When we talk about men’s health, financial preparation deserves a place in the conversation. We plan for our homes, children’s education, careers and retirement. What we are less likely to plan for is cancer, a heart attack, stroke or another serious illness. When you’re healthy, working and getting on with life, it’s easy to think: “It won’t happen to me.”
Serious Illness Is More Common Than We’d Like To Think
In 2025, Old Mutual paid R827 million in Severe Illness benefits, with 68% of Severe Illness claims relating to cancer, coronary artery bypass grafts, heart attacks and strokes. Men accounted for 54% of illness claims, with the youngest male claimant aged just 19. (Old Mutual Claims Statistics, 2025)
Behind every claim is a person whose life was interrupted, often with financial commitments and people depending on them. “One of the most important financial conversations we can have is about the things we don’t expect to happen. Serious illness can feel distant when we’re healthy, but planning isn’t about assuming something bad will happen. It’s about understanding whether your finances could respond if life changed unexpectedly,” says Phumza Somhlaba, Marketing Manager at Old Mutual Personal Finance.
But I Have Medical Aid. Isn’t That Enough?
Medical aid plays an important role in helping meet healthcare costs. But treatment is only one part of what a serious illness can change financially. Recovery could mean time away from work, additional transport, support at home or other unexpected expenses. At the same time, everyday commitments, from the bond and groceries to school fees and family responsibilities, may continue.
“The conversation shouldn’t stop at, ‘Do I have medical aid?’ A better question is, ‘If I became seriously ill, what would happen financially beyond my treatment costs?’ Understanding that difference can help you identify what your current financial plan does and doesn’t provide for,” says Somhlaba. The 2025 ASISA insurance gap study estimates that more than 85% of South African earners have no severe illness cover. (ASISA, 2025 Insurance Gap Study)
So, How Prepared Are You?
Ask yourself: If I became seriously ill, what financial commitments would continue? What expenses might my medical aid not cover? How long could my savings support me? Who else would be financially affected? And do I understand what protection I already have? If you don’t know all the answers, that’s a conversation worth having.
A financial adviser can help you understand your existing protection, identify areas you may not have considered and discuss whether Severe Illness Cover has a role in your financial plan.
“You don’t need to arrive at the conversation knowing which product you need. Start with your life, your responsibilities and the questions you don’t yet have answers to. Change happens with the right conversation,” says Somhlaba.
Don’t Wait Until the Questions Become Urgent
Start the conversation. Speak to your financial adviser or visit the Old Mutual Illness Insurance page to learn more.
