Page last updated: November 2024
The information on this webpage was adapted from Cancer and Your Finances - A guide for people with cancer, their families and friends (2024 edition). This webpage was lasted updated in November 2024.
Expert content reviewers:
This information was developed with help from legal, financial and health professionals; legal and financial support staff at Cancer Council; and people affected by cancer:
- HWL Ebsworth Lawyers, Sydney, NSW
- Viridian Advisory, Melbourne, VIC
- Leigh Aitken, Consumer
- Mary Bairstow, Senior Social Worker, Cancer Centre, Fiona Stanley Hospital, WA
- Lynette Brailey, Team Leader Financial Counselling, Cancer Council NSW
- Corinne Jones and Siew Tan, Financial Counsellors, Cancer Council VIC
- Penny Jacomos, Social Worker, Asbestos Diseases Society of South Australia, SA
- Dr Deme Karikios, Head of Department – Medical Oncology, Nepean Cancer and Wellness Centre, Nepean Hospital, NSW
- Valerie Parsons, 13 11 20 Consultant, Cancer Council SA
- Viridian Financial Group, Melbourne, VIC.
If you’re having difficulty paying your living expenses, you may want to look at ways you can add to your income. This can help reduce the pressure and stress of having to cut your expenses.
If you’re unable to pay your debts and cannot come to suitable payment arrangements with your creditors, you might apply to become bankrupt.
Ways to add to your income
Centrelink benefits
The Australian Government provides a range of payments through Centrelink that may be available to people with cancer and their carers. These include:
- Age Pension
- Carer Payment and Carer Allowance
- Disability Support Pension
- JobSeeker Payment
- Rent Assistance
- Bereavement Payment.
You may also be eligible for Rent Assistance, the Pensioner Concession Card or the Health Care Card, which can help reduce your medical and other expenses.
Centrelink benefits may depend on your income and assets or have other eligibility requirements.
To check if you are eligible, find out what payments you may be able to get and for information about how to apply, visit Services Australia or ask your social worker. You can claim payments online through myGov.
Insurance claims
Review all your insurance policies to see if they cover your situation. This may include income protection, private health, travel, trauma, consumer credit, total and permanent disability (TPD), mortgage and life insurance.
It’s important to make insurance claims as soon as possible because time limits may apply. Check whether you have any insurance attached to your superannuation or provided by your employer.
If you are thinking of resigning from your job, check your insurance coverage first, because leaving work may affect your entitlements. If you are not sure whether you are covered, contact the insurer.
If you think you should be covered but your claim is denied, get in touch with the Australian Financial Complaints Authority. You can also call us on 13 11 20 to see whether we can connect you with a lawyer for assistance.
No interest loans
No Interest Loan Schemes (NILS) provide people on low incomes with interest-free credit. You can borrow up to $2000 for essential items such as furniture and whitegoods, computers, some medical services and car registration.
You can borrow up to $3000 to pay bond, rent in advance and rates. Most of these loans will need to be repaid over one to two years.
NILS are provided by several charitable organisations. To see if you are eligible, or to find your nearest NILS provider, visit Good Shepherd or call them on 13 64 57.
Property and other assets
You may be able to sell an asset, such as a house, car or investments, to give you more cash to cover expenses or repay debts. It’s a good idea to speak to a financial adviser about which assets to keep and which to sell.
If you are considering selling an asset, such as property or shares, or cashing in superannuation or other similar policies, make sure you get advice that explains any tax issues and maximises your return.
If a lender has a court order allowing them to sell your property to recover a debt, ask them in writing to postpone enforcement of the order so that you can sell your asset privately.
You will probably get a better price if you arrange the sale yourself or through an agent.
Workers compensation
In Australia, about 5000 people are diagnosed with work-related cancers each year. Work-related cancers can be caused by:
- ultraviolet (UV) radiation from the sun (e.g. labourers, wharf workers, postal service workers)
- toxic dusts and chemicals, including asbestos, diesel exhaust, heavy metals, solvents and pesticides (e.g. construction workers, painters, armed services personnel, forestry workers)
- ionising radiation (e.g. miners, nuclear energy workers).
Workers compensation covers workers and their employers in the event of a work-related injury or illness. If you have been diagnosed with a work-related cancer, you may be entitled to workers compensation.
This could include weekly payments, a lump sum and/or payment of medical bills. If a person dies because of a work-related cancer, their dependants may be able to claim a lump sum amount.
It’s important to obtain legal advice from a lawyer who specialises in workers compensation matters. To make a claim, notify your state or territory workers compensation authority about your cancer and why you think it is work-related.
A time limit may apply for making a claim. Contact the Law Society in your state or territory to find a lawyer near you. Depending on where you live, Cancer Council 13 11 20 may be able to connect you with a lawyer.
Superannuation
In Australia, you can access your superannuation (super) after reaching the age of 60 years old. You will usually need to be retired if under 65.
You can, however, access your super early in particular circumstances, such as to pay for medical treatment or due to severe financial hardship. These are the conditions for accessing your super.
Superannuation and cancer fact sheet
Accessing your super
To access your superannuation early, you need to apply to the Australian Taxation Office (ATO) or directly to your super fund, depending on why you are applying. There are also tax issues to consider.
To find out more, visit the ATO, contact your super fund or talk to a financial counsellor.
If you’re not sure where all your superannuation is held, call the ATO’s super search line on 13 28 65 to find any lost or unclaimed superannuation.
Eligibility by age
Aged 65 or over, working and retired – once you have reached the minimum age set by law (your preservation age), you can access your super as a lump sum or an income stream.
Aged 60–64 and retired – the same conditions as above apply.
Aged 60–64 and still working – you can access some of your super to top up your salary if you are working reduced hours. Called transition to retirement (TTR), this scheme provides an income stream from your superannuation savings. There are conditions applied to TTR.
Aged under 60 – you can access your super early only in some circumstances, including if you:
- need the money to pay for medical treatment, or transport to and from medical treatment for yourself or a dependant
- need the money for home loan repayments to prevent the bank from selling your house to pay off the debt (foreclosure)
- have a disability and need to make your home or car more accessible
- need to pay palliative care, funeral, burial or cremation costs
- have a terminal illness with a life expectancy of two years or less
- are unable to ever return to work (permanent incapacity)
- have been receiving a Centrelink payment for 26 weeks continuously and cannot pay your living expenses.
- have a low super balance of less than $200.
Insurance through super
People often don’t realise that they may have insurance attached to their super. Many industry super funds, as well as some retail funds, offer insurance by default.
In many cases, you will be covered if you did not choose to opt out. Types of insurance offered through super funds include:
- life insurance (may be called death cover) – this is paid to nominated beneficiaries when the policyholder dies. Some policies will pay the insured amount if the policyholder is diagnosed with a terminal medical condition
- total and permanent disability (TPD) insurance – this is usually paid as a lump sum. Each insurer can have a different definition of what it means to be totally and permanently disabled from illness or injury
- income protection insurance – this is paid if you’re unable to do your usual job due to sickness or injury.
For more details, contact your superannuation fund.
Super, insurance and terminal illness
People accessing super early because of a terminal illness might also be able to claim on their super’s life insurance.
Before you decide to access your super early, find out whether doing so would affect your insurance entitlements. Premiums for life insurance are often deducted directly from the super’s lump sum (preserved amount).
If you withdraw all your super, you will no longer be up to date with the insurance premiums, so insurance cover may be cancelled.
You may be able to leave some of your super in the fund so insurance premiums continue to be paid. Insurance can also be cancelled if super funds are inactive for more than 16 months.
You will need to check the qualifying time frame – superannuation law allows people to withdraw all their super if their life expectancy is two years or less, but many life insurance policies allow payouts only when life expectancy is one year or less.
To find out more about your super, talk to your super fund or a financial adviser.
Bankruptcy
If you’re unable to pay your debts and cannot come to suitable payment arrangements with your creditors, you might apply to become bankrupt.
Bankruptcy is a legal process that releases you from most debts, relieves you from the stress of dealing with debt collectors and lets you start over.
Bankruptcy can have serious long-term consequences and may make it harder to borrow money in the future.
Before applying, it is important to get advice from a qualified financial counsellor or bankruptcy lawyer. They will look at whether you have any other options, and will explain what bankruptcy will mean for you.
For more information and to apply for bankruptcy, visit the Australian Financial Security Authority (AFSA).
What happens if I become bankrupt?
Bankruptcy generally lasts for three years. When you become bankrupt, a trustee is appointed to control most of your financial affairs.
The trustee tells creditors of your bankruptcy and your creditors will deal with your trustee instead of you to have their debts repaid. To pay your creditors, the trustee will:
- sell your assets (which may include your home)
- take some of your income once you are earning over a certain amount; and
- recover any property or money that you may have transferred to someone else for less than market value.
You will usually be able to keep essential household goods, your computer and clothing. You will also be able to keep your superannuation as long as it stays in your superannuation fund.
Financial Counselling Program