Are you more likely to get cancer than get married?
Written by Dermot Monaghan on July 24, 2017.
A new report from Macmillan Cancer Support in the UK has revealed that getting cancer is the greatest fear of 10% of the population, above death and terrorism, and the disease that people are most afraid of getting.
Figures released by the charity this month also show that those fears are not unfounded. We are now more likely to be diagnosed with cancer than to get married or have a first baby. Getting the big C has become what the charity describes as a ‘life milestone’ which huge numbers of us will have to deal with – almost half of us in fact.
The research states that 271,050 babies were born to first-time mothers in England and Wales in 2015 whereas 319,011 new cases of cancer were diagnosed. And if that’s not scary enough, 1.2 million people under the age of 65 have received a cancer diagnosis in the last 10 years, around a third of them before they reached the age of 50.
Of course cancer is not always life threatening and thousands of people continue to live fairly normal lives in spite of the illness, which is a message that Macmillan are keen to communicate. Nevertheless, the consequences can be devastating if sufferers become too ill to work, or cannot afford the treatment that they need to tackle the disease. With the rising costs of healthcare, dealing with a serious illness can be financially challenging.
Critical Illness cover is probably the most effective way to mitigate these expenses as it provides a lump sum to the employee on diagnosis of specific illnesses or other prescribed conditions.
For expats, the danger of not having any cover in place means the individual often needs to return to their home country for treatment (and at their own expense and undergo treatment through the over-crowded public health service system).
Multinational organisations face the additional challenge of providing consistent protection benefits for a globally diverse workforce. I’ve seen that when cover is available from local suppliers, it can vary from country to country. It may be inconsistent with group HR policy and is often time consuming to administer - assuming that it is available at all.
With companies increasingly engaging internationally mobile talent, there is a growing need to provide protection for them. This should be on a worldwide basis, covering them against a wide range of risks. Over the past year, I’ve worked together with a number of companies in Kazakhstan, and as part of their corporate benefits package, I’ve put in place Group Life Insurance policies for their employees. By taking an employee's working circumstances into account, including looking at what they do and where they do it, we are able to tailor the plan to meet their precise needs. With this in place we can insert additional covers to ensure that their employees are covered for a variety of eventualities. This type of cover is suitable for any company, whether they have local workforces or internationally mobile employees - or in many cases, both. The life insurance will pay a lump sum to your loved ones if the worst happens and your cancer (or any other illness) is terminal. It won’t protect them emotionally but it will mean that they won’t have financial pressures exacerbating the pain of losing a family member.
Any good employer knows that their employees are their company's most critical assets. If you wish to attract, recruit, and retain high calibre candidates, then providing comprehensive employee benefits is key. Innovative insurance solutions form an integral part of any global organisation's employment incentives. Ideally, such solutions benefit both the employee and the employer. I can provide such innovative, symbiotic solutions.
Whether you are looking for corporate or individual life or critical illness cover, I can help you compare policies and find the right one for you. You can contact me by email email@example.com, call me on +7 (747) 837 0469 or Skype me at dermot.m.monaghan.