Breast cancer awareness: Why financial preparedness matters as much as early detection

BUSINESS NEWS - Breast Cancer Awareness Month is a reminder that understanding your risk, recognising changes and going for recommended screenings can play an important role in early detection.

But preparing for the unexpected also means considering how a serious diagnosis could affect your finances and the people who depend on you.

Marie van Schalkwyk, Marketing Manager at Momentum Life Insurance, highlights why taking care of your health should go hand in hand with reviewing your financial protection.

Understanding your risk

Apart from non-melanoma skin cancer, breast cancer is the most common cancer among women in South Africa, with a lifetime risk of one in 27, according to the 2023 National Cancer Registry.

Although the risk increases with age, younger women can also be diagnosed. Men can develop breast cancer too, although this is rare.

Family history is an important risk factor, but having no known family history does not mean you are not at risk. According to Dr Jacqueline Kieck, a radiologist and breast imaging specialist quoted by Mediclinic Southern Africa, 70% of women diagnosed with breast cancer have no family history of the disease.

Healthy lifestyle choices may help reduce risk, while regular screening can identify cancer before symptoms appear.

The Cancer Association of South Africa (CANSA) recommends annual mammograms from age 40. From age 55, women can move to screening every two years or continue annually. Speak to your doctor about the screening schedule best suited to your circumstances.

While healthy habits and screening are important, they cannot eliminate the risk of breast cancer. This makes financial preparedness an important part of planning for the unexpected.

The financial impact of a diagnosis

A serious diagnosis can affect a household in several ways. Treatment and recovery may require time away from work, reduce earnings or interrupt the running of a business. Meanwhile, everyday expenses such as bond repayments, school fees and groceries continue, often alongside additional healthcare and recovery costs.

Momentum Life Insurance’s 2025 claims data highlight the financial implications of serious illness. Critical illness payouts grew by more than 15% year on year, exceeding R1 billion for the first time.

Cancer accounted for 43% of critical illness claims and was also the leading cause of lump-sum disability claims, at 27%.

Breast cancer was the leading cause of female critical illness claims at Momentum Life Insurance in 2025. It accounted for 45% of female cancer claims, while 68% of breast cancer claims were detected at Stage 1.

Earlier detection can improve outcomes and may allow for less aggressive treatment. The youngest breast cancer claimant was 30 years old.

“A serious diagnosis can affect much more than your health. Understanding what financial protection you have in place, and where there may be gaps, can make a meaningful difference when circumstances change,” says Joretha Bothma, Executive Head of Myriad at Momentum Life Insurance.

Understanding your financial protection

Financial preparedness is not about relying on a single product. Different forms of cover serve different purposes:

Medical aid helps cover eligible medical expenses, depending on the plan and its benefits.

Life cover provides financial support to beneficiaries if the policyholder dies.

Income protection can replace part of your income if illness, injury or disability prevents you from working, subject to the policy terms.

Critical illness cover typically pays a lump sum when a policyholder is diagnosed with a qualifying condition and meets the relevant claim criteria.

A critical illness payout could help settle debt, support household expenses or cover care and treatment costs not covered by other benefits. The appropriate level and type of protection will depend on individual circumstances, existing cover and affordability.

A financial adviser can help assess your needs, explain policy conditions and identify potential gaps in your financial safety net.

Practical steps to consider

Taking action does not have to mean expecting the worst. A few practical steps can help you look after both your health and your financial wellbeing:

Know your family cancer history, understand your personal risk and speak to your doctor about appropriate screening.

Be aware of changes in your breasts and seek medical advice promptly if you notice anything unusual.

Review your medical aid and gap cover benefits, and discuss your critical illness protection with a financial adviser.

Consider how long your household could manage if your income dropped or stopped, and build an emergency fund where possible.

Breast cancer awareness is about taking informed action, not living in fear.

By prioritising early detection and understanding your financial protection, you can be better prepared to navigate unexpected challenges and support the people who depend on you.

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