The cost of becoming critically ill in Australia

Published on November 23rd, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

At Savvy, our mission is to empower you to make informed financial choices. While we maintain stringent editorial standards, this article may include mentions of products offered by our partners. Here’s how we generate income.

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.

Did you find this page helpful?

Thanks for your feedback!

This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

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.

In this article

Share this article

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on pinterest

Looking for a life insurance quote?

Compare with Savvy and save on your life insurance purchase.

* Terms and conditions and lending criteria applies.

Smart money saving tips

Subscribe to our newsletter.

By subscribing you agree to our privacy policy

Related articles

Looking for a life insurance cover?

Compare a range of life finance options with Savvy from a panel of reputable insurers.

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.