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 307 individuals as of the 30th of July, significantly higher than the March peak of about 50.
Additionally, there were at that point 41 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.
The Victorian State government media reports indicate that there are two main drivers for the increased rate of infections in younger, working age people:
- 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.
- 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.
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 and the risk of longer-term debilitating health issues as a consequence of having the coronavirus? If your area is younger, working age Australians, with financial and family obligations, such an outcome could be disastrous for your financial security over an extended period of time.
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.