Cancer Cover……fast becoming a necessity
‘We are facing a future where one in two of us will get cancer’
Source: Averil Power, CEO of the Irish Cancer Society in April 2019
‘One in three men and one in four women will get an invasive cancer before the age of 75!
Source: Cancer in Ireland – Annual Report of the National Cancer Registry
"There is no doubt that population growth and ageing will result in substantial increases in numbers of cancers diagnosed in Ireland over the coming decades, with resultant increases in the demands on cancer healthcare services,"
said Professor Kerri Clough-Gorr, director of the National Cancer Registry when they issued their report in April 2019. It also warned that the number of cases of cancer could double to 43,000 a year by 2045 if current rates of the disease continue.
This is yet another report highlighting how cancer is becoming more and more prevalent in Ireland but cancer cover is on very few people’s radar despite the overwhelming evidence that it should be as big a ‘must have ‘cover as is mortgage protection for those with mortgage loans.
Cancer cover is a policy that pays a lump sum on diagnosis of Cancer (as defined in the policy document)
It isn’t a surprise that as we get older the odds of us getting it also rise considerably so it’s a policy you really need to get before ‘sniper alley ‘ kicks in which is between the ages of 55 – 75.
AGE OF CANCER DIAGNOSIS
Source: National Cancer Institute (UK)
Sadly, people who get cancer suffer a double whammy in that not only is it seriously damaging to their physical health but also to their financial health. The Irish Cancer Society did research in 2015 that showed that cancer can cost a patient up to €2,600 per month……
· Average cost to patient and family of going through the cancer journey is €862 per month (rising to €1,200 in some cases).
· Average loss in income of €1,400 per month.
· A third of working patients give up work.
· A quarter reduce their hours.
· 64% changed their working practices in some way.
It is a cover that is relatively recent to the Irish market with Zurich Life thankfully introducing it but unfortunately it is not widely promoted when it should be every bit as popular as mortgage protection and life insurance. Moreover, it is a good bit cheaper than its sister product, Serious Illness Cover, and ironically 66% of all male serious illness claims are related to cancer and a staggering 81% on the female side (Source: Zurich Life).
Cancer Cover versus Serious Illness – Real value…
Source: Zurich Life
It is also worth highlighting that Cancer Cover can be sold to some people who would ordinarily be declined full Serious Illness Cover. This includes people with a medical history of:
– Heart Attacks
– Angioplasty
– Angina
– Valvular Disease
– Stroke
– Obesity
– Diabetes
– Kidney Problems
In addition, Cancer Cover can also be added to other cover in the same way as serious illness cover is and this is a very good way of adding another crucial layer of protection at a relatively small cost. For as little as €10 per month one might be able to put in place a significant amount of cover.