Australian Health Statistics – The Importance of Insurance

People will often debate the importance of life, trauma, income protection and TPD insurance.

Some will argue that comprehensive protection is indeed vital; however others will simply say that personal insurance is a luxury they simply cannot afford.

One of our core values is to be as transparent as possible with both our existing and future clients. We want you to make a decision based on the information we provide. This is why when you go through a life insurance comparison with us we will show you the premiums from Australia’s major life insurance companies.

It is also why we are committed to presenting you with the facts; you can read the information provided assist you in making an informed decision about your personal insurance needs.

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Australian Health Statistics Infographic – By the team at Life Insurance Direct

Australian death stats infographic

The Statistics

In 2011 there was an increase of 2.4 per cent in the number of deaths recorded in Australia, rising from 143,473* in 2010 to 146,932* in 2011.

Critical illnesses such as Heart Disease, Stroke, Dementia and Alzheimer’s Disease were the three leading causes of death in 2001, 2005 and 2010, with heart disease and stroke accounting for 106,375* deaths in those years.

Furthermore,Heart Disease, Dementia and Alzheimer’s Disease saw an increase between 2001 and 2010.

The Top 10 Leading Causes of Death in Australia (Actual figures in 2010)

Rank

Cause of Death

Number of Deaths in 2010

1

Ischaemic heart disease

21,708

2

Cerebrovascular Disease

11,204

3

Dementia and Alzheimer’s Disease

9,003

4

Trachea, bronchus and lung cancer

8,099

5

Chronic lower respiratory disease

6,122

6

Colon, sigmoid, rectum and anus cancer

4,056

7

Diabetes

3,945

8

Blood and lymph cancer

3,933

9

Heart failure

3,468

10

Diseases of the urinary system

3,315

Source: ABS, 12 March 2013

Cancer

According to the Australian Institute of Health and Welfare’s (AIHW) 2012 report on Australia’s Health, in 2009-2010, 1 in 10 hospitalisations was due to cancer and in 2008 there were 112,304* new cases of cancer, with Prostate Cancer, Bowel Cancer, Breast Cancer, Melanoma and Lung Cancer being the five most common new cancer cases in 2008.

Australian Health Statistics AIHW Cancer 2008

Source: AIHW Australian Health Report, 2012

Cancer Claims

According to several life insurance companies such as AIA, TAL and OnePath, Cancer is generally responsible for a large portion of claims they pay out, particularly for Life Insurance and Trauma Insurance.

AIA – 2011 Cancer Claims

Life Insurance – 40.3%*
TPD – 10.3%*
Trauma Insurance – 63.6%*
Income Protection – 17.5%*

AMP – 2011 Cancer Claims

Life Insurance – 30%*
Trauma Insurance – 74%*
TPD Insurance – 11%*
Income Protection – 17%*

TAL – 2011 Cancer Claims

Life Insurance – 32%*
Trauma Insurance – 63%*
TPD Insurance – 27%*
Income Protection – 16%*

OnePath

Male Cancer Claims 2011:

Life Insurance & Terminal Illness – 31%*
Trauma Insurance – 51%*
TPD Insurance – 7%*
Income Protection – 10%*

Female Cancer Claims 2011:

Life Insurance and terminal illness – 54%*
Trauma Insurance – 72%*
TPD Insurance – 10%*
Income Protection – 18%*

According to the ABS, in the years 2001, 2005 and 2010: 52,377* deaths were cancer related. The AIHW’s Report shows that the five most common causes of death from cancer in 2009 were:

Australian Health Statistics AIHW Cancer 2009

Source: AIHW Australian Health Report, 2012

Injuries

In 2009-2010, 1 in 20* hospitalisations were due to injury, with 453,300* injury related hospitalisations in total. 49 per cent of these injury related hospitalisations were due to falls and transportation accidents.

Overall Claim in 2011

According to the Risk Store Reports, in 2011:

  • 3168* Trauma claims, or $538,720,039* was paid out, an increase of over $94 million*
  • 18,197* Life Insurance claims or $1,806,688,603* was paid out.
  • 34,056* Income Protection claims or $1,000,457,827* was paid out.

Do you need comprehensive insurance policies?

Deciding whether or not you need a comprehensive insurance policy will generally be a decision you need to make and this guide and our other life insurance guides may highlight some of the areas in which people do experience financial difficulties in life.

At Life Insurance Direct we are here to help you through the life insurance quote comparison process. If you would like to speak to a financial adviser about your life insurance policies, or if you would like to take out a life insurance policy, please contact us on 1300 135 205.

Sources: Zurich, TAL, AIA Health Statistics 2011,

AMP Claims We Paid 2011, Australian Bureau of Statistics, Australian Institute of Health and Welfare ‘Cancer in Australia’ Report, 2012

Published: April 4, 2013

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