Why the right financial advice matters after a cancer diagnosis

Ronel Beukes, Financial Adviser at Momentum Financial Planning

Being diagnosed with a critical illness, like cancer, is life-changing. The immediate focus is, and should be, on medical treatment, recovery, and well-being. But as individuals and their families navigate this difficult journey, many are faced with an unexpected financial challenge. This October is Breast Cancer Awareness Month, a timely reminder that proactive planning, both health and financial, is a powerful act of self-care.

While medical bills are a significant part of the equation, the financial impact of a health crisis reaches far beyond co-payments and hospital stays. It's the cost of a carer to help at home, the fuel spent on regular trips to the doctor's office, or the sudden need for special foods. It’s the loss of income when you can no longer work or the burden placed on a family member who takes time off to care for you. For many, this unforeseen financial stress can feel as overwhelming as the diagnosis itself, creating a significant barrier to focusing on what truly matters: getting better.

This is where a different kind of support becomes crucial. Financial planning isn’t just a numbers game; it’s a powerful tool that empowers you and an important act of self-care. It’s about creating a safety net that allows you to focus all your energy on recovery, knowing that your financial security is being looked after.

Just as financial planning protects your future, regular health check-ups, breast self-examination and routine mammograms or screenings are important to health safeguards. Early detection is key to improving treatment outcomes and reducing the severity of a medical crisis. Early detection and proactive prevention is one your financial plan should support.

Proactive planning, such as having a critical illness policy in place, is a way of protecting yourself and your loved ones from the unexpected. It’s a practical decision made in moments of good health to provide peace of mind for times of crisis.

In 2024, 45% of Momentum’s critical illness payouts were related to cancer – that number grew to 52% for women - a reminder that a serious illness can happen to anyone. Being prepared for this possible eventuality is one of the kindest things you can do for your future self.

When faced with a health crisis, the last thing you want is to be bogged down by financial complexities. This is why having a trusted financial adviser by your side can be a lifeline. Think of them not as a transactional service provider, but as a supportive partner in your recovery journey. An adviser can help you navigate insurance policies, manage your assets, and create a sustainable plan that accounts for all the unforeseen costs. They can handle the financial logistics so you don’t have to, leaving you free to concentrate on your physical and mental healing.

Ultimately, managing the financial side of a health crisis is an important step towards reclaiming control, helping to alleviate the stress and anxiety that can compound the challenges of illness. By taking a proactive approach to financial planning, you’re not just safeguarding your assets; you’re safeguarding your peace of mind and giving yourself the space to heal.

Recovery is a holistic process that involves your physical health, emotional resilience, and financial stability. Don't let the financial side become another weight to carry. Take control by booking your check-ups and empowering your journey to recovery.

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