Personal or family illness

Article last updated: 20/05/09

Key example Cancer
Cancer describes a range of diseases in which abnormal cells divide without control and are able to invade other tissues. . If spread of the disease is not controlled, it can result in death.

Cancer is the most common cause of death for females aged 25-44 years and for males and females aged 45-64 years¹.

While many cancers are treatable, dealing with cancer can be physically and emotionally difficult.

Coping with cancer can also carry significant financial costs such as:
• Medical costs for cancer patients which can be high.
• You may need to reduce your paid working hours or resign altogether to focus on recovery.
• In some cases, you may not be able to return to your normal course of work for some time after initial diagnosis.

Manage the impact
With improvements in modern medicine, many people who suffer from cancer now survive. A cancer condition that leaves you with a disability that stops you from working temporarily can be financially devastating. Unless you die from your condition, your life insurance will not pay any money.

Trauma insurance is particularly beneficial in such circumstances, as it pays a lump sum if you suffer from a condition that is covered by the policy.

Have you considered writing down the names of people that rely on your income or you would rely on if you became sick or injured.

Useful sites
www.cancer.org.au
www.aihw.gov.au/cancer

¹ Australia’s Health 2004 (Australian Institute of Health & Welfare)