FindInsurance.com.au

17/07/2022

29/07/2020

Claims payout statistics for 2019.

https://www.moneymanagement.com.au/news/liferisk/largest-claims-death-cover

In short, the most payouts related to Cancer related illness.

If you have a family history of cancer then you should consider taking out Income Protection or Trauma Cover.

There were 13.4 million covers in force for death cover in 2019, with cancer being the top cause at 43%, according to data

23/07/2020

INCOME PROTECTION - GET IT NOW BEFORE THE CHANGES OCCUR

If you do not have Income Protection, you should consider taking it up now before the new changes come into play next year.

With current Income Protection where you have an Indemnity Policy, when it comes to a claim being paid, most insurers will look at the previous 3 years of income and pick the best 12 months. So, if you had good income in year 1 and 2 but then it reduced in Year 3, they will look at Year 1 and 2 to determine how much you should get paid.

However, with the APRA IP changes coming into play in the second half of 2021, APRA will only allow insurers to look at the previous 12 months before a claim is submitted.

In other words, APRA will be mandating a 12 month indemnity IP definition next year across the whole life insurance industry...but existing IP clients will be grandfathered, meaning they can keep the superior IP indemnity definition of 3 years.

If you would like to know more about the APRA IP changes that are coming into play then please reach out to me.

If you do not have IP and need to get it, then book in a time to discuss your needs with me. Find Insurance provides FREE Insurance Reports showing you how much it will cost to get Income Protection.

If you are young and have just obtained your first job, you should consider getting IP now.

Book in a time via my calendar link below:

https://calendly.com/findgroup/15-minute-phone-conversation

24/06/2020

In this Personal Insurance discussion we are going to share with you a recent report jointly done by the FSC & KMPG on the rising claims facing the insurance industry. (Full report can be obtained by emailing [email protected]).

The new data released this week highlights that over the latest period the life industry paid out benefits of $4.9 billion of disability income claims for policies sourced through financial advisers that has doubled the average annual payment level of the preceding five-year period.

Life insurers paid out $4.9 billion of retail disability income claim benefits, double the average annual payment of the preceding five-year period (2009 – 2013)

The data also shows that the most common cause for people who made a disability income claim were:

Accidents (38%)
Musculoskeletal (18%)
Mental disorders (11%)
Cancer (10%)

Accidents being one of the highest causes of claims is not surprising in my view. As we all know accidents occur on a daily basis in the community and being as high as 38% it emphasizes why people should look to take out accident cover only for life & IP, TPD if they are not eligible for full coverage due to medical history, etc.

The good news is that you can speak to an advisor at Find Insurance and they will help you find a solution if you were unable to obtain full coverage. Having Accident Option is better than no cover at all so as to protect you and your family should an accident occur resulting you not being able to work

Find Insurance
www.findinsurance.com.au
1300 88 38 30

24/02/2020

Overseas Travel Health Tips

In this Insurance View, given the coronavirus is still a concern for some that may be thinking of travelling, we thought it would be a good idea to look at some smart health travel tips should you be considering travelling soon.

One thing to note that has always been the case well before the coronavirus, people who travel overseas have up to a 50 percent chance of suffering a travel-related illness.

While most travel-related illnesses are minor, some very serious infectious diseases are endemic in some parts of the world. All travellers according to the smart traveller website should take some pre-travel steps in order to be prepared for travel and be aware of health issues and measures so that they can protect themselves from sickness.

Preparing for travel:

There are many things you can do to prepare for a healthy holiday, including:

· Have a medical check-up to make sure you are healthy before you travel
· Update your vaccinations and ask about other immunisations from a medical professional
· Pack a medical kit for yourself and any children travelling with you, and make sure you pack enough of any medications you need, or take a prescription
· Organise travel insurance, including cover if you need to be evacuated to a suitable hospital
· Have a dental check-up
· Have a vision check and pack a spare pair of glasses just in case you lose or break them
· Take Medicare card or copy of it with you

Travel vaccinations:

You may want to arrange vaccinations or medications to protect against diseases such as hepatitis, typhoid or malaria. In fact, some countries legally require travellers to have certain vaccinations, such as yellow fever. These may be required to be done some weeks or months before travel, it is best to see a doctor six to eight weeks before travel. However, if travel is required at short notice, it may still be ok to have some vaccines.

A medical professional / doctor will be able to advise which vaccines are suitable depending on the following:

· Medical history and age
· Travel destination and likely accommodation
· The season in which travelling
· The length of stay
· The type of travel, for example, bus tour or backpacking

Tips for older travellers:

For older people, the risk of death or serious illness while travelling is the same, or even less, than staying at home.

However, planning is important, so before travelling:

· See a doctor for a check-up and discuss your fitness for the trip you are planning
· See a dentist and optometrist
· Pack a spare pair of glasses, any medications you need and a small medical kit
· Organise travel health insurance with pre-existing illness cover if needed. Make sure it covers emergency evacuation
· Make sure routine immunisations are up to date and get vaccinated against influenza and pneumonia
· Consider your back and joints – use luggage with built-in wheels
· Finding out about the medical facilities in the areas you will be visiting
· Making arrangements for wheelchairs, guide dogs and seating needs well in advance
· Getting a letter from your doctor detailing your medical requirements or conditions
· Carrying a medical alert bracelet or pendant for specific conditions.
· Take clothes and hats to suit the climate.

Eating and drinking while travelling:

The most common travel-related illnesses are gastrointestinal diseases, usually picked up from poorly prepared foods or untreated water. To avoid diarrhoea, stomach pains, nausea and vomiting associated with these illnesses, use boiled or bottled water, or water purifiers or tablets.

Things to avoid:

· Avoid ice in drinks
· Avoid unpasteurised milk and dairy products
· Avoid fruit and vegetables that have been washed in the local water
· Eat thick-skinned fruit and vegetables that you can peel yourself, such as bananas, oranges and mandarins
· Make sure food is cooked thoroughly and eat it while it’s hot
· Avoid shellfish
· Don’t buy food from street stalls – hotels and busy restaurants are safest
· Take care with personal hygiene

Avoid mosquito bites when travelling:

Some serious infectious diseases such as malaria, Zika virus, yellow fever and dengue fever, are transmitted by mosquitoes. While there are vaccines and medications available to help protect against some of these diseases, travellers are advised to always protect against mosquito bites.

Some tips include:

· Wear mosquito repellent that contains at least 30 per cent DEET or 20 per cent picaridin

· Stay indoors between dusk and dawn. The mosquitoes carrying the malaria parasite generally feed at this time
· Clothing, bedding, mosquito nets and tents can be soaked in a safe repellent (such as permethrin) prior to travel
· Wear socks, long pants, and long-sleeve shirts when outdoors
· Use a bed net
· Stay in air-conditioned, screened accommodation.

If you're planning an overseas holiday, travel insurance should be an essential. Travel insurance can help cover the cost of accidents, illnesses and delays while travelling.

Types of travel insurance:

Most travel insurance policies will cover you for:

· Medical (level of cover varies based on pre-existing medical conditions)
· Cancellation and delays
· Lost or stolen baggage
· Car hire

The level of cover will change depending on whether it is international or domestic travel. Remember it’s important for people to spend the time to read the product disclosure statement (PDS) carefully to make sure they are getting the right type of cover and value for their spend.

Reciprocal health care agreements with Australia:

Australia has reciprocal health care agreements with 11 countries. These countries provide some emergency care to Australians. Most agreements specify the care must be urgent and medically necessary. They usually need a co-payment from the patient. Having said that, I was struck down with Pneumonia when I was Florence nearly two years ago and was hospitalised in one week in the oldest hospitals in Europe, Santa Maria Nouva founded in 1288.

Thankfully Italy is a country that reciprocal arrangement with Australia and all was covered via Medicare. It’s therefore important to take your Medicare Card or photo of it with you when travelling overseas. All it cost me was the medication I had to take when I was discharged that cost me a measly sum of $10 Euro.

Very important to check if the country you are travelling to has a reciprocal health treaty with Australia.

Countries with reciprocal health care agreements:

The Department of Human Services publishes details about Australia's agreements that includes what services they cover.

Australia has reciprocal health care agreements with:

· Belgium
· Finland
· Italy
· Malta
· Netherlands
· New Zealand
· Norway
· the Republic of Ireland
· Slovenia
· Sweden
· United Kingdom

If you travel to a country without an agreement, you're not covered, and should you need medical assistance, you or your insurer must pay the full cost of treatment. Many hospitals won't treat you until you, your family or travel insurer pay upfront. For full details please visit:

https://www.smartraveller.gov.au/before-you-go/health/reciprocal-health

And last but not least, please make sure all of your personal insurance policies are paid up to date and do not lapse whilst away. Income protection as we know provides 24/7 world-wide cover, it can also help elevate any stress should an accident or illness occur that could stop you from working for a lengthy period of time.

Australia has reciprocal health care agreements with 11 countries. These countries provide some emergency care to Australians.

05/02/2020

February is Ovarian Cancer Awareness Month

The month of February is ovarian cancer awareness month.

· Did you know that each year in Australia about 1,550 women are diagnosed with ovarian cancer
· If diagnosed in its early stages, women have an 80% chance of being alive and well after five years
· Unfortunately, 75 per cent of women are diagnosed at an advanced stage, when the cancer has spread and it is difficult to treat successfully
· There is no early detection test for ovarian cancer so the best way of detecting the disease is to know and recognise the symptoms
· Genetics and family history are responsible for up to 17 per cent of incidences of ovarian cancer

If a woman has two or more relatives from the same side of the family affected by ovarian or breast cancer, her risk of developing the disease may be increased. This tends to be a result of an inherited faulty gene (BRCA1 or BRCA2 gene mutation) that increases a woman’s risk of developing both ovarian and breast cancers.

Why the Ovaries?

The Ovaries are part of the female reproductive system. These oval-shaped glands sit inside the pelvis and release an egg (o**m) every month. Female s*x hormones are also made by the ovaries. Cancer can develop in one or both ovaries that can be difficult to diagnose at an early stage, largely because symptoms can be vague and similar to those of other common illnesses.

The Symptoms:

The symptoms of ovarian cancer will vary depending on the stage of the cancer. Many women with early stage ovarian cancer may not have any symptoms. If they do, it may be some pain in the lower abdomen or side and a bloated or full feeling in the Stomach.

Some of the symptoms of later stage ovarian cancer can include:

· Discomfort in the abdomen, such as bloating or a feeling of pressure
· A change in bowel habits
· Indigestion
· Vaginal bleeding that isn’t due to normal menstrual periods
· Pain, especially during s*x
· Swollen abdomen as the cancer grows

Should the cancer be at a very advanced stage that spreads to other parts of the body, it can also cause:

· Loss of appetite
· Sickness (nausea and vomiting)
· Constipation
· Tiredness
· Breathlessness
· Severe pain
· More extensive abdominal swelling that may require draining

Diagnosis of ovarian cancer:

There are a range of tests to diagnose ovarian cancer, including:

· Physical examination – the doctor checks for lumps in the lower abdomen or pelvis
· Blood tests – to search for tumour markers (for example, CA 125). These are proteins that are often higher than normal in women with ovarian cancer
· Imaging tests – such as a computed tomography (CT) scan, magnetic resonance imaging (MRI), a positron emission tomography (PET) scan or abdominal and trans-vaginal ultrasounds
· Colonoscopy – to make sure that your symptoms are not caused by a bowel problem
· Surgery – this is the only definitive way to find out if you have ovarian cancer
· The pap test is only effective for the early detection of cancer of the cervix, not ovarian cancer
A blood test can be done to detect the protein CA 125 can be used to help diagnose or exclude ovarian cancer, but is not a definitive test for all women. While CA 125 can be produced by ovarian cancer cells, there are other causes for raised CA 125 levels, such as menstruation, endometriosis or ovarian cysts.

The CA 125 test is most reliable in postmenopausal women however it is not recommended as a screening test for women with no symptoms. This is because half of all women with early-stage ovarian cancer do not have elevated CA 125 levels.

Treatment of ovarian cancer:

Ovarian cancer is often diagnosed during surgery and the affected o***y or ovaries are removed at the same time. In some cases, only one o***y is affected and conceiving a child is still possible after surgery. In other cases, parts of the reproductive system such as the fallopian tube and the uterus (womb) may also be removed. Sometimes, it is necessary to take out the appendix and part of the bowel.

Chemotherapy (anti-cancer medications) is almost always given after surgery. This is to kill off any cancer cells that may have been left behind after surgery. Radiotherapy (using x-rays to kill cancer cells) is also occasionally used.

Trauma Cover should be a consideration:

If you have had a family history of cancer, then you should consider taking out Trauma cover. Most trauma policies will pay a lump sum if diagnosed with ovarian cancer. Given the emotional impact this disease can have on an individual and their immediate family, knowing you may receive a lump sum amount of money to cover medical bills, mortgage repayments and lost income, will go a long way to helping the person who has the disease to focus on the more important things – getting better.

Speak to Find Insurance about your Trauma needs.

28/01/2020

There’s no doubt you would have heard the news about the new Coronavirus where more than 80 people have died in China following an outbreak in the central city of Wuhan, that has forced the government to lockdown more than a dozen cities with a population of 56 million people. Some 2,744 cases have been reported as of Monday, the vast majority in Wuhan and nearby cities in Hubei province.

Given this is dominating the news currently, we thought it would be prudent to research this and help you understand what do you need to know about it just in case you get asked by someone.

What is coronavirus?

The World Health Organization (WHO) describes the coronaviruses as a family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome MERS and Severe Acute Respiratory Syndrome (SARS). These viruses were originally transmitted between animals and people. SARS, for instance, was believed to have been transmitted from civet cats to humans while MERS travelled from a type of camel to humans.

A novel coronavirus, identified by Chinese authorities on January 7 and currently named 2019-nCoV, is a new strain that had not been previously identified in humans. Little is known about it, although human-to-human transmission has been confirmed.

So what are the symptoms?

According to the WHO, signs of infection include fever, cough, and shortness of breath and breathing difficulties. In more severe cases, it can lead to pneumonia, severe acute respiratory syndrome, kidney failure and even death.

The incubation period of the coronavirus remains unknown. Some sources say it could be between 10 to 14 days.

How deadly is coronavirus?

Some experts say it may not be as deadly as other types of coronavirus such as SARS, which killed nearly 800 people worldwide during a 2002-03 outbreak that also originated from China. MERS, which did not spread as widely, was more deadly, killing a third of those it infected.

Where did the virus originate?

Chinese health authorities are still trying to determine the origin of the virus, which they say came from a seafood market in Wuhan where wildlife was also traded illegally. The WHO also says an animal source appears most likely to be the primary source of the outbreak such as, Snakes - including the Chinese krait and the cobra - may be the source of the newly discovered virus, according to Chinese scientists.

Where have cases been reported?

Most cases have been reported in China with all deaths being in China, the vast majority in Hubei province. The virus has spread too many Asian countries, as well as to Europe and North America.

What about Australia?

Australia has confirmed five cases of the virus. The most recent was a 21-year-old woman who was on the last flight out of Wuhan to Sydney before China imposed a travel ban. The other cases have been detected in a man who arrived in Melbourne from China a week ago and three men in Sydney who had recently arrived from China had tested positive for the disease and were in isolation in local hospitals.

What is being done to stop its spread?

There is no vaccine for the new virus and the Chinese authorities have taken action to effectively seal off Wuhan city. This was of course meant to contain the momentum of the epidemic spreading and protect lives. Since sealing off of Wuhan, more than a dozen other Chinese cities have also adopted transport restrictions, affecting 56 million people. Airports around the world have introduced screening measures and some countries are working to evacuate their citizens from Wuhan.

Is this a global emergency?

The World Health Organisation has advised that the outbreak does not yet constitute a global emergency and the decision to hold off on issuing the declaration used for the gravest epidemics should not be taken as a sign that the WHO does not think the situation is serious as an emergency but rather at this stage it’s a China issue and not a global health emergency. Let’s hope they are correct and all is contained and resolved along with a vaccine being developed that medical researchers are working on.

It’s important to note that there have been declarations of five global health emergencies since 2005 being; Swine flu in 2009; Polio in 2014; Ebola in 2014; Zika in 2016 and Ebola again in 2019.

I’m sure there will be more daily news on this front as it continues to dominate the news headlines on all levels.

23/12/2019

It is that time of year...to go on holidays and do the things you have not had a chance to do all year. Unfortunately, these holidays is also that time of year when a lot of accidents and injuries can occur.

Today, I am going to talk about the need to review your Income Protection (IP) policies and to consider whether or not your current policy is up to the task of protecting you these holidays.

I am currently dealing with a new client, Tim, who is married with two young children. In his previous life was a semi-professional skateboarder. Tim does not want to give up the skateboarding so it is important that his IP policy covers him for any accidents/injuries he might sustain as a result. I asked him what was the most common injury skateboarders will sustain and he said it was ankle injuries.

Tim, was referred to Find Insurance by one of our mortgage broker partners to review his Income Protection policy. The broker had done the right thing and sold him mortgage protection policy when Tim first took out his loan but the broker new that the policy was just a gap filler. The broker asked us to review all the insurances and especially the IP knowing that Tim had some cover but it was not the best cover for his work or lifestyle.

We review his loan protection policy to find a number of deficiencies with the policy: a) it only had a 90 day waiting period, b) it only had a 2-year benefit period, c) nothing was disclosed with regard to Tim's previous medical history and it was unclear as to whether or not he would get paid if he sustained a skateboarding accident, d) it was Stepped premiums and not Level premiums, and e) the premiums were being paid from cash flow when most of it could have be placed in a super environment.

We research a lot of insurers and found one that would be suitable for Tim. At first we were inclined to go with the cheapest one but they had a 90 day waiting period related to skateboarding...that was not good enough. The next cheapest insurer would offer standard rates. What was also good about this insurer was that they would offer an 'accident option' to the policy. This meant any accidents or injuries sustained at work or out of work, would result in the waiting period being reduced to '3 days'. This would be ideal for Tim. Given he was a tradie, if he was to get injured at work or whilst skateboarding, he knew, after three days, he would be covered. Covered to his current 90 day waiting period, which is found with most industry fund IP, TIm would now be protected for those injuries which can take up to 4 - 6 weeks to heal e.g. broken leg or arm.

Next, the insurer had to offer Level premiums. We provided Tim with our report comparing Stepped and Level Premiums. Given Tim was young, being placed on Level premiums would save him hundreds of thousands in premiums up to age 65. As long as he could afford the Level premiums now it was a no brainer to choose Level.

We fully disclosed his previous injuries and so the underwriter and insurer could not argue something was not disclosed. It is really important to have full disclosure at time of application. Simply applying for a policy on-line may result in non-disclosure and a decline at claim time. We don't want that for Tim.

All up Tim was happy with the recommendation and now has greater peace of mind that he has cover to protect him and help him meet his mortgage repayment obligations if something were to happen to him.

It is important to have an IP in place that adequately protects you. Call Find Insurance on 1300 88 30 and have your IP reviewed.

Lastly, keep safe and enjoy the Christmas holidays with your friends and families.

27/11/2019

This week we thought we should look at Thunderstorm Asthma. I’m sure you would have heard of this in the media before as it caused some serious health concerns for many and even led to some deaths that was really tragic.

Hopefully there is never a repeat of this but with the weather being very extreme and unpredictable from week to week these days it’s better to always be prepared.

During grass pollen season you may notice an increase in Asthma and hay fever as grass pollen season, October through December, is when the risk of Thunderstorm Asthma could occur.

What is Thunderstorm Asthma?

Thunderstorm asthma is thought to be triggered by a unique combination of high amounts of grass pollen in the air and a certain type of thunderstorm. For people who have asthma or hay fever this can trigger severe asthma symptoms.

When a large number of people develop asthma symptoms over a short period of time, related to high grass pollen and a certain type of thunderstorm, it is known as epidemic thunderstorm asthma.

Who is most at risk of Thunderstorm Asthma?

· People with Asthma
· People with undiagnosed Asthma, may have shortness of breath or other but not been to a GP
· Those who have had Asthma in the past
· People with hay fever who may or may not have Asthma

It’s important to note that; having both asthma and hay fever or poor control of asthma also increases the risk further, and Thunderstorm Asthma can affect people living in metropolitan, regional or rural areas, even if they don't have a history of Asthma.

How can you protect yourself this pollen season?

· Should you have Asthma, a GP can help develop or update a Asthma action plan so it can be managed in the best possible way

· If you've ever had Asthma, you will need to talk to a GP about what you can do to help protect yourself from the risk of thunderstorm Asthma this pollen season. Remember, taking an Asthma preventer properly and regularly is key to preventing Asthma, including Thunderstorm Asthma

· Should you experience wheezing, shortness of breath, chest tightness or a persistent cough then you may have Asthma. It’s important make an appointment with a GP straight away and get all checked out

· Should you have hay fever, see a GP or a Pharmacists for a hay fever treatment plan

· Should you have hay fever, and especially if you experience symptoms of Asthma, such as wheezing, shortness of breath, a tight feeling in your chest or coughing, it is important to make sure you don’t also have Asthma. Once again you will need to speak with a GP about whether you might also have Asthma, and get it checked out as you may need a Asthma reliever puffer that’s available from a pharmacy without a prescription

Finally, its critical where possible avoid being outside during thunderstorms from October through December – especially in the wind gusts that come before the storm. Stay inside and close your doors and windows and if you have you turn on air conditioning, it needs to be on the recirculate mode so you do not bring any air from outside in. Also stay calm do not panic if filling ill and call for help.

21/11/2019

Seeing it’s National Skin Cancer Action Week we thought it would be prudent remind everyone of the hazard of skin cancer and it is a timely reminder as we head into summer for us all to use sun protection.

Did you know, more than 2,000 people in Australia die from skin cancer each year, and the Cancer Council estimates that Australia spends more than $1 billion per year treating skin cancer, with these costs to continue to increase substantially over the next few years.

Australia unfortunately has one of the highest rates of melanoma in the world, and melanoma is often referred to as 'Australia's national cancer'.

· In 2019, it has been expected that there will be 15,229 diagnosis of melanoma of the skin - close to one diagnosis every half hour

· Melanoma is the third most common cancer in Australian men, after prostate and colorectal cancer

· Melanoma is the third most common cancer in Australian women, after breast and colorectal cancer

· Melanoma is the most common cancer affecting 15 to 39-year-old Australians

· In 2019, it is predicted that there will be 2000 deaths from melanoma of the skin - that is one Australian every five hours.

Despite the above alarming stats, most skin cancers can be prevented by the use of good sun protection or by covering up. That’s why it’s important during the National Skin Cancer Action Week, for you to remind all that you can of the potential risk and urged your family friends, staff and clients as we head into summer to use the five forms of sun protection as per below:

· Slip on sun-protective clothing

· Slop on SPF30 (or higher) broad-spectrum, water-resistant sunscreen

· Slap on a broad-brimmed hat

· Seek shade

· Wear sunglasses and a hat

A combination of these measures, along with getting to know your skin and regularly by checking for any changes are key, along with consulting a medical professional to check your skin out also.

The above stats do re-inforce / highlight the merits and need for Trauma insurance to be factored into a client’s protection package. As we know, should any client be diagnosed with Skin cancer or any other cancer for that matter, they will inevitably require treatment perhaps on a regular basis that can have a financial impact to them and their family.

It is also important to consider taking out a Trauma Plus policy as some Trauma 'plus' policies provide up to a 25% payment of the sum insured if a skin cancer is diagnosed.

I remember calling a couple who were on holiday and the wife had just had a melanoma removed from under her eye. I checked the wife's policy and confirmed she had Trauma Plus. They received over $100k the following month after the claim was accepted.

It is also important to consider if your Trauma policy will reinstate the partial amount as not all do.

Lastly, if a reinstate was to occur, some Trauma polices will reinstate the premium, if on Level, back to the original premium amount, where as most will set a new 'higher' premium price given a payout has occurred.

At Find Insurance, we will help you find the right Trauma policy for your needs. Find Insurance: 1300 88 38 30.