With around half of the UK population now expected to be diagnosed with cancer in their lifetime, more people than ever before are having to face the realities of living with a serious disease. As well as having a significant emotional and physical toll, a cancer diagnosis can have a big impact on a person’s finances, something that can make a difficult situation even worse.
UK Cancer rates
Cancer rates have increased 12% in the last 20 years, with bowel, lung, prostate and breast cancers the most commonly seen in the UK.
This increase has been caused by a number of factors, but experts believe that one of the main reasons behind the increase in cancer rates is the modern lifestyle. Obesity rates are on the up, people are drinking more alcohol than before and many adults don’t get enough exercise. Making just a few lifestyle changes could help to prevent four in ten cancers, with smoking, diet and body weight among the most important factors to address.
Financial impact of cancer
For single parents and workers who are the main breadwinner in their households, the financial burden of cancer can be hard to bear. According to research carried out by Canada Life, a cancer diagnosis will cause a person’s income to drop by around £570 per month. The same survey revealed that 72% of respondents would struggle to cope financially if their income fell by that amount, with single parents among the most financially vulnerable.
Critical illness cover
Despite the fact that over two-thirds of UK workers believe they would struggle to cope financially with a cancer diagnosis, just 18% of those who responded to the survey had some form of critical illness or income protection cover. What’s more, the average worker has savings of less than £3,300. Based on current expenditure, that’s enough to live on for just three months.
One of the best ways to protect yourself financially in case of a cancer diagnosis is to take out critical illness cover. Often added onto life insurance policies, critical illness cover pays out a tax-free lump sum in the event you’re diagnosed with a serious condition. This money can be used to help support your family, to pay for treatment, or to renovate your home so that it meets your changing needs.
If you don’t think your finances could see you through a cancer diagnosis, taking out critical illness cover could give you peace of mind. Find out more about this important cover by taking a look around our site, or getting in touch with a member of our team.
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Written by: Editorial Team