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Cancer cover joins life insurance as essential financial planning

Date: Mon, 09 Jan 2006

Insuring against cancer should play a vital role for anyone considering the purchase of life insurance cover.

It is estimated that one in six people will get some form of cancer before they reach their 70th birthday, yet two thirds of people have not taken precautions against the financial implications of developing the disease.

A new report from Virgin Money found that the majority of people have no formal financial arrangements in place to cover a potential fall income if they are forced to stop working or cover the long-term needs of loved ones.

"There are too many people who are not protecting themselves financially against cancer often because of the prohibitive costs of traditional cover. Fighting cancer is hard enough without having to worry about money," said Sir Richard Branson, chairman of Virgin Money.

Philip Black from the Everyman Campaign added: "It makes sense to protect yourself financially against the disease. That way patients and their families can concentrate on recovery rather than on their finances."


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