Breast cancer – a case for financial protection

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For adviser use only

 

Breast cancer is now the UK’s most common cancer, with 150 people (mainly women) diagnosed with the illness every day. At Aegon, our claims experience paints a similar story.

Cancer made up 60% of all the critical illness claims we received in 2016. Breast cancer on its own accounted for 31% of these cancer claims – making it the biggest single cause for a critical illness claim last year.

Despite the number of claims and associated impact on these individuals and their families, it’s reassuring to find that breast cancer survival rates are improving thanks to early detection and better treatment.

According to Cancer Research UK, in England and Wales:

  • 95% of women diagnosed with the illness survive for at least one year;
  • almost 9 in 10 (87%) survive at least five years, and
  • almost 8 in 10 (78%) survive for 10 years or more.

With this combination of high incidence and strong survival rates, the value of financial protection during and following serious illness remains as important as ever.

In the last 10 years, we’ve provided financial support to around 700 customers diagnosed with breast cancer, paying £54.6 million in critical illness claims to help them through their diagnosis and treatment. Last year alone, we paid almost £5.4 million to customers with an average age of 49.

Treatment of breast cancer often involves surgery, chemotherapy, hormone therapy or all three. It can be a difficult time for claimants and their families ― with this in mind, we make the claims process as simple and quick as possible.

Our tele-claims process gives customers a dedicated claims assessor who will complete the claim form over the phone and progress the claim. We usually pay the claim within a few weeks depending on the medical information we need from doctors and how easy that is to get hold of. We’re continually looking for ways to further reduce this.

Watch our short case study to see just how valuable financial protection was to our customer, Suzanne, when she was diagnosed with breast cancer.

Personal Protection from Aegon - Suzanne's story from Aegon UK on Vimeo.

Making the case for financial protection

When it comes to protection, many women believe that they just can’t afford it. But, when compared to many other everyday costs, it’s not as expensive as they might think.

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If affordability is the biggest barrier for your clients, remember that family income benefits can be a cost-effective alternative to make sure your clients have the cover they need. You can read more about this in our What do you value the most? sales aid.

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