Before investigating the benefits of a critical illness cover policy, most people have little to no idea of their chances of suffering a critical illness.
Critical illness cover policies are designed to pay a benefit when the insured is diagnosed with a critical illness or injury such as heart attack, cancer or stroke. So, what are your chances of suffering a critical illness and needing critical illness insurance? Perhaps these statistics may give you an indication.
Suffering a critical illness
According to an Australian Institute of Health and Welfare and National Stroke Foundation 2004 report, a stroke occurs in Australia every 11 minutes, resulting in 48,000 strokes each year.
The Institute, along with the Australasian Association of Cancer Registries, advises in a 2004 report that nearly a third of all men and a quarter of all women will be directly affected by cancer before their 75th birthdays.
Example statistics from the Prostate Cancer Foundation of Australia and National Breast Cancer Foundation (2007) showing diagnosis rates of more specific cancers:
- 12,000 Australian men each year with prostate cancer (of whom more than 2,700 will die), and, comparably,
- nearly 12,000 new cases of female breast cancer annually, with a similar 2,600 deaths
Parkinson’s Australia indicates that there are roughly 100,000 people in Australia coping with Parkinson’s Disease(retrieved 14/2/2007). Of these, one in seven is under the age of 40.
Finding suitable critical illness insurance cover
These are just a few samples of the type of critical illness that you or a loved one may one day have to deal with. A suitable critical illness insurance policy will assist you and your family in dealing with the more important issues that occur on the diagnosis of a critical illness by easing the financial stress. And remember, benefits are paid for the diagnosis of the critical illness (as defined in the insurance policy), regardless of whether you or not you return to work.