Financial Impact of Cancer is £891 a month - Simmonds Mortgage Services

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Financial Impact of Cancer is £891 a month

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    83% of people with cancer in the UK experience some kind of financial impact from their diagnosis, new research1 has found. At the most challenging times, critical illness cover can ease some of the financial burden. 

    Cancer cost

    The research showed that the average financial impact of a cancer diagnosis is £891 a month – a substantial sum on top of regular monthly expenditure.

    Amidst the cost-of-living crisis, this additional financial burden can seem especially troubling. Thankfully, critical illness cover is designed to support you and your loved ones should you find yourselves in such a situation.

    Top cause

    Cancer is the most common cause of critical illness claims, accounting for 63.8% of all claims in 2021. It is the leading reason both women and men make critical illness claims.

    Indeed, 78% of claims made by women and 50% of claims made by men are for cancer, far ahead of heart attack (5% for women and 15.7% for men) and stroke (4% for women and 9.5% for men).

    Crucial support

    Critical illness cover can play an invaluable role in supporting people with cancer. Although it’s impossible to predict the future, critical illness cover provides a degree of certainty for whatever lies ahead.

    Source

    1 Macmillan Cancer Support

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    Andrew Simmonds

    Andrew Simmonds is the managing director at Simmonds Mortgage Services. He's been providing mortgage advice to home owners for many years.

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