Posted 3 Apr 2020
The facts about Cancer Survival Rates and Critical Illness Cover
With increases in knowledge, funding, and research, Cancer survival rates in England and Wales are continuing to improve. Figures from a recent study conducted by Cancer Research UK have shown that around 50% of cancer patients are surviving for at least a decade after their treatment and diagnosis. This is a vast improvement from figures in the 1970s, in which around 50% of cancer patients died within the first year following their diagnosis. This does however depend on the type of cancer that has been diagnosed. Breast Cancer is now one of the most treatable cancers, with a high success rate. In comparison, only 1% of pancreatic and 5% of lung cancer patients can expect to survive for 10 years. If you are or have been a Cancer patient, you may want to investigate Critical Illness Cover to protect you and your family.
How do Cancer survival rates affect critical illness cover or income protection?
As an example of a well-known underwriter, in 2012 Aviva paid out over £77 million to just below 1,000 of its customers with critical illness cover who had been diagnosed with Cancer (an average of £79,500 per customer). Aviva also paid 157 individual income protection claims for cancer over the same period. The most frequent Cancers claimed for through Aviva in 2012 where the following:
- Haematological (relating to the blood)
- Head and neck
Cancer critical illness cover amounts
Critical illness cover is slightly different from life insurance in the sense that it is designed to provide a lump sum payment if you are diagnosed with a critical or serious illness. Most people relate this type of cover to Cancer, which is the biggest reason for claims for critical illness cover. Things to consider are:
- Income (after Tax)
- Mortgage payments (annual)
- Cost of living (annual)
- Any other possible costs (e.g. medical treatment or adaptations)
Up to recently, it has been either very difficult or impossible in a lot of cases to get Cancer critical illness cover, but that is changing so it is definitely worth speaking to a specialist at ian|INSURED, who will help you get the best cover for your circumstances at an affordable price.