Most financial plans treat cancer as a rare event, or as though a diagnosis always means the end of the road.
New joint research from Scottish Widows and Macmillan, tells a different story. By 2045, cancer prevalence in the UK is forecast to rise by 58%, taking the number of people living with or beyond cancer to 5.4 million and survival rates have doubled in the last forty years. So, cancer is no longer the death sentence it once was, and that changes what financial planning needs to do.
That’s why we invited Jonathan Hall from Scottish Widows to join host Richard Allum and talk through what the research means, and help paraplanners understand what it might mean to their day-to-day paraplanning.
John talks about what’s driving the increase and what it means for clients at every stage: building cash flow models that stress test a plan against a cancer diagnosis, why premiums for the same cover roughly triple by your thirties and more than double again by your forties, and how needs shift from a client in their twenties protecting a lifestyle to one in retirement assuming their savings will simply see them through.
Tune in now to find out how to bring this conversation to life for your clients.
CPD is available for this episode with links available below as well as further resources.
Slides: Living with and beyond cancer in 2045
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