Physical illness or injury
Dealing with a serious illness, injury, or health condition can be emotionally and financially challenging. After a serious illness diagnosis, it’s normal to feel overwhelmed, anxious or scared. Financial stress often accompanies health challenges, since your ability to work and earn an income may be affected, and there can be increased costs such as medical expenses, specialist health care and rehabilitation programs. If you or someone you care about is facing a serious illness or injury, here are steps you can take, along with ways we can support you.
Steps to take
- Review your finances
Create a budget that reflects your current income and expenses. Prioritise essentials like medical treatment, housing, utilities and groceries. Identify any non-essential expenses that you could cut back. Use our budget planner. - Identify income sources
Identify all income streams, including sick leave, government benefits, or insurance payouts. You may be eligible for government assistance programs including income support, and subsidies for medical equipment, home care services and transport. - Seek professional advice
A financial counsellor or adviser can provide guidance based on your specific circumstances including advice about insurance claims and superannuation.
How we can help
- Insurance claims
Many people actually have insurance without knowing. Insurance inside super is designed to assist you and your family financially if you become unable to work due to illness or injury, or if you pass away. If you hold super with AMP, we can check your insurance cover, your eligibility and help you with the claims process. - Early release of super
You may be able to access your super early if you meet the criteria set by the ATO (Australian Tax Office). - Home loan payment options
If your home loan has a redraw facility, check your account balances. You may be able to use available funds in redraw to cover loan repayments in the short term. If you have a fixed rate home loan, there could be other options, call us to discuss.
- Financial advice
You may want to consult a financial adviser, who can help you make informed decisions about your assets and liabilities. Find out more about advice options. - Financial stress or hardship
If your income is affected and you’re finding it difficult to pay bills or keep up with loan repayments, get in touch as soon as you can to find out how we can support you. - Accessible banking
If your illness or injury has resulted in a disability, find out more about accessibility of our banking products and services.
Further resources, services and support
| Name | Details | Website | Phone | |||
|---|---|---|---|---|---|---|
| Department of Health |
Information about health support and services listed by topic. |
health.gov.au/health-topics | ||||
| NDIS (National Disability Insurance Agency) |
The NDIS provides funding to eligible people with disability to gain an improved quality of life. The NDIS also connects anyone with disability to services in their community. |
ndis.gov.au | ||||
| Healthdirect Australia | Speak to a registered nurse about your health concerns. It can help if you're not sure if you should see a doctor or manage your condition at home. | healthdirect.gov.au | 1800 022 222 Available 24/7 |
|||
| Services Australia | Access Medicare and some health services at low or no cost. Help for people with disability or if you're caring for someone. | servicesaustralia.gov.au/health-and-disability | ||||
| Disability Gateway | Information and services to help people with disability, their family, friends and carers, to find the support they need in Australia. | disabilitygateway.gov.au | ||||
| Job Access | Gives people with disability, employers, service providers and the community access to information about services, financial assistance and workplace solutions. | jobaccess.gov.au | ||||
| Disability Advocacy Finder | Find a Disability Advocate near you - someone who can ensure your choices and rights are respected and you are being treated fairly. | askizzy.org.au/disability-advocacy-finder |
Mental illness
If you or someone close to you is experiencing an emergency, or is at immediate risk of harm, call triple zero (000). To talk to someone now, call Lifeline’s 24-hour crisis support service on 13 11 14 or Beyond Blue on 1300 22 4636.
Mental illnesses are health conditions that can significantly affect how you feel, think, behave and interact with other people. If you’re experiencing mental illness, you’re not alone. One in five Australians experience a mental illness in any year, and 45 per cent of Australian adults have experienced mental illness at some stage of their lives.
Money problems and mental health issues are often linked – financial stress can affect your mental wellbeing, and mental health issues can impact your ability to manage money. If you’re struggling to deal with your finances, we’ll offer you support.
Some ways that mental illness can contribute to financial problems:
- Finding it hard to focus or understand bills and letters.
- Avoiding or ignoring money issues, like leaving letters unopened, forgetting to pay bills, or feeling anxious about checking your account balance.
- Spending more to temporarily lift your mood.
- Reduced income through not being able to work or face going to work.
- Increased health expenses such as counselling, medicines and doctor’s appointments.
Steps to take
- Seek help
Speak to a GP, psychologist or counsellor who can support your recovery. - Prioritise your wellbeing
Take care of yourself: rehydrate, get enough sleep, exercise, and practice breathing exercises. Getting into the right mind space can make dealing with money problems easier. - Stay connected
Consider opening up to a trusted family member or friend to share your concerns. It could relieve your stress and even help you organise your thoughts. - Payments and concessions
You may be eligible for government payments as well as concessions, discounts and rebates. - Power of Attorney
If you’re concerned you won’t be capable of making decisions for a period of time, you can set up a Power of Attorney (POA) to appoint a trusted person to act on your behalf.
How we can help
- Check your insurance
If you’re unable to work due to mental illness, find out if you have income protection insurance as part of your super. - Early release of super
You may be able to access your super early if you meet the criteria set by the ATO (Australian Tax Office). - Home loan payment options
If your home loan has a redraw facility, check your account balances. You may be able to use available funds in redraw to cover loan repayments in the short term. If you have a fixed rate home loan, there could be options for you, call us to discuss. - Referral for financial advice
If you need help managing your finances or debt, we can refer you to an independent financial adviser or financial counsellor to discuss your situation. If you would like us to talk to your financial counsellor, ask them to help you complete a Financial Counsellor Authorisation form (or their own version). - Financial stress or hardship
If your income is affected and you’re finding it difficult to pay bills or keep up with loan repayments, get in touch as soon as you can to find out how we can support you.
Further resources, services and support
| Name | Details | Website | Phone |
|||
|---|---|---|---|---|---|---|
| Beyond Blue |
Mental health support for people who are concerned about anxiety, depression or suicide. Talk to a trained counsellor by phone or online chat. | beyondblue.org.au |
1300 22 46 36 Available 24/7 |
|||
| Lifeline |
A confidential service providing support to anyone in Australia who is feeling overwhelmed, having difficulty coping or thinking about suicide. Call or online chat. | lifeline.org.au | 13 11 14 Available 24/7 |
|||
| Suicide Call Back Service | Free phone and online counselling for people at risk of suicide, concerned about someone at risk, and bereaved by suicide. | suicidecallbackservice.org.au | 1300 659 467 Available 24/7 |
|||
| Kids Help Line | Free, confidential counselling, mental health and wellbeing information and referrals for young people aged 5 to 25 years. Call or online chat. | kidshelpline.com.au | 1800 551 800 Available 24/7 |
|||
| Mensline Australia | Free telephone and online counselling for men. Qualified counsellors specialise in relationship breakdown, separation and divorce, parenting, family violence, and emotional wellbeing. | mensline.org.au | 1300 78 99 78 Available 24/7 |
|||
| GriefLine | GriefLine provides free confidential telephone support for people experiencing grief or loss. | griefline.org.au | 1300 845 745 8am - 8pm, 7 days a week |
|||
| 13YARN | National crisis support line for mob who are feeling overwhelmed or having difficulty coping. Talk one-on-one with an Aboriginal or Torres Strait Islander Crisis Supporter. Free and confidential service available 24/7 from any mobile or pay phone. | 13yarn.org.au | 13 92 76 Available 24/7 |
|||
| Head to Health |
The Head to Health National Digital Mental Health Gateway provides easy access to digital mental health services, information and support. | headtohealth.gov.au | ||||
| Australian Department of Health | Information about mental health support and services. | health.gov.au/health-topics/mental-health | ||||
Financial support directory
Our financial support directory includes product help, calculators and a list of community and government organisations that can provide relevant support for your situation.
We're here to help
Get in touch with us if you're experiencing financial difficulty. We'll take the time to listen, understand your situation and do our best to help.
Banking & Home loans
Monday to Friday 9am - 5pm (Sydney time)
Super, Insurance & Retirement
Monday to Friday 8.30am – 7pm (Sydney time)
Important information
Products in the AMP Super Fund and the Wealth Personal Superannuation and Pension Fund are issued by N.M. Superannuation Proprietary Limited (N.M. Super) ABN 31 008 428 322 (trustee), which is part of the AMP group (AMP).
All banking products are issued by AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.
Any advice and information provided is general in nature, hasn’t taken your circumstances into account, and is provided by AWM Services Pty Ltd ABN 15 139 353 496 (AWM Services), which is part of AMP.
Before deciding what’s right for you, it’s important to consider your particular circumstances and read the relevant Product Disclosure Statement, Target Market Determination or Terms and Conditions available from AMP at amp.com.au.
Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
All information on this website is subject to change without notice.
AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice.