As the number of individuals living with cancer increase, we look at the financial impact of cancer on individuals and families.
In 2020, research by Aviva indicated that 3 million people were living with cancer. This is projected to increase to 4 million in 2030 and 5.3 million in 2040. This is mainly due to people living longer with cancer due to the treatments available and average survival times are now over 10 years.
Above is a diagram that describes the key stages of the cancer journey. The financial impact of cancer usually appears at the stage after the individual receives a diagnosis and it can be huge. It usually comes in the form of reduced income and increased costs such as travel to appointments, hospital parking, utility costs by being at home more.
MacMillian report that 83% of people with cancer are on average £570 a month worse off as a result of their diagnosis.
MacMillian
We hear the real stories of how cancer can affect lives. The financial impact can negatively effect an individual’s recovery because of money worries and also have a negative effect on their mental health. Those however, that have insurance policies, can plan for the future better and it also reduces the pressure.
What can you do?
If you cannot work or earn an income due to ill health then the impact on your ability to be able to pay your mortgage, rent, and other outgoings can be an additional stress that is not needed. For many, the financial implications of a loss of income and the ability to work are just as concerning as the illness itself.
Critical Illness Cover is normally a long-term insurance cover that pays out either a lump sum or a regular annual income if you are diagnosed with a critical or serious illness that is covered by the plan you have in place. You may use a policy to pay off all or part of a mortgage or cover other costs relating to your condition.
In addition to financial pay out, Critical Illness Cover has evolved over the years to provide additional benefits to policy holders. These could include cover for children, mental health and wellbeing support, physiotherapy and telephone support services, and second opinion diagnosis options. These are designed to provide enhanced benefits and value to policy holders throughout the life of the protection plan, as well as the primary financial benefit.
Please note: These plans typically have no cash in value at any time and cover will cease at the end of term. If premiums stop, then cover will lapse.
For more information or to discuss setting up a critical illness cover, please get in touch.