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Life Insurance - All The Facts

Life Insurance - All The Facts

30 September 2016 Capital Insurance Brokers

We all get sick sometimes – that’s life. But having a serious illness such as cancer or a heart attack is a different matter. It’s also something that many of us will experience – ready or not.

The good news is that you can be ready to cope financially.

Because you don’t always just bounce back.

Serious illness is serious business. Could your family cope financially with the cost of medical treatment and a recovery period with little or no income? The bills don’t stop just because you stop working.

A healthy dose of reality. It’s life.

The incidence of cancer among Australians is rising and we continue to experience high levels of heart disease and stroke.


While medical advances give us more chance of surviving such illnesses than ever before, treatment can be lengthy and expensive – and often involves months or even years off work. Despite this, many Australians don’t take out Critical Illness insurance – often due to some common misconceptions.

“My private health insurance will cover me”

The average household cost of cancer is $47,000. And, while health insurance helps with medical treatments and hospital expenses, it does not cover some specialist therapies, ongoing treatment needs or the immediate care that is often required.

“ It doesn’t matter; I’m not the main income earner”

Childcare and home help provided by a ‘stay-at-home’ partner could be worth more than $75,000 per year. In recognition of this, you don’t have to be employed to take out Critical Illness insurance.

“I have Total and Permanent Disability (TPD) insurance”

Serious illness doesn’t necessarily result in a total and permanent disability. Medical advances mean that it is now common for people to recover their original lifestyles and return to employment.


The Facts



As recent as 2010, an estimated 114,000 new cases of cancer were diagnosed in Australia.


More than 60% of cancer patients will survive more than five years after diagnosis.

2 in 3

Two out of every three people that suffer a first time stroke will be alive one year later.


About 88% of stroke survivors live at home. Most of them live with a disability.

$2.14 billion

Stroke costs Australians an estimated $2.14 billion every year.


If you become seriously ill, Critical Illness insurance frees you up from financial worry by paying a lump sum if you develop any of a range of specified illnesses.


Support through the worst, to allow you to get back to your best.


Critical Illness insurance generally applies to the most common serious illnesses. Just some of the options it offers are:


Cover for major illness events

In most cases, cancers, heart disease, and stroke are all covered.

Choice of cover levels

You can choose between the Standard contract or Premier contract. Critical Illness Premier will provide cover for additional conditions, including advanced payments for early stage cancers.

Increased cover for paralysis

In the event of paralysis, the Paralysis Support Benefit will double your payment amount.

Additional benefits

The Child’s Critical Illness benefit, for example, provides you with a payment of $10,000 if your child develops a Critical Illness.

Making sure your setback is temporary.

A lump sum benefit could help you stay on top of debts, pay for medical bills and generally help you maintain a reasonable standard of living while you’re recovering.

Medical expenses and treatment costs

The cost of ongoing treatment, including prescriptions and perhaps alternate therapies, can quickly add up. The lump sum payment can be used to help cover these costs.

Debt repayment

Following a serious illness, the last thing you want to think about is outstanding debts such as mortgage or credit card repayments. Critical Illness insurance can help ensure you will have the funds to cover these.

Additional care and rehabilitation

If you’re seriously ill, you may well need additional care or help around the house. Rehabilitation equipment or specialised therapies may also be needed to speed your recovery.  A lump sum benefit can help pay for these expenses.

Lifestyle modifications

You may need to make a permanent lifestyle change, like reducing the number of hours you work. The lump sum payment can help offset the lower levels of income. It can also give you the time you need to ease back into working life.

Cash reserve

Use your payment to create a cash reserve to boost your retirement savings or fund a family holiday. It’s up to you and what you need.


If you wish to discuss this further, please contact Paul Eccles at Capital Insurance Brokers on (02) 6282 7666 or via