Financial Realities of Living with Cancer
Cancer is a word we all fear. It comes in many different forms and degrees of severity. Research conducted by the Irish Cancer Registry in 2017 states that one in two people in Ireland will develop cancer during their lifetime. This means there are very few of our families that will be unaffected. In Ireland an average of 40,000 new cases of cancer are diagnosed each year.
At Peavoy Financial Planning we find many families are financially protected in the event of death, but too few people have sufficient “survival insurance” in place. Serious Illness protection is one such survival insurance, as is Cancer Cover. Cancer cover is different from traditional Serious Illness protection. It focuses solely on cancer and as a result Cancer cover costs substantially less than Serious illness protection and hence is affordable to most people.
While many people fear the medical effects of cancer, the adverse financial implications are often ignored. A report by the National Cancer Society in 2015 highlighted a number of key areas of concern for Cancer sufferers. These include a) Increased medical costs such as consultant fees and expensive medications b) Out of Pocket expenses such as increased travel to appointments at medical centres of excellence c) Increased utility bills due to extra time spent at home d) Reduction in family earnings due to patient and their family member taking time off work.
Cancer cover helps alleviate these financial implications. It gives you one less thing to worry about and lets you concentrate on the main thing – getting better. Cancer cover will pay out a lump sum benefit on the diagnosis of cancer of a specified severity. There are also partial payments paid for less severe more treatable forms of cancer. Cancer cover is available to people aged between 18 to 60. The minimum premium is €10 per month and the minimum amount of cover you can have is €5,000.
David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.
David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland
Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy. completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use