COVID-19 Cases Are Increasing Rapidly. Many Victims Are Finding Themselves In Hospital For Extended Periods – Even Months. Are You Covered If The Worst Happens?
The second wave of coronavirus infections is hitting Victoria hard and cases are also still increasing in New South Wales. Along with the increase in infections, there has been a dramatic rise in hospitalisations and, with the lag effect of seven or so days, that is expected to continue to rise over coming weeks.
The ABC reported that Victorian hospitalisations had reached 416 individuals as of the 4th of August, significantly higher than the March peak of about 50.
Additionally, there were at that point 35 coronavirus cases in intensive care units. Of these confirmed cases Australian’s in their 20s have the most confirmed cases of any age group. This is a material change from the first wave of infections, which were predominantly occurring in people over the age of 60.
State government media reports indicate that there are two main drivers for the increased rate of infections in younger, working age people:
1. Younger people are taking less precautions against potential infection, on the presumption that the coronavirus is less problematic in younger patients, and their peers are unlikely to have it.
2. Workers, particularly those who feel their employment status may be vulnerable, are continuing to turn up to work, even when displaying virus symptoms. This has been a particular issue in the aged care sector, which has dominated the latest rises in infection rates, for both workers and residents.
Evidence is also mounting that severe infections are leading to not just extended hospital stays, but longer term serious health issues affecting major organs (particularly the heart) and posing ongoing challenges for the health of those individuals.
Of course, the strategies for protecting yourself against infection and staying healthy are clearly outlined by the state and federal governments on a daily basis – wearing masks, maintaining social distancing, self-isolating if you show symptoms and only leaving the house if you have to, for the reasons allowed by the government.
However, if you do become infected, are you in a position financially to weather the potential implications, including possibly extended hospitalisation for months and the risk of longer term debilitating health issues as a consequence of having the coronavirus? If you area younger, working age Australian, with financial and family obligations, such an outcome could be disastrous for your financial security over an extended period of time.
Partner Insight: Covid-19 has proven the need for income protection https://t.co/QJMhpLMS5w
— Cover (@Cover_Mag) July 27, 2020
The virulence and rapid spread of the coronavirus pandemic highlights the need for every working Australian to take serious stock of their financial situation and strategies. And one of the most effective financial strategies that most Australians have ready access to is income protection insurance – a safety blanket in the event that something unfortunate occurs that materially limits your ability to earn and provide for yourself and your loved ones.
If you are considering income protection insurance, it makes sense to discuss it with an expert that can work with you to tailor an insurance product that suits your specific individual circumstances and requirements.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
