Younger women are still not protecting themselves financially against the risk of getting breast cancer, Colin Williams, managing director of workplace and intermediated at Friends Life has warned.
He said: “While cancer survival rates are improving, it’s important that people are aware of their chances of getting the disease. Almost everyone will be touched by cancer at some stage in their lives, whether it’s themselves or a friend or relative.”
He pointed to research from the provider that showed many people were not taking financial precautions to make sure they can continue to pay their bills if they were to become ill.
Mr Williams added: “Facing cancer is a big enough struggle, and money worries through time off work should not have to be a part of that.”
The figures from Friends Life, released to coincide with Breast Cancer Awareness Month in October, revealed that women under 34 are among the least likely to have any personal protection insurance.
Just 16 per cent of women aged 18-34 had any form of cover, a problem compounded by the lack of savings among the same age group. Half of women aged 18-34 surveyed had £2,500 or less in savings and investments, meaning they had little to fall back on if they were out of work with illness.
Adviser View
Robert Harvey, senior adviser for Brighton-based Drewberry Insurance, said: “Most young people seem to be of the opinion that illnesses will not affect them, that it is older people who need to worry.
“But health insurance is cheaper for younger people and the good premiums that people can secure when younger can be locked in for life before any health issues materialise.
“Over 40, it is unlikely that people would not have a health issue that might affect the cost of the premiums, so it is about making younger people aware that insurance does not have to cost a lot and getting it in place earlier makes a lot of sense.”
