I’d be interested in your views on our situation, if you have time.
I had a critical illness payout after diagnosis and we are now in a dilemma. Do we go mad and spend it on lots of things we’ve always wanted to do or do we save it just in case there is a new miracle treatment if the cancer decides to return?
At the moment we are keeping it in our “just in case” account but there is part of me which thinks we should be spending on fabulous holidays.
What do you think? And any ideas what it should be spent on…the more frivolous the better!
I suppose this is more a question of does anyone think there are any new treatments in the pipeline. I seem to remember someone saying that when Tamoxifen first came out it cost them around £20,000 to have it.
As a grade 3 IBCer, I have a high risk of it coming back to get me.
Do you have life insurance? Because some life policies pay out on a terminal diagnosis rather than waiting till death (you would need to check the policy)so if you had a secondary diagnosis you may be able to claim on that for your miracle cure.
Otherwise I would do a bit of both. If there is something you have always wanted to do but never been able to afford, or just always thought you would do some time in the future, now is the time to do it. Life is for living, and tomorrow may be too late as we all know. But I would also save some for a rainy day.
i have saved mine in the knowledge its there if i want a good spend, think the best would be spend a bit save the rest and spend in future if you feel the same x
I spent some - we have a lovely Porsche in the garage now which makes me smile every time we go out in it - and paid off credit cards with the rest. I honestly don’t think there will be a miracle cur ein our lifetimes - maybe to aid primary diagnosis, but if you’ve already had it as most people here have it’s going to be longer to find miracle solutions.
Thanks everyone. I think you are all right. Spend a fair bit of it but keep some behind for rainy days.
Broomsticklady…a porsche sounds fabulous!! And, I agree, i don’t think there will be a major breakthrough in our lifetime. Right, I’m off to plan what to spend it on!
Hi Ratsypan,
Great idea, asking on here what to do. I made the mistake of asking my onc whether she thought I should invest my critical illness payout in a pension. She thought not because ‘you can’t get the money out of a pension until you’re 55’. I was 42 when she said this. I’m now 43 and have spent some of the money and have plans to spend more once I’m feeling more like going on fab holidays. One purchase was a table tennis table to get a bit fitter.
I paid off the mortgage with mine - has made a huge difference. My IFA said I should invest it - I am really glad i didn’t. Losing the mortgage made me feel much more secure, and gave me the confidence to go part time at work.
I’d use it to help make me happy. Money can’t make you happy but money is a tool and used the right way can ease your mind or lift your spirits. Bit of a cryptic answer. Sorry.
Part of me would love to say blow the lot on everything you’ve ever wanted to do but couldn’t afford to as we never know how long we will be well enough to enjoy it. (I’m an IBCer as well)
Sensible head says it depends on your situation. If you have a young family you might feel the need to make provision for them in future. If you have a mortgage I’d definitely pay off as much as you can to provide you with more disposable income. One thing I wouldn’t do is save it for a miracle cure. Any cure that makes a significant impact will be approved in America long before it becomes available in the UK. If the results there are spectacular enough it won’t take long for it to be made availabe here.
I’m desperate to get my hands on my pension now that I’m 50 but my mortgage is still too big to let me give up work. I haven’t been able to convince myself that I’ll live long enough to collect my pension at 67 or 68.
My pay out was a bit more than our mortage so we paid the mortage off and from the savings have done some great things and still got a little bit put by. The greatest benefit I’ve found that as I’m returning to work I really didn’t want to do full time again and by cutting down to four days a week the difference in pay is what the mortage cost and that extra day off is wonderful giving me and the family extra quality time everyday/week which in many respects I find priceless.
I decided to pay off my mortgage with mine, which means I no longer have to worry about it, I now know that whatever happens I am secure, which is important as I live on my own, so mine is the only income. It was a great feeling to be mortgage free by 35. I did have 15K left over, so am planning some sort of holiday later.
Great question, but no great answer, sheesh that’s a hard one. My usual answer to such philosophical questions is trust your gut instinct, however much it may go against what your brain is saying.
Sheil
It all depends on your personal circumstances and if you have a family to provide for.
My payment is helping me to do some great things for me, OH and friends who have supported throughout (and yes in that order!).
We have been on a long holiday post treatment and I am taking my best friend ballooning!
I have chosen not to work for a bit and am considering my options professionally. The payment has enabled me to do all this without worry.
I count my blessings as I know that cancer is expensive business and that a lot of people face awful financial decisions. In this knowledge I have also given an amount to my local charity that supports cancer patients.
Hi
Sorry to sound stupid but can you get critical illness payment if you are newly diagnosed with mets or does this kick in later on? I thought that you had to have less than 6 mths left.
I am loving your positive attitudes. Gives me lots of hope.
Claire
Critical illness cover is used for primary invasive cancers , or mets if you were dx at same time. With life insurance without critical cover, you may be able to claim under terminal illness section with mets.
Am in a similar position, if the cover pays out, which they have not confirmed yet. Am dx with gradeIII IBC, so shouldn’t be a discussion about payout, I hope.
I think paying off some or even most of the mortgage is a good move, as it is less strain on monthly outgoings and will give us options re part time/ full-time working, too. We are also hoping to take some of the money and treating ourselves to a fab holiday, when I am healthy enough to go - to New Zealand. One destination on my list of things to do. We will be taking our au pair with us, too, as a thank you for sticking with us through dx and treatment and because she is great. I dont have family in the country, but OH, children, au pair and friends are making more than up for it. Money from the insurance will make this possible.
Without thinking thoughts that are to dark, but I am glad I do also have a life insurance, which will make my OH and children financially secure.
Rexi
i was diagnosed with invasive breast cancer this time last yr, but i did not know you could claim from your insurance, i had invasive stage 1 grade 2 im not sure if i can claim or not, dont want to sound greedy, angie