World Cancer Day is a timely reminder for all of us in the financial protection sector to educate consumers about preparing for the worst.
But what if the worst is not your own death or that of a loved one?
Although that scenario typically dominates advertising, it is vital that we don’t lose sight of the devastating impact of illness on personal and household finances.
In October, Zurich found cancer patients could incur more than £9,000 in additional costs a year, with a quarter of cancer patients having no financial safety net prior to diagnosis and a fifth of cancer patients forced back to work early to afford the cost of living.
They may have to pay for transport and parking, perhaps specialist food and equipment, childcare, prescription costs and numerous other goods and services needed throughout a treatment period.
At the same time other family members may see income reduce and incur costs of their own as they take time out to provide practical and emotional support.
It’s not surprising therefore that one in four reported that life was made easier by an income protection or critical illness payout.
In the UK, a cancer diagnosis is delivered every 90 seconds, according to Macmillan Cancer Support.
The charity estimates there are around 3.5 million people living with cancer in this country, up from three million in 2020.
It is vital, therefore, that we continue to spread awareness about products available to cover these eventualities.
Create breathing space
Aviva figures showed cancer was the leading cause of critical illness claims in 2025, accounting for 58.4%, compared with 9.5% arising from heart attacks, and 7.8% because of strokes.
For income protection, cancer was the third-highest source of claims, at 13.6%, after 27.5% for mental health issues, and 27.2% for musculoskeletal problems.
While critical illness and income protection typically costs more than life insurance, even protecting a small proportion of your income, or taking a small amount of critical illness cover, can improve financial resilience and reduce financial worry.
Protecting your whole mortgage balance or covering all bills is ideal, however depending on an individual’s circumstance and affordability, this might not be necessary.
A payout covering just a few months of expenses can provide breathing space, allow time off work, or even offer patients choices about where and how to undergo their treatment.
Cost of living pressures are unlikely to disappear any time soon, but remembering there are options to suit all budgets, and the need to communicate this, is so important.
Responsibility to revisit conversations
Of course, we all tend to put our heads in the sand about the possibility of serious illness or injury happening to us, but as professionals in the protection industry, we have a responsibility to our customers to start, and if necessary, revisit the conversation.
Regular interaction with customers can mean the message gets through even with those not initially receptive: perhaps when the issue is in the news, or maybe the communication will land when a friend or family member has received a diagnosis, or simply at a moment when the consumer has the head space to engage in long-term planning.
Better-informed consumers are also less likely to leave arranging protection until the final years of their working life.
Doing that will cost them far more and find many unable to arrange cover due to a change in health.
Making conversations relatable by keeping up to date with new stories and data from medical bodies and the life and health industry can also help.
Health and injury risks are evolving constantly, and it is vital that we understand and communicate this.
In January, for example, the Institute of Cancer Research predicted a doubling of bowel cancer diagnoses in younger people between 2010 to 2030, even as screening reduces the number of cases among older people.
We are fortunate to have a wide range of product options available in the UK to offer our customers choice.
In helping customers truly understand their options, and taking the time to educate, we can support them to make confident choices that strengthen their financial wellbeing and resilience, today and for the future.
