Transamerica Unveils New Suite of Tools to Help Patients and Financial Professionals Navigate Family Finances Following a Cancer Diagnosis

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Nov 14, 2018, 08:57 ET

BALTIMORE, Nov. 14, 2018 /PRNewswire/ -- Transamerica today announced new tools centered on helping people and their loved ones navigate the many decisions and actions that must be made after cancer diagnosis and treatment. The informational guides are written by Dr. Bill Lloyd, an active, licensed physician who is also a board-certified surgeon and pathologist.

Dr. Bill Lloyd, Transamerica Health Director

The patient's guide, "Planning to Outsmart Cancer," offers critical information and insights about cancer prevention, diagnosis, treatment, expenses, and emerging discoveries. The guide introduces patients and their families to oncology terms, information on what causes cancer, how cancer is diagnosed, and the steps that follow a cancer diagnosis.

"One immediate step to take following a cancer diagnosis is to expand your support team. These are the people who will help you gather the information needed to make informed decisions. It's important to avoid the temptation to deal with everything alone," said Dr. Lloyd, Transamerica's Health Director. "For example, many people don't immediately think their financial professional would be in their circle of support. But unplanned expenses like those associated with a cancer diagnosis can be a huge source of stress and anxiety. A good financial professional will help you develop a financial strategy to get you through your cancer treatment and beyond. You are not going to fight cancer alone, nor should you manage your finances alone."

According to the American Cancer Society, cancer is the second most common cause of death in the United States, exceeded only by heart disease. It's important to know that the understanding of cancer has radically evolved over the past 20 years. Advances in laboratory diagnostics and personalized anticancer therapies have revolutionized the field of oncology (the study and treatment of tumors) and offer more opportunities to outsmart cancer than ever before.

The guide delves into critical areas to help patients organize their thoughts, feelings, and corresponding actions in many areas, including how a cancer diagnosis can impact family members, a wide range of financial considerations, and cancer survivor tips.

The guide is supplemented with Transamerica's "Tool Kit for Planning to Outsmart Cancer," which provides patients with steps for working with a financial professional to create a financial strategy after a cancer diagnosis.

For financial professionals, Transamerica created a separate tool kit on how to serve clients living with a cancer diagnosis. The financial professional tool kit provides guidance on how to support a client's wealth and health, a detailed checklist, and additional considerations that can help financial professionals better serve clients and their families.

"The reality is that 87% of cancer diagnoses happen to people over age 50, which is at a time when saving for retirement is a major focus for most workers. A cancer diagnosis can bring additional costs to the family, including medical care expenses that are not covered by insurance, non-medical costs like additional childcare help or transportation, and even lost wages. The family's financial strategy will require another look after a cancer diagnosis to account for additional costs. Our goal is to help people make the connection between their wealth and their health, so they can develop meaningful strategies in case a cancer diagnosis happens. We care deeply about helping people outsmart cancer," Lloyd concludes.

Earlier this year, Transamerica announced a new Wealth + Health initiative focused on helping customers improve their overall well-being by effectively managing both their wealth and their health. Transamerica recognizes that financial security and physical health are inherently connected, and are two essential components for living a long, meaningful life. Making wise choices about wealth and health can have an exponentially positive impact on one's future. To help customers and financial professionals understand how Wealth + Health are connected, Transamerica has developed numerous resources, which are featured on its website, Transamerica.com.

The guide and tool kit for patients and their families can be accessed on Transamerica's website. The financial professional tool kit can be accessed by financial professionals by visiting the "New Age of Advice" section at www.transamerica.com.

About Transamerica
With a history that dates back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers throughout the United States. Recognizing the necessity of health and wellness during peak working life, Transamerica's dedicated professionals work to help people take the steps necessary to live better today so they can worry less about tomorrow. Transamerica serves nearly every customer segment, providing a broad range of quality life insurance and investment products, individual and group pension plans, as well as asset management services. In 2017, Transamerica fulfilled its promises to customers, paying more than $35.6 billion in insurance, retirement, and annuity claims and benefits, including return of annuity premiums paid by the customer. Transamerica's corporate headquarters is located in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa. Transamerica is part of the Aegon group of companies. Based in the Netherlands, Aegon is one of the world's largest providers of life insurance, pension solutions and asset management products, operating in more than 20 markets worldwide. For the full year of 2017, Aegon managed $982 billion in revenue generating investments. For more information, please visit www.transamerica.com.

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SOURCE Transamerica