There are numerous conditions which require an individual to take out a policy to cover their ongoing costs, and out of pocket expenses. It is an unfortunate truth that three out of four Australians will get diagnosed with a serious illness throughout their working life. With this in mind, it’s important to consider the financial ramifications which can affect you and your family throughout the duration of your treatment and recovery. Our trauma insurance claim statistics indicate that the vast majority of reasons people take out their policy, is due to cancer.
It’s a rather daunting realisation, but one in four women and one in three men will be diagnosed with cancer during their lifetime. Only half of those individuals will live for more than five years after they are diagnosed. This is why trauma insurance is of such a high importance to individuals in this situation, as it provides them with financial relief during an already stressful and emotional time. According to data provided by MLC, 70% of their insurance claims paid were to sufferers of cancer, 21% were because of heart conditions and 4% were for strokes. Regardless of the serious illness, a trauma policy which makes up for your expenses will allow you to concentrate on your treatment or recovery, instead of stressing about bills. To view policy comparisons, visit our home page.
Cancer survivor statistics
In 2005, a survey was conducted with over 700 cancer survivors 12 months after their diagnosis, asking them what issues they have found whilst living with their condition. The statistics showed that:
• 67% said that they struggled with a loss of strength and general fatigue,
• 48% said they experienced difficulty sleeping
• 37% had major, ongoing medical problems
• 29% struggled to pay their medical bills
• 17% found it difficult to secure an appropriate insurance policy
Many people think that private health insurance will be enough to cover all of their expenses should they become seriously ill, but this is not necessarily true. There are many benefits to trauma based insurance for those of all ages, whether generation Y or older. For further information, please click on the provided links or give us a call on 1300 316 048.