Consider what would happen to your family if you don’t make it home tomorrow. Would the mortgage get paid or would your family lose the house? If you have children would the surviving partner be able to work and look after the children? Would this provide enough income to cover all the expenses you currently have? These are serious questions that need to be addressed as many people think it won’t happen to them. Statistics in Australia show that it does and can happen to you.
- A recent AMP.NATSEM study found that around half of all Australians over the age of 30 will suffer a major illness that can lead to long-term disability, and consequently, a long-term loss of income.
- Of the working population, 1 in 6 men and 1 in 4 women are expected to suffer a disability from the age of 35 to 65 that causes a loss of 6 months or more from work. (Institute of Actuaries)
- Each year in Australia, more than 85,000 new cases of cancer are diagnosed. (Cancer Council of Australia, Nov 2003)
Many people consider that they are covered through their industry super funds but these funds generally have insufficient coverage for your needs and are used to cover a large and broad range of workers. Refer to our article on Getting insurance through super to find out more details.
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