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New stats reveal women more likely to survive breast cancer, but suffer financially

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20 October newsletter - Altrisk PR pic

Andre Froneman

According to new statistics released based on Altrisk’s assessment of its critical illness, disability and life insurance claims, made by womenfor 2013, breast cancer are happening at increasingly younger ages. This could mean that women are heeding the call for early detection and diagnosis.

Altrisk has noted a distinct shift over the past five years, with an increase in early cancer claims, particularly for breast cancer. There are more claims for stage 1 and 2 cancers, and a decline in claims for more advanced stage 3 and 4 cancers.

“The emphasis on pre-emptive screening and early diagnosis and treatment cannot be emphasised enough in the fight against breast cancer. Early detection and treatment of breast cancer are important factors in winning the battle and surviving with less extensive, invasive surgery – and with your finances intact,” says Andre Froneman, product specialist at Altrisk.

This is why it’s essential that you have the right insurance cover in place to protect your financial security, should you contract a critical illness. And women also shouldn’t neglect this type of insurance while they are young, either.

“The reality is that you need to have cover in place when you are younger. This is the most productive time of your life, when you are most reliant on your income to meet financial obligations, take care of your family and secure a comfortable future,” he says.

What many women don’t take into account is that even with an early stage cancer diagnosis, treatment and recovery can be a long and even debilitating process. During this time you might not be able to work, and perhaps even suffer side effects of treatment. “Besides having to cope with the emotional and psychological trauma of cancer, the side effects of treatment can have a dramatic impact on your normal day-to-day activities and your ability to work and earn an income,” explains Andre.

Today women are equal contributors to household income, if not breadwinners, and play a crucial role as the primary care giver in many households. Yet a large proportion of women remain underinsured when it comes to managing a worst case scenario such as a cancer diagnosis.

“Make sure that you understand the financial consequences of what could happen if you were to contract a serious illness, and have a plan in place should this occur, because for most people insurance is the only way to manage the risk cost effectively,” he says. “The emphasis on breast health, especially during October as Breast Health Awareness month is not without good reason.”

While it’s worrying that women are now more likely to develop breast cancer than they were a decade ago, there is also good news. Early detection and diagnosis means that survival rates have gone up dramatically too. Almost 2 out of every 3 women with breast cancer now survive the disease beyond 20 years, compared to less than half in the 1990s. Research and early detection are at the heart of this progress.

“No one knows what the future holds and whether you could face a health crisis in future, so make sure that should the unthinkable happen, you have a financial plan in place that makes it possible for you to focus on your recovery, rather than on how to deal with the consequences of a loss of income during your illness. The real challenge in surviving a disability or illness is being able to provide a future income for yourself and your family, and this is where a financial advisor can help you to develop a financial plan,” concludes Andre.

 


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