A study by leading UK charity Macmillan highlights the devastating effect cancer can have on the finances of people diagnosed with the disease, leaving them to deal with a financial crisis as well as the killer disease.
According to Macmillan’s survey, 39% of sufferers face not only a battle with the killer disease but are also severely financially affected by their diagnosis. It was revealed that 83% of people face a “cancer price tag” made up of additional living costs or a loss of income.
People living with cancer face an increase in expenditure to pay for treatments and travel, as well as often experiencing a drop in earnings as their ability to work is typically curtailed. In total, three-quarters of people with cancer suffer a loss of income.
In many cases, the situation can lead to genuine financial hardship. The problem is so severe that 23% of people found it easier to talk about their illness rather than the impact on finances.
For many expatriates, the financial impact of being diagnosed with cancer can quickly become overwhelming. Many employers can terminate contracts during extended periods of illness, and company health insurance often does not adequately cover treatment. If you have cover in place, it is vital to check what is insured for how much and what jurisdictions are covered. In many cases, cover places in your home country may not payout if you are living overseas.
Critical Illness Insurance
Critical illness insurance is inexpensive and provides a financial safety net should the insured fall ill with serious cancer, heart problems and other serious diseases. It pays out a cash lump sum, typically around $200,000. The cover provides a financial cushion to cover living expenses, pay for expensive medical treatment and enable you to recuperate without the burden of financial worries.
I have clients that have unfortunately had to make claims on their critical illness cover, and they all have reported the relief that the pay-out provides to keep family finances on a stable footing. Some have used the money to pay for world-class medical treatment to beat their disease and enable them to get back to living to the full.
If you do not have critical illness cover, don’t delay, it can literally be life-saving.