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Breast cancer is a serious health concern for women around the world, and in Ireland, it remains one of the most common cancers affecting women. October is Breast Cancer Awareness Month, making it a perfect time to highlight the importance of both health and financial protection.
Whether you are a woman who has already been diagnosed, a survivor or someone who wants to be prepared for the future, understanding the financial side of dealing with breast cancer is just as important as understanding the medical side. Here’s what every woman in Ireland should know about breast cancer and financial protection.
Breast Cancer in Ireland: Know the Statistics
Breast cancer is the most common cancer among women in Ireland (excluding skin cancer), and 1 in 7 women will be diagnosed with breast cancer during their lifetime, while 1 in 728 men will also be diagnosed.
The age breakdown for women diagnosed with breast cancer is:
23% are between the ages of 20-50,
34% are between 51-69, and
43% are over the age of 70.
While family history is a concern, only 5%-10% of breast cancer cases are hereditary, meaning most women diagnosed do not have a genetic link to the disease.
The five-year survival rate for breast cancer patients is 85%, with early detection playing a crucial role in this high survival rate. Every year, about 3,700 new cases of breast cancer are reported in the country.
Survival rates for metastatic breast cancer—the most severe form where the cancer has spread—have improved, rising from 19% to 32% for those surviving beyond five years, thanks to ongoing advances in treatment.
There are about 950 women in Ireland living with metastatic breast cancer. This remains a challenging area for research, but new treatments and therapies continue to offer hope for better outcomes.
The financial impact of cancer
While public healthcare in Ireland provides treatments through the HSE, there are still out-of-pocket expenses to consider. From specialist consultations to alternative therapies, medications, and potential travel costs to hospitals, these financial burdens can quickly add up.
If you are working and need to take time off during treatment, the loss of income could add another layer of financial stress. The impact may be even more significant for self-employed women due to the lack of paid sick leave.
Losing the ability to work or having a loved one diagnosed with a severe illness can have a devastating impact on a family’s financial situation.
According to a report by the Irish Cancer Society, cancer patients face an average income loss of €1,527 per month, which totals a staggering €18,323 per year. Additionally, the average extra cost associated with a cancer diagnosis is €756 per month, with some cases exceeding €1,000 per month.
Here are some key statistics from the report:
- Over 60% of workers reported a decrease in income as they could no longer work as much after their cancer diagnosis.
- 40% of respondents saw their salary drop by over €20,000 annually, with the average reduction being €18,323 per year or €1,527 per month.
- 75% of individuals affected by cancer had to change their work practices, with 45% stopping work altogether and 24% reducing their hours.
- Only 15% of cancer patients had income protection at the time of diagnosis. Of those who sought income protection afterwards, only one in ten were successful.
- Carers were also impacted, with 45% altering their employment status. Over one-third (37%) took unpaid leave or reduced their working hours.
- The average monthly cost of medicines and medical expenses was just over €261.
These figures highlight the financial toll cancer can take on patients and their families.
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How can I protect my finances if I’m diagnosed with breast cancer?
A breast cancer diagnosis can hit hard, not just emotionally and physically, but financially too. It’s easy to overlook the financial strain until you face medical bills, treatment costs, and time off work. That’s why having financial protection, like serious illness cover, income protection, and even life insurance, is so important.
Life Insurance
A life insurance policy is essential, especially when faced with life’s uncertainties. According to Aviva’s 2023 report, cancer is one of the top three reasons for claims, highlighting just how important this cover can be.
Life insurance not only provides financial support to your loved ones in the event of your passing, but it can also offer peace of mind during a difficult time.
To learn more about how to choose the right life insurance for you and your family, check out our detailed article. It covers the different types of life insurance, helping you make an informed decision that best fits your financial needs and provides peace of mind for your loved ones.
You can also discover how to determine the best cover amount for your needs and get a quote from top providers in seconds, ensuring you make the best choice to protect your family’s future.
Serious Illness Cover
Serious illness cover, also known as critical illness cover, can be a financial lifeline in the event of a breast cancer diagnosis. This type of policy pays out a lump sum if you are diagnosed with one of the covered illnesses, including breast cancer.
The funds can cover medical expenses and daily living costs or make up for lost income while you focus on recovery. Many people underestimate the importance of serious illness cover, but it can make a significant difference during challenging times.
You can add serious illness cover to your mortgage protection or life insurance. In this case, when the payment is made the life cover amount is reduced accordingly.
Alternatively, you can get a standalone serious illness cover which means that the serious illness is taken out as a separate policy and it is completely independent of any life protection you might purchase or already have. In this case your life insurance stays the same regardless of any amount paid under Serious Illness cover.
Learn more by reading our Serious Illness Cover guide.
Cancer Cover
If you’ve previously been denied Serious Illness Protection owing to particular health concerns, cancer cover might be the best option for you.
Cancer Cover is offered by Zurich and is different from traditional serious illness plans because it focuses solely on cancer; therefore, it costs less than serious illness protection.
Cancer-only insurance policies normally pay out a lump sum of money if the policyholder is diagnosed with cancer as defined in the policy conditions, which can be used to pay for medical expenses, make lifestyle adjustments, or cover other costs associated with the illness.
Most of the severe forms of cancer would ordinarily be covered, such as:
- Breast Cancer
- Lung Cancer
- Bowel Cancer
- Gynae Cancer
- Stomach Cancer
With Cancer Cover, Zurich also provides partial payments for less severe, more treatable types of cancer. These ordinarily include:
- Testicular Cancer
- Early Stage Bladder Cancer
- Low-Level Prostate Cancer
- Cancers in situ
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Income Protection Insurance
Having Income protection is crucial in case you’re diagnosed with cancer and unable to work.
According to Aviva’s 2023 report, 20% of claims paid out were due to cancer, highlighting how common this situation can be.
Income protection ensures you still receive a portion of your income if illness prevents you from working, allowing you to focus on your recovery without the added stress of financial instability.
Here are some of the benefits you can avail when taking out an Income Protection policy:
- Up to 75% of your annual salary
- Covered until the day you retire
- Eligible for income tax relief
- Increase your cover without underwriting
- Can be index-linked (keep up with inflation)
- Deferred periods of 4, 8, 13, 26 & 52 weeks
Health Insurance
For women who want to access private healthcare for breast cancer treatment, health insurance can be a great asset. Private hospitals often provide shorter waiting times for consultations, tests, and treatments.
In addition, health insurance may cover the cost of specialist consultations, treatments like chemotherapy and radiotherapy, and post-surgery care.
Gain immediate access to our comprehensive Protection Package Guide, designed to enhance your financial plan and help you achieve your goals. This guide offers vital tips, step-by-step instructions, and essential strategies for securing your financial future. Don’t wait, download now and start building a stronger financial foundation!
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After you download your guide, one of our expert Financial Advisors will be in touch shortly to provide you with guidance and further relevant information to build you a customised financial plan.
Unexpected Moments
Importance of Mental Health Cover in Serious Illness Policies
It’s estimated that approximately 50.23% of people diagnosed with cancer in 2017 in Ireland were psychologically impacted by their diagnosis. Of those, between 10% and 15% faced significant coping difficulties.
With mental health issues on the rise, having serious illness cover that also includes support for mental health can be a crucial benefit.
Traditionally, serious illness cover focuses on physical conditions, however, Royal London has made a significant move by being the first provider to introduce a Serious Illness Cover, which provides partial payment for adults being treated for a specified severe mental illness.
Get the full details in our article: Crucial Mental Health Cover Included in Royal London’s Serious Illness Cover.
Mortgage Protection for Cancer Survivors
In recent years, many cancer survivors have faced the frustrating challenge of trying to obtain life insurance, even after successfully recovering from the disease. This has been problematic for those looking to secure a mortgage, as life insurance is often a key requirement for approval.
However, in December 2023, life insurers started adopting a new code of practice, meaning that cancer survivors would no longer be excluded from mortgage protection. This change is a huge step forward in ensuring fairer financial security access for everyone, regardless of their medical history.
Learn more about life providers’ underwriting changes by reading our article: Mortgage Protection Is Now Available for Cancer Survivors.
Get your Financial Protection Against Cancer with LowQuotes
Protecting yourself financially against the unexpected is more important than ever, especially when it comes to serious illnesses like cancer.
With LowQuotes, you can secure a comprehensive cover that provides peace of mind for you and your loved ones.
Our expert team will guide you through finding the right protection tailored to your needs, ensuring you’re financially prepared should cancer or other serious illnesses arise.
We also provide a wide variety of financial services, such as mortgages, serious illness cover, pensions, financial planning, health insurance, and savings & investments.
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All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.
