Life insurance, trauma insurance and income protection insurance considerations based on the incidence – and cost burden – of ill health in Australia
The Life Insurer, Zurich, has released a white paper in Sept 2018 related to life insurance, income protection insurance and trauma insurance titled “The cost of care: The missing link in the strategic financial advice equation.”
This study and research paper examines the incidence – and cost burden – of ill health in Australia.
It helps to show the direct and indirect cost of serious injury or illness. This in turn may assist in determining if and how much cover is needed for income protection insurance, trauma insurance and other insurance. Some of the statistics contained in the report for Cancer include :
- One in three Australian men and one in four Australian women will be diagnosed with some type of cancer before they turn 75
- The 5 year survival rates range from 16% for lung cancer, to 95% for prostate cancer
- The average lifetime cost for cancer sufferers aged 15 years and older, can range from $20,360 for melanoma to $95,460 for head, neck and thyroid cancers
- Patients using drugs not supported by the PBS can face bills of up to $5,000 per month or more
- People who live outside major cities have 17 times the odds of reporting locational or financial barriers to care compared to those living in metropolitan areas
- Around 72% of cancer carers report a negative financial impact of caring and more than half of carers who work full time need to take leave or reduce working hours.
- Although healthcare in Australia is largely publicly funded, out-of-pocket (OOP) costs associated with cancer diagnosis, treatment and survival can place a huge burden on sufferers and their families.
- Approximately one in three Australians with cancer perceive the financial burden of prescribed medicines for cancer treatment or recovery to be moderate, heavy or extreme5
- The average lifetime cost of cancer for individuals aged 15-64 is $126,280. People who live outside major cities have 17 times the odds of reporting locational or financial barriers to care compared to those living in metropolitan areas
- The financial burden of cancer extends beyond the patient, with the average overall cost to the household estimated at $48,000. Around 72% of cancer carers report a negative financial impact of caring and more than half of carers who work full time need to take leave or reduce working hours.
Other ailments covered in the report include :
- Cardiovascular Disease
- Heart attack
- Respiratory diseases
- Gastrointestinal ailments
- Brain and nervous system ailments
- Injury
- Kidney and diabetes diseases
- Musculoskeletal issues
- Vision disorders and blindness, and
- Mental health
Contact Experien Insurance Services if you would like to discuss the contents of the report with you
