An increase in cancer diagnosis among working men and women indicates more people are suffering not only from cancer but a loss of income, either temporarily or permanently. Without an income replacement vehicle, many will not be able to cover normal living expenses, much less additional living expenses incurred during their illness and recovery phase. The following statistics illustrate the need for new insurance products that better meet the UK public's need for varying levels of income as they live and survive through their cancer diagnosis. Read the full blog post here: http://www.genre.com/knowledge/blog/the-hidden-costs-of-cancer-a-wake-up-call-for-life-health-insurers-in-the-uk.html

1. 30%
Increase since 2001
14%
Increase since 2001
Transportation
for medical
purposes
Additional
heating
Help
around
the home
ACCOUNT NUMBER:
AMOUNT DUE FROM PATIENT:
ACCOUNT TOTAL:
GenRe
XXXX-XXX-XXXXX-XXXX-XXX
DATE:
IPIP CICI
IPIP IPIP IPIP
IPIP IPIP IPIP
Sources:
Gen Re estimate based on statistics from the Office for National Statistics in England & Wales, 2001 & 2011.
MacMillan Cancer Support, Cancer’s Hidden Price Tag, 2013.
Department for Work & Pensions
Gen Re data.
ABI, 2012.
© 2014 General Re Corporation
now aged 20 will be diagnosed with cancer
during his or her working life.
... only a small percentage can be attributed to people living longer.
Women are twice as likely to be diagnosed with cancer
as they are to die of any cause before reaching 65.
For men the figure is similar to that of death by any cause.
… This suggests that a cancer diagnosis is not a death sentence;
most men and women survive into retirement age.
… The heaviest financial burden stems from being too unwell
to work with no source of income replacement.
The average is
£570/month.
4 out of 5
UK cancer patients
incur additional costs.
A sum comparable to
most people’s monthly
mortgage payment.
To learn more about how we can help you
ensure your clients are covered
when they need it most, contact us today.
A cancer diagnosis can bring considerable financial strain.
Are your customers protected?
employed
in the UK30M
Around
Are your customers protected?Are your customers protected?
3.1M
have an Income
Protection policy.
4.6M
have a Critical
Illness policy.
have no long-term
protection in place.2/3Over
1 in 10 men 1 in 7 women
... this shows insurance is a more reliable source
of income replacement.
Only 1 in 12
people successfully
claim Employment
Support Allowance
because of cancer.
1 in 6
successful Income
Protection (IP)
claims is
cancer-related.