A young father in his 40s who had pancreatic cancer and was given a terminal diagnosis was the only breadwinner in the family. He worried about how they were going to manage to pay the mortgage when he was ill and whether a terminal illness claim on his life insurance would be enough to guarantee long-term financial security for his wife and two young children.
The issues he and his family faced are typical of the kind of problems raised with the free financial guidance service run by Macmillan Cancer Support. Richard Manson, who is one of its eight financial guides, says: "One of his biggest worries was how he was going to provide for his family. I worked with him for a few weeks but then his health deteriorated and he passed away. I then helped his wife, focusing on what I could do to make things easier for them at this very difficult time."
With Manson's support, the family found that there was enough money from the insurance policy to pay off the mortgage and the man's pension came with a lump sum and benefits for his wife and children. "I only wish that he could have lived to see that they were provided for and that his children were financially supported until they reached adult age," says Manson.
So far 8,000 people with cancer or affected by cancer have phoned the financial guidance service since it was set up two-and-a-half years ago. The service is available Monday to Friday. Manson deals with around five or six calls a day. Some can take just a few minutes to resolve while others require additional support over a period of months as he acts as a caller's advocate.
The most common problems that callers raise are questions about pensions, insurance policies and mortgage repayments. "People aren't aware that if they get ill they can claim their pension early and if they have a terminal illness and a prognosis of less than 12 months, they may be able to claim all of it as a tax-free lump sum," says Manson.
"These aren't the kind of things which people are usually aware of so we are able to help them. About 95% of what we do is providing guidance, working with people to help them do things for themselves because it's more sustainable and it helps boost self-esteem. We like to think of ourselves as a financial capability service," he says.
According to research by Macmillan Cancer Support and published in its report "Cancer's hidden price tag" last April, 83% of people with cancer are affected by the financial impact of the disease and are worse off on average by £570. At the same time 30% see their income drop by an average £860 a month because they have either had to stop work or reduce their hours.
"These figures came as a surprise to me – not that there were additional costs but the amounts involved. I think they also surprise people who have a cancer diagnosis," says Manson. People living with cancer can, for example, face higher heating costs as they are more likely to feel the cold. Telephone bills can also soar as calls to arrange appointments increase and travel and hospital car parking costs can also be another unbudgeted for, and unavoidable, financial burden.
"I will speak to people who have been quite well off and then find themselves on statutory sick pay," says Manson. "It can be very difficult for people in that situation which is why we talk to them about deferring mortgage payments or see if they have any insurances policies they can make a claim on. As a service we help anybody affected by cancer so it is often the spouse or it can be a sibling who phones us."
He adds: "Sometimes it may be a son or daughter who has had to stop work temporarily to go and live with a parent who can be on the other side of the country. They might find that they now face childcare costs and are worried about paying their own mortgage."
The team of financial guides have access to Macmillan nurses if they need clarification of any clinical issues associated with insurance claims, and they will also refer callers to the charity's specialist welfare benefits advisers if necessary. Macmillan Cancer Support has also created an interactive financial tool on its website which people can make use of if they prefer not to call the service.
Manson says: "The interactive tool has had 20,000 users so far. The budget calculator has been the most popular part of it. I think people like accessing information in different ways and if they want to call us as a result of what they find out, our number is on the same page."
The guidance service also works closely with the charity's policy team so it can keep up to date about the financial issues which concern people affected by cancer and use the information to influence change. Manson says: "I think the financial industry does have a desire to improve things for people who have cancer, but they don't necessarily know what the problems are.
"The reason why this service is so important, and as far as I am aware it's the only service of its kind, is that people have not been given the guidance they need to make good financial decisions. Knowing that what we do is taking a very stressful thing away from people brings a smile to my face. It's my dream job."
For financial support and Macmillan's financial guidance service visit macmillan.org.uk/financialguidance or call free on 0808 808 00 00.
Content on this page is produced by the Guardian to a brief agreed with Macmillan. Funded by Macmillan
