Today is World Cancer Day. While you may not like to think about cancer, you are probably aware of its medical implications and the dramatic effect it can have on your life. But have you ever considered the financial consequences of living with cancer? It is estimated that six in every ten cancer sufferers experience an increase in household bills.* Coupled with potential reductions in earnings due to long periods out of work, this can have a significant impact on your finances. * Source: National Cancer Registry Ireland, 2010.
Cancer Cover is available to anyone aged 18 to 60 (who meet Insurer’s underwriting requirements) and with premiums starting at only €10.10 per month, it is an affordable way of protecting your finances from the effects of cancer.
To give you an idea of costs we have worked out some examples:
|
Age
|
Sums Insured
|
Term
|
Monthly Premium (Non-Smoker)
|
Monthly Premium (Smoker)
|
|
30 Year Old
|
€50,000
|
20 Years
|
€10.10
|
€11.78
|
|
35 Year Old
|
€50,000
|
20 Years
|
€11.72
|
€15.74
|
|
40 Year Old
|
€50,000
|
20 Years
|
€16.36
|
€23.68
|
|
45 Year Old
|
€50,000
|
20 Years
|
€24.24
|
€35.94
|
|
50 Year Old
|
€50,000
|
20 Years
|
€36.63
|
€53.00
|
Cancer Cover can help reduce the financial stress of living with cancer. It gives an important breathing space, to focus on what really matters – recovering from the illness. Cancer Cover pays out a lump sum if you are diagnosed with cancer during the term of the plan, as defined in the Policy Document. Types of cancer that would ordinarily be covered include:
- Breast Cancer
- Prostate Cancer
- Lung Cancer
- Bowel Cancer
- Gynae Cancer
- Testicular Cancer
- Malignant Melanoma Skin Cancer
- Stomach Cancer
It is important to realise that some cancers caught in their early stages would not be eligible to claim under this plan, but insurers may provide partial payments for three types of cancer. These are:
- Carcinoma in situ – oesophagus (treated by specific surgery),
- Ductal carcinoma in situ – breast (treated by surgery),
- Prostate Cancer – low level prostate cancer with gleason score between 2 and 6 (with specific treatment).
The financial implications of living with cancer:
A report by the National Cancer Registry Ireland highlighted the severe financial implications of cancer on Irish families. The report highlighted a number of key areas of concern for cancer sufferers. This included:
- Increased medical costs such as consultant fees and expensive medications.
- Actual out of pocket expenses such as increased travel to appointments that may be in medical centres of excellence located a distance away from home.
- Increased utility bills due to the extra time spent at home recovering from surgery.
- Reduction in earnings due to patients (and their family members) having to take time off work.
This is particularly relevant for those that are self-employed. While many people fear the medical effects of cancer, the adverse financial implications are often ignored. The report highlighted the increased financial stress and financial strain experienced by many households where someone has been diagnosed with cancer. This increased financial stress and strain is associated with a greater likelihood of experiencing depression, anxiety or emotional stress.
A recent article from the Irish Independent highlights this issue and tells the story of cancer patients and how it affected their family’s income – www.independent.ie/life/health-wellbeing/health-features/the-cost-of-cancer-i-went-hungry-so-the-kids-could-eat
