6 November 2017
Critical illness cover, paying the claim, providing the care.
The 3rd of December marks the 50th anniversary of the world’s first human to human heart transplant. What people may not know is that this medical advance was to be the catalyst for the development of critical illness insurance.
Marius Barnard, who assisted his brother on the original procedure, witnessed first-hand the life changing impact health event survival had on his patients. He argued that, as a medical doctor, he could repair a man physically, but only insurers could repair a patient's finances. This led to him pioneering critical illness insurance.
This anniversary marks a good time to reflect on the dramatic impact of medical advance and its implication on financial resilience and protection needs.
If we look at cancer for example, you are now twice as likely to survive for at least 10 years after a cancer diagnosis than you were 40 years ago1. This is only possible because of the progress made in diagnosing people earlier, and vast improvements in NHS treatment and care.
But sadly, many who survive cancer and other critical illness conditions can find themselves struggling with physical, mental and financial health issues that can affect their ability to live the life they want. Many people, following treatment, are not prepared for this and can feel confused or guilty for not feeling as well as they, or those around them, expected they would.
This is well illustrated in Macmillan Cancer Support’s latest report ‘Am I meant to be okay now?’, which features personal stories of life after and beyond cancer treatment. The report contains useful insights that aid better understanding of vulnerable customer needs, and is especially relevant to us, as an industry, being asked by our regulator to review the support we provide to vulnerable customers.
The report highlights that just because the hospital appointments and treatments are over, it doesn’t mean life goes back to the way it was, finding that:
- Some people find adjusting to life after cancer treatment relatively straightforward, but one in three people (34%) are still struggling with their physical wellbeing up to two years after treatment ends2.
- Problems such as incontinence, difficulty eating, or breathlessness can make people feel as unwell as they did during treatment.
- The emotional impact of cancer should not be understated either. Almost a third of people (30%) who have completed treatment in the last two years say their emotional wellbeing is still affected3.
- People frequently experience feelings of depression and anxiety, particularly around not being able to ‘get back to normal’.
- People can feel lost and find it hard not to worry constantly that their cancer might come back.
Living in physical, emotional and financial ill health for months (or even years) after treatment has ended is not uncommon. Chronic fatigue alone affects 350,000 people who have finished cancer treatment in England4. Two in five people (40%) who have finished cancer treatment in the last two years are living with moderate or extreme pain or discomfort5.
Sadly, the prevalence of these issues doesn’t stop many from feeling isolated. They often feel like they are the only ones still struggling to move on, to go back to work, or to just feel better. Over 80% of people who faced physical difficulties in the two years after treatment say they didn’t get the support they needed to get their life back on track. This increases to 9 out of 10 people who say their emotional wellbeing was impacted by feeling they did not have enough support6.
Whilst these findings relate to Macmillan’s cancer patient study, people recovering from other life changing critical illness conditions can and are facing similar issues. And this is why all our Critical Illness Cover policies come with Scottish Widows Care. This service, provided in partnership with RedArc, is a tangible benefit that provides practical advice and emotional support to vulnerable claimants, policyholders and their families for as long as they need it – all at no extra cost.
Sources (1-6): Macmillan Cancer Support “Am I meant to be okay now?” Report @ www.macmillan.org.uk Oct 2017.