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Aussies still foot $30 billion despite help from the government
Australians may have the benefit of its government footing the bill when it comes to commonly prescribed medication, but this has not stopped Aussies forking out $170.4 billion on health. According to recent research released by insurer Zurich, Aussies still footed $30 billion of the bill which still continues to rise.
The cost of falling critically ill
The common misconception among Australians who have not taken out a life insurance policy is that life insurance is too expensive. However, this is proven to be false with the wide range of life insurance policies that can be purchased through an insurer and superannuation funds.
One of the leading critical illness in Australia is cancer, with 380 new cancer cases being diagnosed every day. Without an adequate life insurance policy of savings that are set aside to take care of such critical illnesses, many Aussies are left financially exposed. When it comes to men, 1 in 3 are diagnosed with some form of cancer, while 1 in 4 women are diagnosed before they turn 75. A total of 138,000 new cases are reported each year.
Cancer is just one of the critical illnesses that cost ranging from an average of $36,800 to $95,460 depending on the type of cancer a person might have. Heart disease cost averaged $25,000 in direct health care costs in 2009, and a stroke cost $18,000 on average.
Aussies can be financially exposed when they fall critically ill
It is quite clear to see that critical illness comes with a wide range of expenses that could make many Aussies face large expenses. The loss of a job due to falling critically ill can create a domino effect that cripples many household’s budgets. It is not just the medical costs that can affect many people budget, but it is the cost of rehabilitation, hiring a carer, and still being able to maintain everyday living expenses that need to be considered.
Life insurance could be the answer when it comes to protecting you and your loved ones from these unforeseen as it is created to help you adequately cover expenses that arise from falling critically ill. You will be able to find a policy that also helps replace your spouse's salary should they choose to stay at home on a full-time basis. Always remember to compare policies to find one that will adequately cover you and your loved ones.
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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
