My £62 a month became a life-saver!

Breast cancer is the most common form of cancer and affects one in eight women. Along with all the difficulties associated with its diagnosis and treatment, the cancer often wreaks financial havoc in the sufferer’s life, too.

Treatment is now much more effective but the cost is high and sufferers are often forced to take extended time off work to recover. This can make it difficult to keep up with mortgage payments and household bills.

This is where critical illness cover can prove vital. Policyholders pay a monthly sum for cover lasting a set number of years. If they suffer any of a list of major diseases – notably cancer, strokes or heart attacks – the policy pays out a lump sum.

October is Breast Cancer Awareness month, which focuses on increasing understanding of the disease and raising money to fund research into a cure. There are an estimated 570,000 people living in the UK today who have been diagnosed with breast cancer and a further 50,000 women and 400 men are diagnosed each year.

Around 12,000 women and 80 men die from breast cancer each year, however more people are surviving breast cancer than ever before thanks to advances in research, new treatments, earlier diagnosis, screening and breast cancer awareness. Yet women are still reluctant to take proactive steps to protect themselves financially in case they become ill.

Research conducted by insurer Ageas Protect shows 34% of women who do not have critical illness cover say it is not a priority, while 37% say it is too expensive. Some 8% say they do not have cover because they do not like thinking about death or illness and the same proportion say it is too complicated or they don’t know what it is.

Tom Baigrie, chief executive of advice firm LifeSearch, said critical illness cover is vitally important. “Being able to cover the bills and pay for medical treatment while keeping the family financially secure removes any financial headaches at what can be a very emotional time,” he said.

Monique Oakley, a 41-year-old special needs teacher in Lincolnshire, was diagnosed with breast cancer in December last year. Mrs Oakley, who lives in Grimsby with her husband Paul and daughters, Brooke, 16, and Holly, 13, said her husband insisted they take out a joint critical illness policy following the birth of their first child. They paid £62 a month in premiums.

In November last year she started a new teaching job at a school and just five weeks later was diagnosed with breast cancer. She successfully claimed £89,926 on her critical illness policy through Ageas Protect.

She said: “At first, you can’t believe it’s happened to you. Considering I’d just started with a new school, they were amazing and supportive. The critical illness cover ironically has been a lifesaver because I am only entitled to the statutory sick pay which ends in a couple of weeks. We’ve been able to pay off a large part of our mortgage and have set aside some funds to cover bills that might come up in the near future. Looking back I am so pleased Paul was so sensible. I honestly don’t know how we would be coping at the moment had we not been relieved of some of the financial burden we would otherwise be facing.”

Not all critical illness plans offers the same level of protection, so it is important to consult an independent protection specialist who will be able to advise you on the most appropriate and cost-effective plan for your needs.