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This article contains references from an article that can be found here that was written by BT Financial Group.

According to the Cancer Council of Australia [1], an estimated 138,000 new cases of cancer will be diagnosed in Australia this year. And 69 percent of people diagnosed with cancer in Australia are still alive five years after a cancer diagnosis.

Insurance Claims Related to Cancer

Breast and lung cancer have been the most prevalent diseases relating to claims by women across all BT Protection Plan insurance policies; while for men, lung and prostate cancer have been the most prevalent.[2]

In the period 2014 to 2017, BT paid a total of more than $33 million in insurance claims to women who were diagnosed with breast cancer, and more than $11 million in insurance claims to men diagnosed with prostate cancer.

Looking more broadly, in the same period, BT paid claims worth more than $85 million to women diagnosed with various types of cancer with around $33 million of these claims paid to women with Living Insurance (also known as Trauma insurance) policies.  Around $130 million in claim benefits were paid to men diagnosed with various types of cancer, and of those just under $34 million represented claims paid to men with Living Insurance policies.[3]

How Can Insurance Help

The gap payment between government-subsidised medical care and the cost of treatments such as chemotherapy can be costly.  A Living Insurance policy can provide a lump sum payment in the event of a cancer diagnosis. When making a decision on which insurance option and level of cover are most suitable for a client, factors for consideration include whether to include funds for treatment, supplementary income, reducing debt or allowing a spouse to take time off work.

Assistance above and beyond a claims payment

Due to the high prevalence of insurance claims related to clients being diagnosed with cancer, some insurers have introduced claims initiatives tailored for this client segment, including: better education for advisers and claims teams; more convenient claims processes; and, due to improved mortality rates as treatments become more effective, rehabilitation programs have also been a focus.

For example, earlier this year BT introduced the Cancer Assistance Program (CAP), which provides early intervention to support clients in their recovery from a cancer diagnosis and also help them return to work.

As part of the program, health support intervention is introduced sooner to reduce the risk of developing secondary issues such as mental illness or increased long-term illness from unaddressed associated medical conditions, and other biological, psychological and social factors related to being diagnosed with cancer.

Contact Experien Insurance Services if you would like more information on trauma insurance life insurance or income protection insurance here

References

[1] Cancer Council of Australia

[2] BT claims statistics, FY2013-2018.

[3] BT claims statistics, based on all admitted claims with claims decision made in 2014 – 2017 calendar year, where the medical condition record is available.