There are a number of categories of dread disease cover available, with the most common being core and tiered type policies.

If a core dread disease policy is in place, then a full lump-sum could be paid out even on a very early diagnosis of the cancer. Nonetheless, Dr Stott cautions that in some cases this could leave you with no residual benefit for any other dread disease, which may later develop.

When a tiered benefit is in place, often the earliest stage of cancer for which a benefit will be payable is 'Stage 1'. A payout at this stage allows the remainder of the benefit to remain intact and to grow for future benefits for the same or other dread disease categories.

Whole-of-life dread disease vital

"Also, the importance of having whole-of-life dread disease benefits cannot be overstated as 70 percent of cancers develop in women of over 65 years old. Other cancers such as colon/rectum and lung/bronchus are also significant causes of claims," says Dr Stott.

While breast cancer death rates continue to drop worldwide due to the improved medical and surgical techniques available, it remains vital that women ensure they have adequate coverage in place, to provide peace of mind and financial assistance when it is most needed.