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Managing your money

Managing your money with a terminal illness

The financial impact of terminal illness

Up to two-thirds of households with somebody living with advanced cancer suffer from financial strain as a result of income lost or additional costs. The Motor Neurone Disease Association estimates the financial impact of living with motor neurone disease is around £12,000 per year.  Parkinson’s UK estimates people with Parkinson’s disease lose around £16,000 in income per year on average.

Cost of living with a terminal illness

Total cost of living with a terminal illness

£12-16k
On average, per year

Income spent on additional costs  

98%
Amongst disadvantaged families

Carers who struggle financially

43%
Includes all people who care for someone at end of life

% who rely on benefits as main source of income

60%
Of all people living with some terminal illness

How to get help with day to day costs

The total cost of living with a terminal illness in the UK can be between £12,000 and £16,000 per year, according to research by Marie Curie. We've listed out some ways to get help with day to day costs of living with a terminal illness.

  1. 01

    Income from health insurance

    If you have health insurance you could get a pay out if you need private medical treatment or an appointment.  It's important to check wit your insurer on what they can pay out for and what treatments and conditions they exclude. 

  2. 02

    Drawing from your pension

    You can take up to 25% of the money built up in your pension as a tax-free lump sum. You'll then have 6 months to start taking the remaining 75%, which you'll usually pay tax on.  More information on this visit this GOV.UK page 

  3. 03

    Review savings and investments

    Check how your savings and investments are growing and decide if you need to make changes. 

  4. 04

    Claim a council tax discount

    There are a range of council tax discounts available. You should check your local council's website to find out what reductions are on offer. These typically include a discount if you have a certain type of disability or if you have caring responsibilities.

  5. 05

    Get help with your energy bills

    If you are struggling to pay your energy bills, find out about the various schemes and grants that may be available to help towards the cost of energy.

  6. 06

    Get free prescriptions

    You can check at this GOV.UK page if you are eligible to get free NHS prescriptions, dental treatment or eye tests - or help with other NHS costs. 

Ways we can help

We have a range of tools and services that may be helpful if you have been diagnosed with a critical or terminal illness. Find out more about these options below.

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The Banking My Way service is available to customers aged 16 or over in the mobile app or Online Banking. For customers under 16, parental consent is required and information must be recorded in branch or over the phone.

 

Banking My Way

Banking My Way is a free service that allows you to record information about the support you need to make banking easier. You can record information in the mobile app, via Online Banking, or by contacting a member of the team.

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Struggling to make payments

If you've already missed or you know you are going to miss a payment for your loan, credit card or mortgage account, get in touch with one of our dedicated professionals as soon as possible.

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