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Breast Cancer

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imagesGet Them Covered

October marked Breast Cancer awareness month around the world. Breast cancer is the most commonly diagnosed cancer among women in Australia, with 14,940 women predicted to be diagnosed with the disease in 2013, rising to 17,210 women in 2020. That’s an average of 330 women a week.

 

 

In the last five years, breast cancer has made up 50% of all of trauma insurance claims paid to women. And a high prevalence isn’t just observed for trauma. Breast cancer accounted for 20% of income protection claims, 18% of TPD claims and 15% of life and terminal illness claims.

 

Increasing age is one of the strongest risk factors for developing breast cancer, but it doesn’t just affect older people. Two out of three cases will be diagnosed in women aged 40-69, key ages for insurance coverage.

 

How can insurance help?

Trauma cover can provide a lump sum payment in the event of diagnosis. You can discuss with us how much cover is needed and you may include funds for treatment, supplementary income, reducing debt or even for a spouse to take time off work. Given the high chance of claim, trauma is the most expensive of the lump sum covers available.

 

Trauma insurance can cover breast cancer diagnosed at any stage. Definitions have evolved in the last few years to provide full claims to most women, even if they are diagnosed early, referred to as carcinoma in situ. Modern definitions should cover women who have a lumpectomy and follow up treatment like radiation or chemotherapy, rather than requiring more dramatic treatment to satisfy a claim at an early stage.

 

Keeping life going

Of course not all women will cease work. Australian women have an 89% chance of surviving more than five years after diagnosis. Certain income protection definitions and benefits can help provide support.

 

Cancer patients are one of the most likely groups of claimants to continue working through treatment. Finding a policy with a 10 hour definition will give them the flexibility to work up to 10 hours a week while undergoing treatment, without financial penalty. You may also look for a policy with a counselling benefit. While grief support is common on life cover, under income protection, this benefit gives access to support and comfort during a difficult and stressful time.

There are lots of considerations when choosing a policy for cancer coverage and sometimes it is impossible to be across all the benefits.

 

To find out how trauma insurance can help you, contact our office today!

 

1,3, 4. www.nbcf.org.au/Research/About-Breast-Cancer.aspx

2. Claims paid between 2009 and August 2013

The Importance of Trauma Cover

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importanceofTraumaCover-2Thanks to modern day treatments, cancer survival rates are on the rise. But can you afford to be treated?

 Our new case study will help you understand the importance of trauma cover when facing serious illness.

 

One in two Australians will develop cancer before the age of 85 and one in five will die from the disease, according to a report from the Australian Institute of Health and Welfare (AIHW).

 

But while the incidence of all cancers rose by 27 per cent in the 25 years to 2007, deaths from the disease have actually fallen by 16 per cent. This proves just how far modern medicine has come and the calibre of treatments available to treat the various forms of this illness.

 

In fact, this report has revealed that cancer patients are increasingly living longer with 66 per cent now surviving for at least five years (for all cancers combined in the period 2006-2010) – a large increase from the 47 per cent survival rate for all cancers in the period 1982-1987.

 

According to Anne Bech, spokeswoman for AIHW, “While overall cancer survival is improving in Australia variations still exist between types of cancer.”

 

The report also revealed that cancer sufferers, who have survived for five years, had a 90 per cent chance of living for another five years for all cancers combined. This is all good news right? Well if you have enough money to cover all the necessary (and ongoing) treatments then absolutely! But what if you can’t afford to be treated?

 

One might be forgiven for thinking that a combination of income protection insurance, private health insurance and Medicare are enough to cover the treatment of serious illness. But the truth is, in the case of cancer, where it can take years of treatment including many rounds of chemotherapy, radiotherapy and even surgery, serious illness can come at a huge cost which can mean hundreds of thousands of dollars out of your pocket.

 

It’s important to speak to us to understand the difference a lump sum payment can make in the event of suffering a pre-defined traumatic event such as cancer.

 

Not only will trauma cover help to meet any out of pocket expense you might face, but it could in fact, ultimately assist with the road to recovery by removing some of the added financial pressure created by the need for ongoing and often expensive treatments.

 

Are you financially prepared for the treatments that go along with surviving serious illness?

 

For more information on trauma cover to put your mind at ease, contact us today.

 

Source I Zurich

More than skin deep

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pe00542_The ‘bronzed Aussie’ is a cultural cornerstone. We’ve long associated the icon with all that’s Australian; the outdoors, the beach and an active lifestyle.

So it’s no surprise that, despite medical research and mortality statistics that suggest otherwise, 50% of Australians still believe a tan is healthy.

 

Glowing – with good health?

Tanning is a sign of skin damage – a response to ultraviolet radiation (UVR).

UVR exposure – be it from the sun, or via a solarium – poses serious health risks. These include sunburn, premature aging of the skin and optical damage.

It is also the most significant cause of skin cancer in Australia.

A sunburnt country

Australia has one of the highest incidences of skin cancer in the world. In fact, two in three Australians will be diagnosed with skin cancer by the age of 70.

The good news is, early detection can lead to a positive prognosis in most cases.

Non-melanoma

Basil Cell Carcinoma (‘BCC’) and Squamous Cell Carcinoma (‘SCC’), generally referred to as ‘non-melanoma’, are the more common type of skin cancer.

They form in cells near the skin’s surface (or ‘epidermis’). Symptoms may include sores that won’t heal, the appearance of new growths, or changes to existing warts or moles.

Non-melanoma is considered less dangerous because it typically doesn’t spread to other parts of the body. Even so, treatment is still necessary – usually in the form of removal, ointment or radiation therapy.

Melanoma

Melanoma is the less common but more serious form of skin cancer. It occurs when the skin cells produce excessive levels of melanin – to the extent they begin to grow abnormally and invade surrounding tissue.

Treatment for melanoma depends on the patient’s age, general health and how advanced the condition is. It may include surgery, radiotherapy, chemotherapy and immunotherapy.

Protect yourself

Get covered

There are many tips that can help protect you from UVR exposure, thereby reducing the risk of melanoma. But in the event that skin cancer did occur, how would you manage?

Critical Illness Cover can protect you – and your loved ones – from the financial consequences.

A Critical Illness claim provides a lump sum payment. This money can be used to fund medical costs, keep up with mortgage repayments and pay for day-to-day expenses – allowing you to focus on your recovery.

Insurers today will pay full benefits for more severe forms of melanoma.  Partial payments are typically also available for early stage melanoma in the ‘premier’ versions of their contracts.

To find out more about Critical Illness Cover, speak with your financial adviser.

Source | TAL

mining-for-insurance

mining for insurance

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mining-for-insurance

mining for insurance

It has been difficult for some mining occupations to access life insurance in the past. But times are changing.

There are a number of reasons why working in the mining industry is very different to many other occupations.

In addition to working in a fast-paced, high-pressure environment, mining workers are often forced to live a long way from their loved ones. This is one of the reasons miners don’t always stay in the industry all their careers.

Compared to many other occupations, mining can also be dangerous. Whether working above or below ground, mining workers are often exposed to risks associated with heavy machinery, vehicles and working with explosives.

Despite improvements in workplace safety over the last decade, the mining industry still had 2,555 serious workers compensation claims in 2009/10.

Mining is also one of the riskiest industries in terms of fatalities, with an average of 3.5 deaths per 100,000 workers in 2009/10. That’s almost double the national average of 1.92.

Combine these threats with the risks everyone faces in their day-to-day lives – like cancer and heart disease – and it makes sense for miners to have a contingency plan for sickness or injury.

Life insurance considerations for miners

Traditionally, miners have found it difficult to access life insurance on standard terms. However, there are now insurers who offer affordable protection to many mining occupations.

The most common types of life insurance are:

Life cover pays a lump sum if you die or are diagnosed with a terminal illness. The lump sum can be used to meet final expenses, pay off the family mortgage so that your family isn’t left without a home, fund future child education fees and set aside money to meet your family’s ongoing living needs.

Income protection cover pays up to 80% of your income if you can’t work because of sickness or injury. This money is essential in helping to meet your ongoing living needs, including meeting your mortgage repayments, while you are unable to work.

TPD cover pays a lump sum if you are totally and permanently disabled. This may help you repay debts and medical bills, make modifications to your home and motor vehicle, as well as meet lifetime living costs.

Trauma cover pays a lump sum if you are seriously injured in an accident, or if you are diagnosed with one of a number of serious medical conditions, like cancer and heart attack. The proceeds can be used to meet medical treatment costs as well as provide financial support if your spouse wishes to take time off work to look after you.

In addition, miners should look for insurance policies that provide additional protection for accidents and that recognise the true extent of your earning potential – helping you protect the rewards of your hard work.

With so many different types of life insurance available, it’s important to discuss your own life insurance needs with your financial adviser

 

Armour

Serious Illness – the chink in your financial armour

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Armour

Is there a chink in my armour?

IF you have income protection insurance and private health cover you may think you are in a strong financial position to face a serious illness. The truth is quite different.

Consider the case of Kathy, a 41 year-old self-employed marketing consultant, married with one young son. She was healthy, active, and with death cover, income protection and private health insurance in place, she thought she was well protected against any eventuality.

Kathy knew the missing piece in her protection portfolio was trauma insurance. But with income protection and private health cover in place, she wondered did she really need it?

It turns out she did.

In November 2009, Kathy was diagnosed with breast cancer. Two rounds of surgery followed, then chemotherapy and radiotherapy, and then the reconstruction surgeries.

Kathy wasn’t just a few hundred dollars out of pocket, or even a few thousand. After Medicare and the health fund had paid their parts, the gap costs came to tens of thousands of dollars.

‘For example, my out of pocket costs for radiotherapy were about $2,000 after Medicare and my health insurance had kicked in. The out of pocket cost I was quoted for reconstruction surgery was $10,000. And to pay for a year of Herceptin – a drug that has been shown to reduce the chance of breast cancer coming back by 52% compared with chemotherapy alone – I would have had to pay something like $80,000’, said Kathy.

‘That’s nearly $100,000 in out of pocket costs. Of course when your life is at stake you naturally don’t question the cost, you spend whatever it takes, provided you have the money in the first place.’

Kathy says that she would love to spend more time with her children and to scale back her work, but the reality is that she just can’t afford to.

‘If I’d had trauma insurance when I was diagnosed, it would have given our family that financial cushion to allow me to work less. To have a lump sum payout in the bank would get rid of that everyday financial stress, and the one thing you really need to do once you’ve been seriously ill is to avoid stress.’

 But what about income protection?

‘I wouldn’t dream of being without income protection cover, but the reality is that in my circumstances it didn’t really help this time. My policy would only pay out after two weeks of not working, and even though I had several bouts of surgery and chemo, I tolerated the treatments relatively well, and I was only in bed for about a week each time. I wasn’t actually away from work for long enough to qualify for a benefit.’

Ironically, Kathy’s financial adviser had previously encouraged her to take out trauma cover.

‘I really hope that I can stop other people making the same mistake by telling my story. If you don’t have a large amount of cash set aside to cope with something like a serious illness, don’t put it off. Just talk to your adviser straight away.’

Trauma cover

Trauma cover is designed to pay a lump sum in the event that you suffer one of the pre-defined traumatic events, which generally include cancer, heart attack, bypass surgery or stroke, plus many other conditions. This lump sum can help you meet the many out of pocket costs you can be faced with in the event you suffer a traumatic condition and – by reducing the financial and emotional stress you may otherwise face – can ultimately improve your recovery.

For information on trauma insurance, contact your financial adviser.