The Next Big Health Issue
In Australia, an estimated 275 people develop Diabetes every day. As shocking as that is, Diabetes is not widely regarded as a deadly disease in the general population, but it is in the medical community.
Diabetes is the sixth leading cause of death in Australia, mainly from Diabetic Heart Disease. However, more than half of all Diabetes is well and truly preventable by choice of lifestyle.
Reflecting the increased prevalence of Diabetes, industry trends show that many life insurance companies now recognise Diabetes as a covered condition under their Critical Illness policies.
What is Diabetes?
Diabetes is a chronic disease. This means that it lasts for a long time, often for someone’s whole life. In fact, Diabetes is Australia’s fastest growing chronic disease.
For our bodies to work properly we need to convert glucose (sugar) from food into energy. Insulin, which is a hormone, is essential for the conversion of glucose into energy. In people with Diabetes insulin is no longer produced or not produced in sufficient amounts by the body.
How far is Diabetes from becoming the next big health issue in Australia?
The Australian Diabetes, Obesity and Lifestyle report 2006 showed that approximately 1.7 million Australians were suffering from Diabetes. The Australian Institute of Health and Welfare is predicting Diabetes will become the leading disease burden in the country by 2023. And by 2031 it is estimated that 3.3 million Australians will have type 2 Diabetes, the type of Diabetes mainly triggered by lifestyle factors.
Australia is not alone. Diabetes is a serious pandemic at a global level and currently affects 246 million people worldwide. Diabetes is a leading trigger factor for kidney failure and cardio vascular disease.
Food for thought
Think for a minute, if a serious illness occurs to you what could be the likely outcome? Generally most people would need financial assistance to help with gaining the best possible medical assistance. You may also need access to medication not funded by the government, which could be extremely costly. Perhaps your spouse would need to give up work or take some time out to help with your recovery, or if you are single you might want a lump sum available that covers your lifestyle needs prior to your income protection policy commencing. Critical Illness insurance does just that providing a lump sum payment if certain health events occur, for example a malignant cancer, major stroke, heart attack, major organ transplant or even severe Diabetes. While none of us want to think about it, the chances are high that one of these events could occur to us.
Consider these facts:
• One third of women and a quarter of all men will suffer cancer at some stage in their lifetime, over half of whom will live longer than five years after diagnosis.
• Cardiovascular disease affects one in five Australians and two out of three families.
• By the age of 75, one in three Australian males and one in four females will have been diagnosed with cancer.
• Remember, we’re living longer than before with the increased risk of suffering a serious illness or condition
Being diagnosed with one of these illnesses would be stressful enough for you and your family, without also having to worry about your finances. The aim of Critical Illness insurance is to reduce your financial stress in this difficult time to allow you to focus on your treatment and dealing with the condition.
If you haven’t reviewed your insurance needs lately then now is the time to ensure you are adequately covered.
If you would like to review your existing Risk Insurance Portfolio or receive a Report on the level of cover you should have please call Gordon Hatch on (02) 9411-4161 or email gordon@taurusfinancial.com.au, for a no cost or obligation Risk Insurance Review.
