Finding out your child has cancer is one of the most devastating things that can happen to a parent. Your whole world is turned upside down as you come to terms with the news and prepare to help your child battle this terrible disease.
The emotional impact is bad enough but the financial impact can be severe too. That’s why last month (September), during Childhood Cancer Awareness Month, cancer charity CLIC Sargent focused on the financial impact of cancer.
According to CLIC Sargent, 10 children and young people will get the news today that they have cancer. Treatment can last for a number of years which can put a huge emotional and financial strain on families.
One parent might have to give up work, take unpaid leave or reduce their working hours to care for their child while they’re being treated. According to CLIC Sargent research, 42 per cent of parents stopped working as a result of their child’s cancer diagnosis, almost half (49 per cent) experienced a loss of earnings, and almost a third (29 per cent) felt they were able to do less work.
This means costs often go up while income goes down. Some financial support is available. For example, parents can apply for Disability Living Allowance (DLA) which is currently between £21.80 and £139.75 a week (www.gov.uk).
But applying for this can be a stressful process and involves assessments to check a child’s eligibility. Support from charities may also be available. For example, CLIC Sargent gives families a grant of £170 to help with costs.
But the costs associated with active treatment can be significant. Parents spent an average of £600 a month in additional expenses during their child’s active treatment, with the top expenses being travel, extra food and other extras like toys and treats.
- Three in five parents (61%) had accumulated some form of debt as a result of their child’s illness, with one in six (17%) of those having borrowed over £5,000.
- A fifth (19%) of parents who were employed at the time of diagnosis took over a year of unpaid leave during their child’s treatment.
- Three-quarters (76%) of parents and over half (54%) of young people surveyed felt that managing their finances during treatment caused them additional stress and anxiety.
- Even with state benefits and other financial support, almost half (45%) of parents said they had a shortfall between their income and outgoings due to the additional costs of their child’s cancer. On average this shortfall was £407 a month.
We know talking about children’s critical illness is difficult as it’s such an emotive topic – no parent wants to think about their child getting ill. But if their child did fall ill, they wouldn’t want the additional stress that financial pressures would cause them. That’s where critical illness cover can help.
But as you know money isn’t everything. That is why it is important for us that plans also include access to Helping Hand which offers support for your clients and their families (spouse/partner and children).
As well as offering practical support such as providing information on coping with a child with cancer. The service can be invaluable if the emotional burden becomes too much for parents as it also gives them access to a personal nurse adviser to talk to.
Unfortunately a children’s critical illness claim occurs more often than you might think - our 2015 critical illness claims stats show it was the fifth most common reason for claims.
Recognising that childhood illness is such a difficult thing to go through, we’ll shortly be launching a support service for parents and families who have an ill child.
