A study suggests that thousands of cancer patients in the UK are affected by delayed treatment. It could harm their overall wellbeing. Considering potential health risks as part of your financial plan might mean that if you’re diagnosed with an illness, you have more options and reduce other stresses at an already difficult time.
While thinking about falling ill can be challenging, it’s something many people will face in their lifetime.
Indeed, according to Cancer Research UK, nearly half of people born in 1961 will be diagnosed with some form of cancer. Medical innovations mean the prognosis for cancer patients has improved, but it remains a scary diagnosis.
Worryingly, research carried out by Zurich in November 2024 found that 1 in 3 cancer patients in the UK are waiting more than two months to start treatment after an urgent GP referral, which could affect the outcome. In addition, two-thirds of cancer patients said waiting for treatment is the hardest part of having cancer, with many reporting it caused anxiety.
So, how could considering potential health risks as part of your financial plan reassure you? Read on to find out.
Private medical insurance might provide reassurance
It’s not just cancer patients that are facing longer wait times. Pressure on the NHS means other patients might have to wait longer for tests or treatment too.
In some cases, private medical insurance could cover some of the cost of being treated by private healthcare providers sooner and potentially mean you have more choice about where you have treatment and the options available to you.
What private medical insurance covers varies significantly, some may only cover the costs of in-patient treatments, such as tests and surgery, while others might extend to cover out-patient treatments, like appointments with specialists or consultants. So, before you take out private medical insurance, you may want to take some time to understand what would be covered.
You’ll need to pay regular premiums to maintain private medical insurance, and the cost will depend on a variety of factors, from the level of cover to pre-existing conditions.
If you’d like help understanding how private medical insurance could fit into your wider financial plan, please get in touch.
83% of people with cancer are affected financially, so it helps to prepare
A diagnosis and delayed treatment could affect other areas of your life too, such as your short- and long-term finances.
Research carried out by Macmillan in 2022 found that 83% of people with cancer in the UK experienced some kind of financial impact from their diagnosis. This could be because they’re no longer able to work or due to additional outgoings, such as travelling to appointments or increased heating costs.
At a time when you should be focusing on treatment or recovery, financial worries could further harm your wellbeing. So, taking steps to create a financial safety net for you and your family could ease some of the stress of falling ill and allow you to focus on what’s most important to you.
Financial protection could help you manage your finances if you’re ill
Taking out appropriate financial protection could provide you with either a regular income or a lump sum if you’re facing an illness.
Several different types of financial protection may provide financial security if you’re ill, including these three:
- Income protection: This form of protection would pay you a regular income if you were unable to work due to an accident or illness. It would usually pay out a portion of your normal salary, such as 60%, until you return to work, retire, or the term ends. Income protection could help you continue to meet financial commitments if you need to take time off work.
- Critical illness cover: If you were diagnosed with a covered illness, critical illness cover would pay out a lump sum, which you might use to pay off your mortgage, meet day-to-day costs, or adapt your home. This type of protection could provide you with a capital boost if you’re diagnosed with a serious illness like cancer, stroke, or multiple sclerosis. You should note that not all illnesses will be covered, so it’s important to check how comprehensive the cover would be.
- Life insurance: Life insurance would pay out a lump sum to your beneficiary if you passed away during the term. It’s a type of cover you might want to consider if you have a partner or children who could face financial challenges should the worst happen. It could provide them with security while they grieve and mean they’re able to maintain their current lifestyle. In some cases, life insurance may pay out if you’re diagnosed with a terminal illness.
While financial protection can’t prevent you from falling ill, it might mean you don’t need to worry about financial burdens and could ease some of the stress you may experience.
Get in touch to talk about how to prepare for the unexpected
Falling ill and other unexpected events have the potential to derail your financial plan. So, considering them and taking steps to minimise potential risks could reassure you. If you’d like to talk about how to prepare for the unexpected, please contact us to arrange a meeting.
Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
Note that financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.