Could long-term insurance payments be bad for your health?
For many of our customers, insurance cover is a financial safety net to cover their income or expenses if something goes wrong in their life.
But if you suffer an illness or injury, the negative effect can be much more than just financial – and getting back on your feet can be extremely difficult.
Research from the Royal Australasian College of Physicians in 2011 showed that although insurance or ACC payments might keep your finances on an even keel through a period off work, being a long-term beneficiary can be more detrimental to your mental and physical wellbeing than going back to work.
Work as rehabilitation
The RACP’s research found that if you’ve got an injury or illness, returning to work could be an important part of your recovery and rehabilitation.
The research showed (among other things), that:
- Most common health conditions will not be ‘cured' by treatment1
- Staying away from work may lead to depression, isolation and poorer health
- Typically, waiting for recovery delays recovery
- The longer someone is off work, the less chance they have of ever returning
If you’ve suffered an illness or injury that means you can’t work, a supportive employer, and insurance company, could be important for helping you avoid the damaging long-term impact to your health of not being able to work.
“Work is good for optimising people’s health and wellbeing; and work absence due to illness or injury is not.” 2
Five things to think about if you want to get back to work after illness or injury
Health Benefits of Good Work
As a signatory of the Health Benefits of Work Consensus statement, Asteron Life commits to:
- promoting awareness of the health benefits of good work
- offering support and encouragement to those attempting to access the health benefits of good work
- encouraging employers' continuing support of workers' occupational health
- advocating for continuous improvement in public policy around work and health, in line with the principles articulated in the consensus statement.
Don’t have income protection cover?
If you’d like personalised advice on your insurance, we can put you in touch with an adviser.
1 Bullet point information taken from The role of general practitioners, Faculty of Occupational & Environmental Medicine, Royal Australian College of Physicians (RACP).
2 Realising the health benefits of work – An evidence update, The Australasian Faculty of Occupational & Environmental Medicine, Royal Australian College of Physicians
The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Asteron Life Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Asteron Life Limited and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.