Breast Cancer – do you have a Critical Illness policy?

Research undertaken by Scottish Widows shows that only one in ten women have a critical illness policy and that less than a third of women have taken out life insurance.

For women in the UK, breast cancer is one of the most common cancers with almost 12,000 people dying from the illness each year and over 60,000 people being diagnosed each year.

More than 85% of people who are diagnosed with breast cancer survive beyond the first five years.

October is breast cancer awareness month. Macmillan Cancer Support has revealed that most people who are diagnosed with cancer loose on average £570 a month of their income due to their illness.

This can result in a huge financial strain on the patient and family whilst they deal with fighting their cancer and can also have a direct impact on a patients general recovery time.

In 2015 Scottish Widows revealed that they paid out more than £10 million in critical illness claims with a third of those claims as a direct result of cancer diagnosis.

Critical illness cover pays out a tax-free lump sum in the event that a person is diagnosed with a serious critical illness or medical condition during the term of the policy such as a heart attack, stroke, cancer or kidney failure.

If the policy holder suffers from one of these illnesses, and survives, then they are paid by the insurance company a tax-free sum of which they can spend how they choose. It can help towards the cost of further medical treatment, as not all treatment options are available on the NHS, it could help to alleviate financial pressures enabling the patient a speedier recovery.

 For an employer, offering your employees a group risk insurance policy, as part of an employee benefit package can be financially rewarding. Group critical illness is an affordable benefit. For employees having a full benefits package can make them feel valued and ultimately motivated to work for a caring employer.

If you are interested in offering your employees an affordable health and wellbeing employee benefit such as a Critical Illness cover then speak to a member of the BDHL Team. We will be able to provide you with independent, professional, impartial advice on implementing and maintain a policy. +44(0)1892 891900