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The Impact of Longer Life Expectancy on Trauma Insurance

Understand the effects of longer life expectancy on trauma insurance, including the risks of heart attack and cancer. Learn about underwriting challenges and effective client engagement and support tools.

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The Impact of Longer Life Expectancy on Trauma Insurance

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  1. Agenda • Fact of the matter • Clients live longer • What does that mean for you • What is the impact on trauma insurance • Heart attack • What it is • Risk factors • Cancer • What it is • Skin, blood, breast and prostate • Underwriting and adviser challenges • Client Engagement and Support Tools

  2. The evolution of man

  3. Improvements in life expectancy 1901-2004 • Life expectancy at birth 83 Female life expectancy has improved 25yrs Male life expectancy has improved 23yrs 78 58 55 Source: Australian Institute of Health & Welfare

  4. Major causes of death Source: Selected causes of death, ABS 2006

  5. Acute myocardial infarction – heart attack • Atherosclerotic plaque • build up • rupture • occlusion • Interruption of blood flow • necrosis of myocardium

  6. Interaction of risk factors • Blood pressure and cholesterol • 1 + 1 > 2 • The risks multiply

  7. Case Study – coronary artery disease • It can happen • to anyone!

  8. What is cancer? • 345,000 new cases are diagnosed in Australia every year • Tumours origins • Benign tumours – non invasive • Malignant tumours – invasive AND disruptive • Some malignant tumours arise from ‘premalignant’ conditions Source: www.aihw.gov.au

  9. Skin cancer • The most common form of cancer is skin cancer • The most serious of skin cancers are melanomas • Very early stages of melanoma have a high chance of cure • Several staging schemes are used to assess • Thickness and ulceration determine prognosis • Breslow’s (thickness) measurement is more accurate than Clark’s level of invasion Melanoma

  10. Clark level • Measures the level of invasion into the skin • Level I: lesions involving only the epidermis (in situ) • Level II: invasion of the papillary dermis, but does not reach the papillary-reticular dermal interface • Level III: invasion fills and expands the papillary dermis, but does not penetrate the reticular dermis • Level IV: invasion into the reticular dermis but not into the subcutaneus tissue • Level V: invasion through the reticular dermis into the subcutaneous tissue

  11. Breast cancer – risk factors • Age • Early onset of menstruation or late menopause • A family history of breast cancer • First pregnancy after the age of 30 or never having breastfed • A proven genetic mutation (BRCA1 or BRCA2) • Excess alcohol and smoking for women who have a family history • Excess weight as an adult, especially if gained after the menopause • Certain types of fibrocystic breast changes • HRT use (oestrogen and progesterone) for more than five years

  12. Breast Cancer Treatment • Surgery • Breast-conserving surgery (lumpectomy), mastectomy, and lymph node dissection • Radiation therapy • Chemotherapy • Targeted therapy • Hormonal therapy

  13. Prostate Cancer Source: Louis Warchaw Prostate Cancer Center, January 2007

  14. TNM classification system • Insurance definition refers to TNM classification • T1 tumours are microscopic, cannot be detected by rectal examination or reliably visible by imaging and are mostly curable • AXA will pay a full benefit under the CCO for T1 prostate cancer when major interventionist therapy such as radiotherapy or brachytherapy or prostatectomy have been included in the treatment

  15. Underwriting challenges • Underwriters need to consider: • Family history, pre-cancerous conditions • Any complications, especially if partial payments and trauma buy-back are being considered • Underwriting a person with a history of cancer in respect of the likelihood of a recurrence of that, or a related tumour • Also, the effects of treatment on long-term morbidity and mortality risks

  16. Case study – cancer • It can happen • to anyone!

  17. We all know the reasons why • Because accidents and illness happen – frequently: • one in two men and one in three women diagnosed with cancer before 85 • 60% of cancer patients survive 5+ years • Cardiovascular disease effects more than 3.5 million Australians • 1.4 million Australians don’t live a full life because of disability caused by cardiovascular disease • Australians are two and a half times more likely to suffer a critical illness than die before age 65. (The Facts of Life and Health 1999) • But only around 2 per cent of the Australian population currently have trauma insurance. • Stroke is the leading cause of long-term disability for Australian adults • More than 53,000 Australians have a stroke every year

  18. Access to medical treatment • AFA NATIONAL FORUM 2007 • PROFESSIONAL DEVELOPMENT SERIES 2

  19. So, what do Australians think about trauma insurance? • 25 – 35 year-olds • 36 – 45 year-olds • 46 – 55 year-olds • trauma insurance not well understood • confused as to what it covers • isn’t it the same as income protection? • WorkCover, sick leave – same things?

  20. Disclaimer • Important information • This presentation has been prepared by The National Mutual Life Association of Australasia Limited ABN 72 004 020 437 to provide information to authorised representatives of Australian Financial Services Licensees only. It assumes a high level of financial services knowledge and expertise and is not designed to be presented to existing or potential holders of financial products as information or advice. The National Mutual Life Association of Australasia Limited ABN 72 004 020 437 does not authorise the use of this presentation with existing or prospective holders of financial products and takes no responsibility for its use in this manner. Every effort has been made to ensure that the presentation is accurate, however it is not intended to be a complete description of the matters described. It does not contain and is not to be taken as containing any advice or recommendation. Furthermore, it is not intended that it be relied on by recipients for the purpose of making investment and/or business decisions. Neither AXA nor The National Mutual Life Association of Australasia Limited ABN 72 004 020 437 gives any warranty as to the accuracy, reliability or completeness of information which is contained in this presentation. Except insofar as any liability under statute cannot be excluded, AXA The National Mutual Life Association of Australasia Limited ABN 72 004 020 437, it's employees, and authorised representatives do not accept any liability for any error or omission in this presentation or for any resulting loss or damage suffered by the recipient or any other person.

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