When someone is seriously ill they may need to look at their finances. Employment and retirement packages can be complex. If someone is still employed, financial advice can help them to make important decisions:

• Banks have financial advisors that may be able to offer advice
• Personal accountants can be an important source of advice
• Many Centrelink offices have financial information services, and offer a confidential interview
• If someone is working, the Human Resources staff can provide information about work entitlements.
  A number of policies, including income protection insurance, allow a claim to be made when someone is seriously ill. Sometimes a medical assessment is required. A doctor or social worker can help with filling in these forms.

There are different types of superannuation, health insurance, and life insurance policies. Some superannuation schemes also include life insurance. The Government now allows early access to superannuation (as a tax free lump sum) for people with a terminal illness. Most employers can provide accurate information. Many unions also have advisors to help with superannuation or personal leave entitlements.
 
Consider use of personal leave, annual leave and long service leave. This could be separately and in combination. It will help to maintain an income as long as possible. Long service leave may be able to be taken on half pay.

Resources

• Information from the Australian Government Taxation Office on access to super for members with a terminal medical condition.
• The Choice website has information on income protection insurance.

Related CareSearch pages

Financial resources

This page was created on 26 May 2009 and is due for review in May 2011*