The research conducted at Liberty shows that you are more likely to survive a critical diagnosis or injury than to die from it. In which case, how do you afford to live when your life changes so drastically? As an advisor I only talk product after the most important part the financial planning process is finalised and that is the advice. However, today I want to talk product and about a specific benefit that has looked after so many clients. Liberty’s Lifestyle Protector is a comprehensive range of simple benefits that work seamlessly together to meet your needs throughout your journey to recovery. Because behind every risk cover, is a quality of life that must be maintained.
Critical illness cover – better known as Lifestyle Protection
Lifestyle protection is a benefit on Liberty’s Lifestyle Protector product, that protects the life assured against the risk of being burdened with the costs of surviving and recuperating from some form of critical illness or unexpected traumatic event.
Unforeseen circumstances can result in financial disaster for families. These unforeseen circumstances range from the onset of cancer, losing a limb, complications arising from pregnancy, or seeing one’s child suffer from an illness. These types of events have a profound physical, emotional and financial impact on your lifestyle, and that of your loved ones. Critical Illness cover assists by covering the financial costs of a specific event in an individual’s life.
In today’s article we will touch on Liberty’s Critical Illness products and seeing that this is Woman’s Month, let us discuss the effects of Female Dread Diseases and the impact they have on our female population.
Living Lifestyle VS Living Lifestyle Plus benefits
The Living Lifestyle and Living Lifestyle Plus benefits offer comprehensive coverage and financial security when you are diagnosed with a critical illness or suffer a trauma related event listed in one of the 31 different benefit categories. Adding the Top-Up and/or Extended Options will increase the comprehensiveness of cover. The 31 benefit categories include Cancer and Leukaemia, Cardiac and Cardiovascular complications, Parkinson’s Disease, Alzheimer’s and progressive dementia, Coma, renal disorders and Respiratory, just to name a few.
Living Lifestyle Plus can be selected on its own or in combination with the other benefits available on the policy. This is a non-accelerated benefit, so a claim does not affect the cover of any other benefits on the policy. Living Lifestyle on the other hand, is an accelerated benefit that can be added to life cover benefits (Life Cover and Renewable Life Cover). Other accelerated benefits may also be affected by claiming since the maximum accelerated benefit cover allowed is restricted to the amount of the Life Cover. Once 100% of the Living Lifestyle sum assured is claimed, the critical illness cover ceases.
The Top-Up Option increases your claim payout to 100% of your sum assured for certain conditions where you would have received a smaller percentage (25%, 50% or 75%) of your cover amount if the option had not been selected. The Extended Option pays out a small percentage of the sum assured at lower severity levels.
Exclusive to Liberty and part of the Living Lifestyle benefit is what is called the MAP feature. This stands for Medical Advancements Feature which provides enhanced protection against the risk that specified claim definitions linked to medical classification systems, medical diagnostic tests and investigations, medical procedures or surgeries become outdated due to medical advancements. MAP allows future claims to be considered for payment where the medical classification system, diagnostic test or investigation or medical surgery or procedure relating to that claim definition becomes outdated and is no longer a standard of clinical care due to medical advancements.
As part of Liberty’s Critical Illness offering, females have the opportunity to add the FEMALE LIVING LIFESTYLE benefit to their product mix.
Female Living Lifestyle offers peace of mind that there will be financial protection for any of serious birth-related and pregnancy complications as well as major congenital birth defects (as relates to the baby) conditions covered. This benefit also provides a lump sum for sudden infant death syndrome (i.e. cot deaths). Pregnancy complications included are for example Placenta Accreta, Placenta Praevia, Pulmonary embolism, to name but a few. Congenital Birth defects included are Down’s Syndrome, Cystic Fibrosis, Cerebral Palsy, cleft palate, and Spina Bifida to name but a few.
Let us look at the story about Mandy:
- In June 2014, Mandy was diagnosed with Stage 3 Breast Cancer. In August that year, Mandy had surgery to remove the growth, which was followed by six gruelling months of chemotherapy and seven weeks of radiotherapy. During this time, she lost her hair and significant weight and we helped her pay for expensive food supplements, a wig, and other associated costs with her Living Lifestyle cover.
- In February 2015, Mandy was unable to go straight back to work due to her side-effects, but we paid for her salary for those three months from her Income Protector cover so that she was able to recoup her strength. Soon afterwards she was told she was in remission.
- In March 2016, during a routine check-up, another lump was discovered. This time it was found on Mandy’s left breast. Tests confirmed it was Stage 4 cancer.
- July 2016 Mandy had surgery to remove the lump followed by seven weeks of chemotherapy. During that time our lump sum payment from her Living Lifestyle cover helped Mandy hire a full-time caregiver to help drive her to and from her treatments and take care of her while her husband was at work.
- The second diagnosis and treatment took its toll on Mandy. In August 2016, she was diagnosed with post-traumatic stress disorder. With that came the cost of therapy sessions, which we helped pay for through her Living Lifestyle cover.
- Mandy’s doctor declared her as unable to work. Our pay out gave her the chance to concentrate on getting better. During that time her husband passed away and his EduCator cover helped ensure that their daughter’s school fees and additional costs were covered.
- In April 2017, Mandy went into remission, and we are happy to say that she has now been clear of cancer for four years.
Mandy is an example of the many women who have suffered from breast cancer. This was a hypothetical scenario of how we help clients during their life journey by providing suitable risk cover to maintain their quality of life. To make sure you are comprehensively covered, get in-touch with your IWCP advisor and have them review your policies.
Ernst Wilkins – Financial Services Adviser® and Unit leader of IWCP Jakaranda.