Recovering patients struggle to secure insurance and loans
Facing a serious illness like cancer or severe chronic illness comes with unique struggles that patients are forced to solve along the way as well as focusing on their own wellbeing.
However, for those who have faced illness in the past, recovery may be only the first hoop they have to jump through as they find difficulty accessing services like life insurance and bank loans.
For first-time prospective home-owners, a bank loan may be the only avenue possible to purchase a property, for which a life insurance policy is required to cover the loan.
However, for survivors of illnesses like cancer, insurance brokers are reluctant to provide cover and those that do provide normally charge exorbitantly higher rates in the perceived risk that illnesses may return throughout the applicant’s lifetime.
Jacob Cachia
Sarah Cachia, whose son Jacob suffered meningoencephalitis aged 13, said she had to sell the family home and reinvest in apartments for her son to be able to own his own home, despite making a full recovery and going on to run his own business.
“This is an unfair but true situation. The bank told me my son is “high risk”, because his brain trauma puts him in danger of...