaranteed Assurability Benefit, where you can increase your original insured amount by 25% (up to a maximum) on the policy anniversary, or if you go through a major life event, like you buy a house. You’d only need to provide a new negative HIV test to do this. 

Please note that additional documentation may be required for specific claims – this will be communicated to you during the process of assessing your claim. 

Terminal Illness Cover vs Dread Disease Cover

We understand that getting to grips with the different policies can get confusing, especially when they seem quite similar. Terminal Illness Cover and Dread Disease Cover are often thought of as the same, but they’re actually quite different.

Firstly, Dread Disease Cover is a separate type of cover that you can add onto your Budget Life Insurance policy. Terminal Illness Cover is automatically included in your Elevated Life Insurance policy.

Secondly, Dread Disease Cover will cover you if you are diagnosed with an illness, like blindness or cancer, that leaves you unable to work but won’t necessarily lead to death within the next 12 months. It’s there to support you financially in order to continue providing for your family.

Terminal Illness Cover will pay out a lump sum from your Life Insurance policy if you are diagnosed with a terminal illness, with less than 12 months to live.

Other Budget Life Insurance Options 

How old are you and what are your underlying health conditions? Are you currently living a healthy lifestyle, and what changes should you be making? Are your loved ones covered in the event of your illness? 

These are some questions that you should ask yourself before you commit to a specific life or medical insurance option. Budget is committed to making sure that you’ve got the best policy in place for your personalised needs. 

If you want even more choices to consider, we’ve got a range of other insurance options for you. These include:

• Elevated Life Insurance – Are you worried about the wellbeing of your family after you’re gone? This is cover for your beneficiaries, who will receive a pay-out when you pass away. This could be anything from R200 000 to R10 million, depending on your specific policy terms. Terminal Illness Cover is automatically included in this Life Insurance policy.

• Dread Disease Insurance – If you are diagnosed with a dread disease, such as cancer, need major surgery, like a heart transplant, or suffer organ failure, a portion of your cover amount, from R50 000 to R4 million, will immediately be paid out to you.

• Disablement Insurance – Should you get in an accident or diagnosed with an illness leaving you disabled, this option will pay out a portion of your cover. We offer two types of affordable Disablement Insurance quotes: Occupation-Based Disablement Insurance or Event-Based Disablement Insurance, each making certain you can support yourself if you can no longer work due to becoming disabled.

Assist Benefits

Assist Benefits are an additional benefit that you’ll gain access to when you take out a qualifying Budget policy. They have been created with you in mind – so that you get more out of your insurance policy than you ever expected!

You'll gain access to Trauma Assist, which will help you out if you ever find yourself in a traumatic situation. This could include anything from counselling sessions to referrals.

You are also able to access Medical Assist, which assists in the event of an emergency. Our trained professionals are available for 24 hours a day for your medical assistance needs. 

Budget’s Assist Benefits work with a growing network of trained professionals to assist you whenever you need it most. We’re here to help you adjust to your circumstances as quickly as possible. You don’t need to feel alone in tricky situations - Budget is here to help you out! 

Extra benefits 

Are you looking for even more Business Insurance products? Budget has gone above and beyond to make sure we can protect you – no matter what type of cover you’re looking for!

Budget Terminal Illness Insurance quotes

Life is too short to spend it worrying about the future. Get an affordable Budget Terminal Illness Insurance quote today and leave it to us to do the worrying. Get a Life Insurance quote online, call us on 0860 86 04 44, or leave your details and we’ll call you back.

Affordable, ‘cos you can’t afford not to.

Budget Insurance is an authorised insurer and FSP. Terms and Conditions online.