Nothing drives home the importance of insurance to deal with a devastating health crisis more than real life stories of people who have been there.  With the focus on Breast Cancer Awareness Month, Hollard Life shares some insights from a breast cancer survivor in the hope that her journey will highlight the effects a cancer diagnosis can have on your lifestyle, work, finances and loved ones.

*Jenny Marks found out that the ‘Big C’ really stands for the ‘Big Cost’ of surviving cancer 

“I was a stay-at-home mom with two daughters for 22 years.  During this time I managed to indulge my passion for food photography with an abundance of freelance assignments.  When my daughters moved out to study and work in the UK in 2009, the empty nest syndrome hit hard, and I went through a bitter divorce in 2010.  I bought a townhouse with the cash from my divorce settlement but my finances took a hammering, with only my medical aid and life policy remaining in play.  

I focused on getting back into the photography game full time, now my only source of income, while dealing with my newfound status of a mid-40-something, empty-nester and divorcee took an incredible emotional toll.  I thought I was making it until a tumour was discovered in my breast in October 2011. 

I started a new full time job: being a cancer patient with a brutal treatment regimen that left me entirely incapacitated.  Radiation treatments and the chemo drugs left me too sick to work in any capacity and just too tired to care. I was chronically depressed.  After over a year of cancer treatments followed by an even longer recovery period, I hit the wall financially and emotionally. Sure I had medical aid, but there were still hefty co-payments and unexpected shortfalls, not to mention living costs – all the while I wasn’t working and had no income to replenish my dwindling retirement savings which I was using to support myself.  I also paid for out of pocket medical and living expenses on credit cards and came very close to selling my townhouse to generate some money to live off.  My next greatest fear – being a destitute retiree - loomed large.  My ordeal took a heavy toll on my daughters, who tried hard to support me from the other side of the world while holding down jobs and their own high living costs.

No one really understands the financial and emotional devastation of a journey through cancer treatment and recovery until they’ve been there.  If there is one bit of advice I could give women, it’s that there is absolutely nothing more important than doing something right now to protect yourself financially for a potential cancer diagnosis while you still can. Surviving this disease goes well and truly beyond how good your medical aid and oncologist are, and your inevitable chemo and radiotherapy treatments – those are just the start of the toughest journey you will face.  I know that I would have been much better able to cope with this disease without the financial crisis hanging over me.  I am thankfully in remission now, but it has taken a huge financial toll that I am still digging myself out of years later.” (*name changed to protect privacy)

Take control of your finances now to survive a future crisis

Jenny’s cancer journey is a good example of why it’s so important to put together a well-rounded financial and healthcare plan to deal with a health crisis with the help of a professional advisor, and while you’re still young, according to Hollard Life.

“With current trends indicating that serious illnesses such as cancer are affecting younger people than ever before, it’s essential that you have the right insurance in place to protect your financial security. Women in particular tend to be significantly underinsured, despite submitting almost twice as many critical illness claims as men,” explains Ryan Chegwidden, Technical Head at Hollard Life.

Hollard’s claims trends show that the majority of critical illness, life and disability claims are made by women between the ages of 43 and 55. Cancer claims, especially breast cancer, are happening at increasingly younger ages – typically the most productive years of life when women are most reliant on their ability to earn an income.  This could also point to the fact that women are heeding the call for early detection and diagnosis, which is a very good thing. Hollard has noted a distinct shift over the last five years, with an increase in early cancer claims, particularly for breast cancer.   There are more claims for early stage 0, 1 and 2 cancers, and a decline in claims for more advanced stage 3 and 4 cancers.

What many women don’t take into account is that even with an early stage cancer diagnosis, treatment and recovery can be a long and even debilitating process during which time you may not be able to work. Because cancer treatments often damage healthy cells and tissues, side effects are common and can be severe. These side effects depend on many factors, including the type of treatment and may even change from one treatment session to the next. 

Hollard’s Comprehensive Cancer Cover gives you complete cover for different types of cancer from stage 0 (known as early cancer) to stage 4. This is a distinct difference between Comprehensive Cancer Cover and other critical illness insurance products, where early cancers aren’t generally covered.  Critical illness insurance pays out a lump sum on diagnosis which can be used to fund any further treatment or out of pocket expenses not covered by your medical aid, as well as fund any lifestyle changes you may need to make while you recover

“Early detection and treatment are critically important factors in winning the battle and surviving breast cancer with less extensive, invasive surgery.  But this has to be backed up by a solid financial plan that goes beyond medical aid to protect your income and assets while allowing you to prepare for any lifestyle changes and afford the best possible treatment. Beating cancer comes at a huge cost – emotionally, physically and most definitely financially. For most people insurance is the only way to manage the risks effectively,” adds Ryan.