The good news is that there are more cancer survivors in the population than ever before.
The bad news is that higher survivorship presents additional financial challenges for the affected individuals and their families.
With more than 40 per cent of women and 45 per cent of men (source: Canadian Cancer Society) experiencing cancer at some point in their lives, many Canadians will find themselves in the position of either patient or caregiver and, as a result, will face financial pressures. However, most Canadians are not even aware that these hardships exist.
There is no universal experience leading to financial hardship. The contributing factors vary, but the outcome is the same – troubling financial pressure, ranging from mild to crushing. In all cases, the common thread is the mounting impact of treatment costs and of lost income – by the patient, the caregiver or both.
Most Canadians do not know that a cancer diagnosis has caused some people to declare bankruptcy, lose their homes, lose all of their savings, make less than optimal treatment decisions or become dependent on taxpayer-funded programs for the rest of their lives. Until cancer comes into their own lives, they believe the myth that all health care is free. Most never imagined that they could face such difficult challenges at such a vulnerable time of their lives. The reality comes as a shock to many.
There are many things that can be done to ease the financial pressure on those affected by cancer and other serious diseases including ensuring you have your personal insurances up to date.
If you haven’t looked at this, perhaps it’s time. Take a moment to review your plan and ensure you can get back on-track in the event of a cancer diagnosis. Call your financial advisor today to talk about the best way to insure you and your family. We’re fairly certain you’ll be glad you did.
Professional Financial Architect
President & CEO of The Lifestyle Protector
P: (+1)604 833 0348
1322 – 1111 W Georgia St
Vancouver, BC, Canada