More than four out of every five cancer patients, equivalent to 2.5m people, in the UK face additional costs of about £900 per month due to cancer diagnosis, according to data from Macmillan Cancer Support.
Macmillan found that extra costs can arise from a variety of supplementary and frequently unexpected needs, as well as a decrease in earnings if people are unable to work.
Cancer was the most common reason for critical illness claims made by both female (75 per cent) and male (52 per cent) customers in 2020, according to separate data from Scottish Widows. In that year, the company paid out £81m in critical illness claims, with the average claim totalling £55,182.
Another research from Scottish Widows found that about 26 per cent of persons with cancer or living with someone who had been diagnosed would have found advice on obtaining government benefits and other forms of financial assistance beneficial.
Scottish Widows has partnered with Macmillan Cancer Support which allows life, pensions, and investments policyholders to be directed to Macmillan’s Support Line for a variety of expert help. Scottish Widows says the partnership has sped up the critical illness claims procedure which has lowered the time it takes to process a claim from over 60 days to around 17 days in some circumstances.
Scottish Widows protection director Rose St Louis says: “If you’ve been diagnosed with cancer, the focus should be on your health and getting the treatment that you need. However, the reality of life means that people also often have to worry about money, and the time taken to access the medical care that they need.
“Our partnership with Macmillan Cancer Support aims to address these issues in a very real way, to help policyholders prioritise their health. The training we’re giving to line managers also means that colleagues are provided with the help and support they need during what can be a very difficult time.”
