Cancer is a contemporary epidemic with one in two people predicted to develop the disease at some point in their lives. And rates are rising fastest in under 50s. How can you protect your family against the financial fallout of cancer?
Cancer rates rising in under 50s
This week, Cancer Research UK highlighted the worrying increase in cancer rates in 25 to 49-year-olds. Early-onset cancers have skyrocketed by 24% since 1995 with approximately 100 people in this age group diagnosed each day between 2017 and 2019.
The financial implications of a cancer diagnosis can be particularly serious for working adults, especially those with young families. High medical costs and lost income are major concerns. Let’s take a closer look at how you can protect yourself and your family against financial issues should you get cancer.
Cancer and medical expenses
Cancer treatment is expensive. A cancer diagnosis will almost certainly lead to high medical costs related to treatment, medication, and ongoing care. Expatriates in Asia may not be covered by state-funded healthcare schemes therefore to avoid having to pay these out of pocket, it’s crucial to have a comprehensive healthcare policy that transfers the risk of cancer costs to an insurer.
If you’re not convinced, read Dr Sok Siphana’s cancer story and the eye-watering cost of treating his cancer.
Infinity can provide quality medical cover adapted to your needs and budget. We have partnerships with all the major international insurers and can help you compare costs and cover to find the right policy for you and your family to ensure financial peace of mind in the event of a cancer diagnosis.
If you don’t currently have health insurance, or you want to review your cover, get in touch.
Cancer and income loss
A cancer diagnosis can necessitate significant time off from work for treatment and recovery. In many cases, this involves loss of income which puts financial strain on individuals and their families.
Critical illness cover is an insurance policy that protects against income loss due to illness. Under this type of policy, an insurer will pay out a tax-free lump sum if you are diagnosed with cancer (as well as a lengthy list of other medical conditions listed on the policy such as stroke or heart attack). This provides a financial cushion which can be used to cover your family’s living expenses, such as mortgage payments, utility bills or school fees, which don’t go away just because you are ill. You can keep your savings intact while maintaining your family’s standard of living.
Critical illness insurance is a lifeline for many cancer sufferers and well worth considering for breadwinners and stay-at-home parents alike. If you’d like to discuss the options and costs, contact us for a chat with an adviser.
Cancer and life insurance
While cancer survival rates are increasing, sadly, not all types of cancer are curable. That’s one reason – and far from the only one – why we recommend life insurance to all our clients, regardless of their age.
Life insurance is a means of protecting your loved ones financially in the event of an untimely death. It compensates them for the loss of your income by paying them a lump sum to mitigate the financial impact of your passing away.
Life insurance is invaluable in maintaining financial stability for a family at a time of great stress. Immediate expenses can be covered, debts paid off and provisions made to take care of your regular outgoings, particularly those on large debts such as a mortgage, but also day-to-day expenses, education costs, childcare requirements and other loans.
Working out how much life insurance you need isn’t always easy, so we do recommend having talking to your financial adviser to ensure that you have sufficient coverage – many people don’t.
If you don’t have any life insurance and you’d like to get a quote, we can help.
Protection insurance: the foundation of any financial plan
The protective triumvirate of health insurance, critical illness cover and life insurance form a solid foundation upon which to build a robust financial plan. Failing to establish this foundation jeopardises your accumulated wealth in the event of a cancer diagnosis. Don’t take any risks – protect your savings for peace of mind.
A leading provider of expat financial services and wealth management services across Asia.
