The report by Demos calculated the financial burden for both sufferers and survivors as on average £570 a month or almost £7,000 a year – equal to the average annual cost of a mortgage in the UK.
It urged the government to work with the insurance industry to develop a quality mark of minimum standards in the IP industry, similar to the minimum standards introduced by the Pensions Act in 2008 for workplace pensions.
“Such as scheme would take place in partnership with the Treasury’s Simple Products review and would set a standard model for IP. In return for compliance, IP could also be incorporated as an optional opt-into the NEST workplace pensions scheme,” the organisation recommended.
It also called for a greater investment in advice around the risk of financial shock. IP providers should explain clearly to employees what their risk of cancer is and what they can do to protect themselves and their families, the report said.
The report also recommended better training for front line staff in banks to improve specialist rates to specialist teams, encourage early intervention and deliver better customer experiences and outcomes to people with cancer and other long-term chronic conditions.
The FCA should ensure firms are providing appropriate levels of support to their customers, it added.
