The longevity paradox

Four myths that undermine true longevity

Myth 1: If I live healthily, nothing can go wrong, right?

This is the optimism bias in action. You exercise regularly. You eat well. You don't smoke. You monitor your health data. Surely this significantly reduces your risk of getting ill?

Yes and no.

The Harvard research findings show healthy lifestyle habits can add years to your life. But even perfect habits can't override genetics, environmental factors, or the inherent uncertainty of health. Age, for example, remains one of the strongest predictors of many illnesses, and family history can predispose us to certain conditions regardless of lifestyle.

We may hear of the 40-year-old non-smoker who develops lung cancer, or the marathon runner who suffered a heart attack. These aren’t failures of prevention. They’re reminders that while we can significantly influence our health outcomes and life expectancy, we can’t control them entirely. 

Myth 2: My medical aid has me covered

This might be the most expensive misconception in South Africa.

Quality medical aid is essential, and covers a certain threshold of financial costs associated with a range of illnesses. But consider the real costs when a severe illness strikes. According to the Cancer Alliance, cancer medication averages R23,533 per item. The cost of chemotherapy in South Africa can be up to R100,000 per treatment cycle. And medical aid might not cover these medical costs in full, leaving significant co-payments that need to be paid out of pocket.

Beyond treatment costs, there's:

• Income loss: It can take months to return to work fully after treating a major illness such as cancer.
• Advanced treatments: New therapies are expensive and are typically not covered by your medical aid.
• Lifestyle modifications: Home adjustments, special transportation, and caregiving support.
• Business costs: Overheads continue while you're recovering – rent, salaries, and other operational costs don’t pause for illness.
• Family impact: Your spouse may need to take time off to support your family.

Medical aid keeps you alive, but it doesn't keep your finances intact? Severe illness (or critical illness) cover gives you the luxury of options – something you cannot put a price tag on.

Myth 3: I'll get financial cover when I'm older

This is perhaps the most human of all biases: the belief that there's always more time.

At Investec Life, we regularly see clients with stage 3 and 4 cancer diagnoses applying for cover. They aren't reckless; like the rest of us, they simply thought they had more time.

The reality is sobering:

• Once diagnosed with a serious condition, getting comprehensive cover can become difficult, or in some cases, not possible at all.
• Pre-existing conditions, even minor ones, can lead to exclusions or premium loadings, so every year you wait, increases both cost and risk.

Every investor knows that time in the market beats trying to "time the market". You can't predict the perfect entry point, so you invest consistently over time. The same principle applies to severe illness cover. You can't predict when illness might strike, so the smart move is getting cover while you're healthy.

Waiting for the “right time” (when you're older, when you have more money, when you’ve attended to other financial priorities) is just another form of market timing. A harmless "I'll do it later" could mean "I'll never be able to do it."

Myth 4: My investment portfolio is my safety net

This seems logical. You've built wealth. You have assets. Surely these can cover any health crisis?

But liquidating investments during illness is financial destruction:

• You could be selling at a time when market conditions aren’t optimal
• You could be destroying long-term compound growth
• You're potentially triggering tax events
• You may be depleting retirement funds that you may not have the time to recover
• You're most likely making financial decisions when you're least equipped to do so

Don’t make the mistake of spending a decade building your financial portfolio, only to destroy it trying to recover from a significant illness. Proper health financing in South Africa means integrating critical illness cover with an investment strategy, not treating your portfolio as the safety net.