ProtectionJan 15 2015

Friends Life launches UK’s first cancer protection

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Friends Life launches UK’s first cancer protection

Friends Life has launched the first cancer-specific workplace cover in the UK.

The Friends Life Group Cancer Cover is available to any company wanting to insure 100 or more members of staff.

It will pay out a fixed amount of £25,000 to employees who are diagnosed with cancer while covered by the plan.

Head of group protection proposition Anna Spender said it is intended as a more affordable alternative to critical illness cover.

She said: “Almost 70 per cent of critical illness claims across the industry are related to cancer and while cancer incidence rates are increasing, so are survival rates.

“Group cancer cover has been designed to be affordable and simple, providing a level of benefit to help with the additional costs that people face while going through cancer treatment.

“It means companies with budget constraints that may have little in the way of workplace benefits can take advantage of it and offer their staff valuable cover.”

Ms Spender said the cancer protection product will be roughly 30 per cent cheaper than the full critical illness product.

Figures from Macmillan show that by 2020 almost one in two people in the UK will be diagnosed with cancer in their lifetime - however survival rates are set to improve by that time.

Friends Life, which is based in the City of London, said a diagnosis of cancer sets someone back an average of £570 a month in costs such as travelling to hospital appointments.

However the new product will not pay out if a member has been diagnosed with any form of cancer or has cancer before joining the scheme.

For the purposes of the policy cancer is defined as a malignant tumour positively diagnosed with histological confirmation and characterised by the uncontrolled growth of malignant cells and invasion of tissue.

This is based on the ABI’s definition and means cancers with low malignant potential, which are pre-malignant, non-invasive or have borderline malignancy will not be included.

Members of the scheme will also have access to services such as the Bupa Healthline and Working Towards Wellbeing’s cancer support service.

Ms Spender said: “I believe the financial benefit and added values will make it a great proposition.

“The interest we are getting is excellent.”