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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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 added costs of terminal illness
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.
- 01
Income from health insurance
You could get a pay out from your health insurance, 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.
- 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 at Gov.uk
- 03
Review savings and investments
Check how your savings and investments are growing and decide if you need to make changes.
- 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.
- 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.
- 06
Get free prescriptions
You can check at Gov.uk if you are eligible to get free NHS prescriptions, dental treatment or eye tests - or help with other NHS costs.
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.
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.
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.