“Movember” some quick facts around Prostate Cancer

As the 2013 “Movember” campaign comes to an end and all those bad moustaches disappear, I thought it timely to send you some quick facts around Prostate Cancer.

  •  Prostate cancer is the most commonly diagnosed cancer in Australia, with approximately 20,000 cases per year
  • One in eight Australian men will develop prostate cancer in their lifetime
  • Around nine men die from prostate cancer each day in Australia
  • Prostate cancer diagnosis has doubled between 1998 & 2008, with numbers expected to rise by 2020
  • Around 90% of men will be alive 5 years after diagnosis.

How Does Insurance work in regards to Prostate Cancer? 
Cover under Trauma policies are generally based on grading but also on the level of treatment required.  In the last few years most insurers have added this treatment based approach so that payments reflect the impact upon the client’s life.

Full Payment: If an insured person is diagnosed with prostate cancer above a certain grading OR that needs treatment, whether it is surgery, radiation or even hormone therapy, they’ll receive their full benefit.

Partial Payment: If diagnosed at a very early stage and there is no requirement for treatment then insurers can pay up to 25% of the sum insured as a partial benefit. If the cancer progresses to requiring treatment we can pay the balance of the sum insured.

Partial payments for prostate cancer are quite rare, over 2012/13 one of our insurers paid 27 full claims, totalling $6.7m and 0 partial claims~.

If trauma is not an option for affordability reasons, you can look at Income Protection Plus Policies. The Crisis Benefit provides a guaranteed payment if an insured person meets a full trauma condition definition, like cancer.  Given the Crisis benefit provides 6 months payout, you can still receive a lump sum cover.  A policy with a $10,000 monthly benefit = $60,000 lump sum payment.

If you have been considering reviewing your insurances and or taking out covers let Altitude Wealth Solutions assist you with this complex area.

This article is general advice and should not be considered without first gaining a Product Disclosure Statement from an insurer and receiving personal advice re your individual circumstances. Insurance policies of this nature are subject to medical underwriting and are not guaranteed until all terms and Conditions of such policies are accepted by the insurer.