Cancer accounted for 50 per cent of all male critical illness claims in 2015, statistics from Aegon have shown.
As the Movember men’s health campaign gets underway this month, figures from the insurer have revealed that prostate cancer was by far the most common health cause for men claiming on their critical illness policies.
This accounted for 10 per cent of these cancer claims, followed closely by cancer of the bowel, colon and rectum which accounted for 18 per cent of critical illness (CI) claims.
Statistics based on Aegon's claims data showed there had been a steady increase in CI claims for cancer of the bowel, colon and rectum, from 2014 to 2015, which Stephen Crosbie, protection director at Aegon UK, suggested could be down to campaigns such as Movember raising awareness of key men’s health issues and promoting regular health checks.
A possible indication of earlier detection among men was the fall in age of the youngest male CI cancer claimant from 30 years old in 2014 for male breast cancer to 26 years old in 2015 for malignant melanoma.
- In 2015, the youngest prostate cancer claimant was 47 years old in 2015, one year younger than in 2014.
- The amount paid out in claims to men increased from £15.4m in 2014 to £17.9m in 2015.
- Payouts to male claimants in 2015 ranged from £1,100 to £500,000.
Mr Crosbie commented: "Men are taking interest in their health and wellbeing. Who can grow the most impressive facial hair might be the aim for many men this month to raise money for charity but the increase in national awareness generated by campaigns such as Movember cannot go unrecognised.
“More men are catching serious health concerns early enough to be able to treat them providing a better outcome, which is fantastic.
Mr Crosbie added: “Earlier this year we enhanced our CI proposition with the addition of an additional critical illness definition (partial) for testicular cancer. Early detection and better treatment means that survival rates after a diagnosis of cancer are improving. This further emphasises the importance of critical illness cover.”
Earlier this year, the Office for National Statistics reported that cancer survival rates had increased, with more than 80 per cent of those with breast, testicular and prostate and skin cancer living for five years after diagnosis.
Mr Crosbie continued: “Earlier this year we enhanced our CI proposition with the addition of an additional critical illness definition (partial) for testicular cancer. Early detection and better treatment means that survival rates after a diagnosis of cancer are improving.
"This is clearly reflected in our critical illness claims experience and creates a stronger case around the importance of critical illness cover.”
This comes as Cambridgeshire-based advisory firm Beacon Wealth Management has participated in Stand Up to Cancer, along with its sister company Jeffery Mills Solicitors, to encourage staff to raise money and awareness.
At the end of the Stand Up to Cancer campaign, each team member turned up to work wearing bright clothes, for an internal competition to vote for the brightest, which raised more than £287.