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Combatting the Hidden Costs of Cancer

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An increase in cancer diagnosis among working men and women indicates more people are suffering not only from cancer but a loss of income, either temporarily or permanently. Without an income replacement vehicle, many will not be able to cover normal living expenses, much less additional living expenses incurred during their illness and recovery phase. The following statistics illustrate the need for new insurance products that better meet the UK public's need for varying levels of income as they live and survive through their cancer diagnosis.

Read the full blog post here: http://www.genre.com/knowledge/blog/the-hidden-costs-of-cancer-a-wake-up-call-for-life-health-insurers-in-the-uk.html

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Combatting the Hidden Costs of Cancer

  1. 1. 30% Increase since 2001 14% Increase since 2001 Transportation for medical purposes Additional heating Help around the home ACCOUNT NUMBER: AMOUNT DUE FROM PATIENT: ACCOUNT TOTAL: GenRe XXXX-XXX-XXXXX-XXXX-XXX DATE: IPIP CICI IPIP IPIP IPIP IPIP IPIP IPIP Sources: Gen Re estimate based on statistics from the Office for National Statistics in England & Wales, 2001 & 2011. MacMillan Cancer Support, Cancer’s Hidden Price Tag, 2013. Department for Work & Pensions Gen Re data. ABI, 2012. © 2014 General Re Corporation now aged 20 will be diagnosed with cancer during his or her working life. ... only a small percentage can be attributed to people living longer. Women are twice as likely to be diagnosed with cancer as they are to die of any cause before reaching 65. For men the figure is similar to that of death by any cause. … This suggests that a cancer diagnosis is not a death sentence; most men and women survive into retirement age. … The heaviest financial burden stems from being too unwell to work with no source of income replacement. The average is £570/month. 4 out of 5 UK cancer patients incur additional costs. A sum comparable to most people’s monthly mortgage payment. To learn more about how we can help you ensure your clients are covered when they need it most, contact us today. A cancer diagnosis can bring considerable financial strain. Are your customers protected? employed in the UK30M Around Are your customers protected?Are your customers protected? 3.1M have an Income Protection policy. 4.6M have a Critical Illness policy. have no long-term protection in place.2/3Over 1 in 10 men 1 in 7 women ... this shows insurance is a more reliable source of income replacement. Only 1 in 12 people successfully claim Employment Support Allowance because of cancer. 1 in 6 successful Income Protection (IP) claims is cancer-related.