With an estimated 138,321 new cases of cancer expected to be diagnosed in Australia in 2018 (74,644 males and 63,676 females), chances are, most people know someone who has been affected by cancer.
Cancer is the leading cause of death in Australia, and in 2018, it is estimated that the risk of an individual dying from cancer by their 85th birthday will be 1 in 2. This is up from 1 in 5 in 2016.
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Despite all the frightening facts about cancer, it is comforting to know that the Cancer Council Australia reports that $1.7 billion was spent on cancer research in 2006-11 resulting in a number of medical advancements in the effective treatment of cancer; advancements people years ago could only dream about. From 2016 - 2018 a further $252m in funding was given to cancer research, with almost three quarters of this coming from the Australian Government.
The Cancer Council Australia also reports that more than 67% of cancer patients will survive more than five years after diagnosis, which is 20% higher than in 1987, so it is important to consider cover that can help you when you become seriously ill, as well as life insurance that provides adequate cover for your loved ones when you pass away.
Cancer Insurance
Trauma insurance, also known as critical illness insurance, covers a range of serious conditions, including cancer. Trauma cover provides a lump sum payment if you are diagnosed with a covered illness or condition, such as cancer, a heart attack or a stroke. This can provide you with important financial assistance to help cover medical costs, loss of income and other everyday expenses, such as your school fees and bills.
Depending on your circumstances and the product you choose, a trauma policy may cover you for up to 40 to 50 illnesses, including different types of cancer.
There are lots of types of trauma insurance, and they each cover different conditions. Always check the Product Disclosure Statement before purchasing to check that you will be covered for what you need. You can also use our comparison tool to compare the different cover available for each product.
Considering the statistics associated with cancer it is worth thinking about how personal insurance might assist if you were to become seriously ill.
We’ve helped over 400,000 Aussies get the right insurance for them and their families. Compare providers, or give our specialist consultants a call on 13 54 33 to discuss your trauma insurance options.