Breast cancer remains the most prevalent cancer among South African women, with one in 27 women diagnosed in their lifetime, according to the World Health Organization (WHO). As the diagnoses increase the financial implications of treatment can be overwhelming. According to Joretha Bothma, Head of Product Development, Underwriting and Claims at Momentum Life Insurance, critical illness and income protection cover can be a lifeline for any woman; mitigating the cost of fighting against breast cancer.
“Breast cancer is still the biggest cause of cancer claims, making up nearly 24% of all cancer claims submitted in 2023,” says Bothma. It affects women of all ages and, more specifically, was responsible for 45% of cancer claims for women in both 2023 and 2024.
Surprisingly, she says typical risk factors like smoking, or an unhealthy BMI may not be significant contributors, as 88% of breast cancer claims in 2023 were for non-smokers, and 44% of claims were for individuals with a healthy BMI.
The financial relief through the right critical illness – and income protection cover
The financial strain associated with breast cancer extends beyond medical treatments and includes the cost of lost income due to missed work or reduced hours. According to Bothma, even women with comprehensive medical aid may find themselves facing unexpected expenses, as certain treatments and care costs are not fully covered. The emotional and financial strain of a breast cancer diagnosis can be overwhelming, especially for women who are primary caregivers or sole breadwinners in their families.
Many women don’t have access to additional financial resources to help support themselves and their loved ones during this challenging time – especially given that many of these women are breadwinners in their households. Critical illness cover and income protection provide a financial cushion for those diagnosed with an eligible condition like breast cancer. Payouts from these benefits help cover bills outside medical aid, loss of income, and additional expenses associated with living with a serious illness. Critical illness policies pay out a lump sum once a diagnosis is made and defined severity criteria are met, while income protection policies provide regular payments if you’re unable to work due to illness, ensuring your financial responsibilities are met while you focus on recovery.
“Beating cancer requires immense physical and emotional strength, but we also can’t ignore the economic realities that come with it,” explains Bothma. “Income protection ensures that even if you’re unable to work, your earnings continue to support you and your family. Facing breast cancer is emotionally challenging. Don’t let financial worries add to your stress. Financial preparedness can provide much-needed relief and peace of mind.”
Prevention and awareness: key steps to lowering breast cancer risk
Women are encouraged to take preventative measures to lower their risk of developing breast cancer. Adopting a healthy lifestyle and regular screenings through mammograms and self-examinations are crucial in lowering breast cancer risk – early detection saves lives.
However, Momentum Life Insurance’s claims statistics show that early detection has worsened, with only 56% of cases detected at stage 1 in 2023, down from 67% in 2022.
Preparing for the unexpected
Leading a healthier life reduces cancer risk and can lower insurance premiums, however, regular screenings and the right insurance coverage provide peace of mind during uncertain times. “While prevention is important, always ensure you and your family are covered should the unexpected happen,” concludes Bothma.
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