Investec Severe Illness Cover Review 2022

Published by
Lethabo Ntsoane

The Investec Severe Illness Cover can be purchased on its own, without the requirement to purchase a life insurance policy. The severe illness plan covers a variety of serious conditions, including cancer, respiratory disease, cardiovascular disease, and more.

The Investec Severe Illness cover is easily configurable, allowing you to acquire the exact level of coverage you need. If the principal insured suffers from a serious sickness, the payout is made in one lump payment. However, payouts are determined by the severity of the serious sickness.

For most of the severe illnesses covered, with a low-level diagnostic, the payout rate begins at 5%. Should the sickness progress to the point where it is classified as a high risk, the cover amount will be paid out in full.

The Investec severe illness cover is one of the greatest ways to safeguard your finances in the event of a serious illness. It’s crucial to know what’s included in the Investec Severe Illness insurance before you sign up. Below, we go over the insurance package in greater depth.

Investec Severe Illness Summary

The Investec Severe Illness Cover is a critical illness policy that covers some of the most deadly conditions, such as cancer, kidney failure, cardiovascular disease, and musculoskeletal illnesses, among others.

The insurance helps to cover the shortfalls in one’s medical coverage. The Investec Severe illness cover can cover high-cost treatments and travel fees to specialized clinics, as well as the transport to rehabilitation and lifestyle changes.

When one of the severe illnesses strikes, the insured receives a lump sum payment. The lump sum can be used to cover any medical or living expenses incurred as a result of the illness.

Severe illness insurance can be purchased separately to protect the policyholder or his or her children. Alternatively, you can combine the Investec Severe Illness cover with Investec Life Insurance.

Children can be protected under the Investec severe illness policy, although the percentage of protection for children is only 10% of the entire cover amount. A maximum threshold of R150,000.00 is offered per child. This benefit does not cover pre-existing conditions.

The Investec payout Severe illness coverage is offered based on the severity of the condition. Levels of severity range from G to A, with G being the least severe and A being the most severe. The payout ranges between 5% and 100% of the cover amount, depending on the level of illness. 

Other conditions, like Endocrine illnesses, are only eligible for a maximum payout of 25% of the cover amount. Other conditions, like HIV, only pay out 100% of the cover amount when the condition is serious in order to receive a payout.

How the Investec Severe illness cover Works

For Investec clients, the Investec severe illness cover can be applied for on the Investec website or through the Investec mobile app. The amount of coverage for the Investec severe illness insurance must be chosen, and if children are to be covered under the policy, the amount of coverage for them must also be indicated.

Before the insurance product is activated, it will go through an underwriting process. A series of inquiries will be asked, including whether or not the person has any previous conditions. Following this procedure, a premium amount will be quoted, which will be paid on a monthly basis.

After acceptance, the Investec severe illness cover will become active. The coverage is comprehensive and it includes coverage for a broad range of serious conditions. If a child or policyholder suffers a serious sickness, a lump sum payment is made. The payout varies between 5% and 100% of the entire insured amount.

If you are permanently unable to do three or more basic Activities of Daily Living (ADL) owing to a medical condition, you will receive 100% compensation. The ability to wash, dress, feed oneself, walk independently, and use ablution facilities are all considered ADLs.

The permanent inability to perform six or more advanced ADLs results in a 75% payout of the cover amount. For the 75 % payout, ADLs are rated on the capacity to drive, shop, prepare meals, handle housework, communicate, bank, make reasonable financial decisions, and manage one’s medicine.

Due to medical issues, the 50% payout is predicated on the persistent incapacity to perform three or more advanced ADLs. A payout of 25% or more, on the other hand, is dependent on the diagnosis of a severe illness.

Advantages of the Investec Severe Illness cover

  • The cover amount increases from year to year to keep up with inflation.
  • The cover amount is flexible and the policyholder can choose the amount of cover that he/she wants.
  • Payouts are based on the severity of one’s illness, therefore, the worse the illness, the higher the payout.
  • Policyholders receive a lump sum payment that can be used according to their needs.
  • Children can also be covered under the Investec Severe illness cover.
  • The product can be bundled with life insurance cover for a more comprehensive cover.
  • Policyholders earn rewards every time they make premium payments.

Disadvantages of the Investec Severe Illness cover

  • Those over the age of 65 cannot apply for the cover.
  • The product is only available to private bank account holders.

Conclusion

The Investec severe illness cover extends coverage to the policyholder’s children. The product acts as a safety net in the event of a severe illness, paying out a lump sum to cover one’s expenses during a severe illness.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane
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