A friend in need: how insurance also protects your loved ones

Being diagnosed with a serious injury or illness can be a life-changing event – but it can also have a big impact on your friends and family.

While our friends are usually happy to help us out in a pinch, their support can sometimes come at great personal cost to themselves. Friends and family members who step into caring roles often find themselves facing additional transport or accommodation costs, and they could also lose income if they take time off work to help.

In Australia, carers of those with mental health conditions spend an average of 36 hours per week helping out – a significant time investment.¹

The shared cost conundrum

In addition to these financial challenges, friends and family sometimes choose to directly shoulder the cost of care.

Few young Australians understand the true financial costs associated with treating serious illnesses and are often unprepared for the bill.

Zurich’s The Cost of Care report found that the lifetime cost of treating cancer, for example, averages out to $1.09 million when the patient is diagnosed at a younger age.²

Meanwhile, it’s estimated that families of children and teenagers with mental health conditions collectively spend $37 million in out-of-pocket expenses as part of the recovery process.³

For young adults, finding the money to pay for medications, treatments and carers can be difficult – and friends and family will often help out financially.

It’s a noble gesture, but also one which puts other people under strain – and, importantly, it’s a strain that can be avoided.

Insurance protects your mates, too.

Insurance plays a pivotal role in protecting us from the financial hardships associated with serious illness – but it doesn’t just protect the people covered under the policy.

By providing that financial support when it’s most needed, insurance coverage can give you the freedom to hire professional carers or cover unexpected medical costs, so that the burden doesn’t fall to our friends and families.

By covering costs associated with treatment and care, insurance can alleviate the financial burden – enabling patients to make optimal care decisions without the stress of financial hardship.

Get protected with Zurich

Zurich offers a range of insurance options to protect you and your loved ones from the hidden costs of care, including: 

• Income protection
• Total & permanent disability 
• Trauma protection 
• Death benefits

Speak to an adviser or apply direct today

If you’re unsure about the type and level of insurance coverage you need, a financial adviser can help you evaluate your needs and structure your insurance appropriately.

If you know exactly what you need, you can apply for simple life and income protection products directly with Zurich Ezicover. It’s easy to apply online. Get an online quote.

 

¹  Zurich, The Cost of Care Volume 2, p. 121
²  Zurich, The Cost of Care Volume 2, p. 145
³ Zurich, The Cost of Care Volume 2, p. 146