Get the Facts

Critical Illness in Australia

Unfortunately, most of us know of someone who has suffered the effects of cancer, heart disease, stroke or another critical illness. In fact, the reality is:

·         One in four women and one in three men will suffer some form of cancer in the first 75 years of life1, and the expected lifetime financial cost of cancer faced by a household is $47,200 per person 2 

·         The National Heart Foundation reports there is a 50% chance of a 40 year old man and a 33% chance of a 40 year old woman developing coronary heart disease3

Fortunately, advancements in medical treatment mean more people are surviving diagnosis of a critical illness and continuing healthy lives. Critical Illness Insurance provides a lump sum payment upon initial diagnosis of a listed critical illness condition. The money can be used however you please – mortgage payments, school fees or even a family holiday. It is money to ensure that your road to recovery is as short and as comfortable as possible.

Critical Illness insurance, so you can focus on recovering…

Premature Death & Total Disability in Australia

Did you know:

·         Around 50% of Australian aged over 30 will suffer a major illness that can lead to long terms disability and long term loss of income 4.

·         Over 3,600,000 reported one or more impairments that restricted everyday activities. Of these 2,380,000 were under 65 years of age 5.

·         Premature death remains a real risk in Australia. 22% of male deaths and 14% of female deaths were people aged 25 – 64 years 6.

Life Insurance provides a lump sum payment upon death (or early payment if diagnosed with a terminal illness likely to result in death within 12 months). It also provides peace of mind, knowing that your family can get along financially if something happened to you.

Total and Permanent Disability Insurance provides a lump sum payment if the person insured is totally and permanently disabled -  providing funds for long term care, extinguishing debt, providing education and living expenses for your children.

Because a bright future needs a brilliant plan…

Loss of Income in Australia

More than 60% of Australians will be disabled for more than one month during their working life and more than 25% will be disabled for more than 3 months 7.  Although many teachers and education providers have accumulated sick leave, it is important to ensure that should injury or illness prevent you from earning an income for a longer period you can maintain your current lifestyle – repay the car loan or mortgage and pay the phone bills.

You can reduce your premiums by electing to start your cover after your accumulated sick leave would expire. Choose between a 14 day, 30 day, 90 day or 730 day waiting period.

Lock in your income until age 65...

Under-insurance 

Recent research by Rice Walker Actuaries shows that only 4% of Australian families with dependent children have an adequate level of life insurance cover, and a staggering 60% of insured families have not got enough life insurance to look after their dependants for 12 months if they were to die 8.

Although few Australians would risk not insuring or under-insuring their house or car, many fail to recognise & protect the resource that allows them to afford such items – their ability to earn an income. Teachers Insurance Services aim to make protecting this important resource simple and affordable. So what are you waiting for?

Protect your lifestyle...

Critical illness Source:
1 Australian Institute of Health and Welfare, Australia's Health, 2002.
2 The Cancer Council NSW – Cost of cancer in NSW, published in April 2007

3 National Heart Foundation Statistics, Australian Facts 2001 Highlights.

Premature death & Total Disability Source:

4 National Center for Social and Economic Modeling, ‘income and wealth report’ issue 4 March 2003.

5 Australian Welfare 2003 report, Australian Institute of Health and Welfare.

6 Australian Institute of Health and Welfare 2002 – Mortality - FAQ’s

Loss of income source:

7 Australian Disability Table IAD89-93 Class

Underinsurance source:

8 Investment and Financial Services Association (IFSA) Cost of underinsurance project - analysis of life insurance needs' conducted by Rice Walker Actuaries and TNS Australia, May 2005.