TORONTO, ONTARIO--(Marketwired - Nov 2, 2013) - BMO Insurance has released a study which found that more than two-thirds of Canadian women (67 per cent) are concerned about the potential financial implications of being diagnosed with cancer.

The study also revealed that 68 per cent of women have been personally impacted by cancer (either having been diagnosed with cancer themselves or having an immediate family member and/or close friend battling the disease) and 78 per cent are concerned about the possibility of being diagnosed with cancer.

"Most of us are being touched by cancer in some way, whether being diagnosed with a form of cancer ourselves or supporting a family member or friend with their battle," said Julie Barker-Merz, Vice-President and Chief Operating Officer, BMO Insurance. "The good news is that advances in medicine have meant that an increasing number of Canadians are beating the disease. However, the costs associated with treatment have also risen, which can put a strain on personal finances. When you're fighting cancer, the last thing you need is to be dealing with stress about money related issues."

Ms. Barker-Merz noted that, according to the Canadian Cancer Society, the annual household wage loss in Canada from cancer was nearly $18,000. Additionally, one-in-six Ontario cancer patients reported that out-of-pocket costs were significant or unmanageable.

To help ensure that women do not have to worry about the financial costs of fighting cancer and can focus on recovery, BMO Insurance introduced Well Woman. The plan helps individuals who are impacted by one of seven female-specific cancers and provides a cash payment each month for 12 months, as well as cash for hospital stays or surgery. Cash benefits are paid directly to the individual to use in any way she chooses.

Women are Taking Action Against Breast Cancer

The BMO Insurance study also examined what types of precautions Canadian women are taking in the fight against breast cancer. According to the Canadian Breast Cancer Foundation, breast cancer is the most common cancer diagnosis in Canadian women over the age of 20 and the second-leading cause of cancer deaths in Canadian women. The study found that, in the last 12 months:

• Fifty-one per cent of Canadian women have conducted a proper breast self-exam.

• Forty per cent have had a mammogram.

• Thirty-eight per cent have had their doctor conduct a breast exam.

• Twenty-six per cent have spoken to their doctor about breast cancer.

• Half of Canadians (men and women) have donated to breast cancer charities.