The true cost of cancer – and how women can protect their financial future

ARTICLE

1 May 2026

4 min read

I never expected my life to split into a "before" and an "after."

I was young, healthy, newly married, and planning my future. Then, one day, everything changed with three words I never imagined hearing:

"You have cancer."

In that moment, the world just stopped. Time slowed, and my mind raced with questions: What happens now? Will I get through this? How will we manage? Amid all the fear and uncertainty, another reality quietly came into view – the financial shock that so often accompanies a life changing diagnosis.

As an associate adviser at the time, I thought I understood the mechanics of insurance. But it wasn't until I became a patient myself that I realised how profoundly illness touches every part of your life – your wellbeing, your identity, your relationships, and your financial security.

The hidden financial impact

In 2025, it was estimated that around 75,000 women in Australia¹ were diagnosed with cancer. Behind each of those numbers is someone whose life is completely upended – and for many, the financial consequences are significant.

Women already face systemic financial barriers: the gender pay gap, lower superannuation balances, and time out of the workforce to care for children or ageing parents. A cancer diagnosis only widens those gaps.

While my own diagnosis was thyroid cancer, breast cancer is the most commonly diagnosed cancer in Australian women¹. According to AIA Australia's 2025 claims data, women with breast cancer are, on average, unable to work for 29 months – more than two years without stable income, right when medical costs begin to rise.

For a 50-year-old woman earning $89,957²a year, this time away from work could mean³:

around $77,000 lost from retirement savings if she is not covered by income protection insurance
approximately $52,000 in reduced earnings, even with Income Protection
another $30,000 lost at retirement if she withdraws $10,000 early from her super

And the financial strain doesn't stay neatly contained. Partners may reduce their work hours to help at home. Family routines change. Stress increases. Illness doesn't happen to one person – it affects everyone around them.

What I wish I had known

Before my diagnosis, I assumed the default insurance inside my superannuation would be enough.

I was young and healthy. I didn't think I needed anything more.

But stepping away from work for far longer than I expected revealed the gaps. Income Protection helped, but it didn't cover everything. And without trauma cover, I had no lump sum to ease the immediate financial pressure.

The experience was confronting.

When your income stops but your expenses don't, you feel incredibly vulnerable. It's not just about paying bills – it's about how in-control you feel in an already overwhelming situation.

That realisation completely reshaped how I approach my work as an adviser. I no longer talk about insurance in terms of premiums or product features. I talk about the emotional reality of having financial protection.

Insurance isn't about numbers. It's about the breathing room it gives you when life turns upside down.

How women can strengthen their financial resilience

Drawing on both my professional experience and my personal journey, here's what I encourage every woman to do:

1. Review your cover

Make sure your Income Protection, Life, Trauma, and Total & Permanent Disablement (TPD) policies actually reflect your life stage and needs.

2. Build a safety buffer

Even a small emergency fund can make a big difference when income slows or stops.

3. Protect your super

Avoid withdrawing from your super early if you can help it because even small amounts now can have big consequences later. Consider topping up when possible.

4. Know your entitlements

Sick leave, carer's leave, government supports, and health concessions can ease financial pressure.

5. Seek advice early

A licensed financial adviser can identify your gaps, model scenarios, and help you build a plan that supports both recovery and long-term security.

Planning as an act of love

If I could speak to my younger self, I'd say this:

Prepare for the unexpected – not out of fear, but out of love. Love for your future self, and for the people who will walk that journey with you.

Sharing my story is part of that. I want more women to understand the financial realities of serious illness – not to create fear, but to encourage open conversations, reduce stigma, and help others prepare with compassion and clarity.

Planning isn't pessimistic; it's protective. It gives women and their families stability when life becomes uncertain, and the freedom to focus on what truly matters.

Life will always be unpredictable. But with thoughtful preparation and the right support, we can navigate uncertainty with dignity, strength, and confidence.

Footnotes

¹ https://www.canceraustralia.gov.au/research-data/data-and-statistics/cancer-australia-statistics
² Average Net Worth by Age Australia - Canstar
³ Calculations based on: the average salary of a 50-year-old female working full time is $89,957, plus super of 12%; the average duration for an income protection claim for breast cancer is 29 months; average investment return on a balanced superannuation fund @ 7%

Author image

Niyoosha Reinehr

Niyoosha Reinehr is a Financial Planner at AIA Financial Wellbeing who believes financial advice should empower people to live with confidence and clarity. She is passionate about long-term strategy, protection planning, and helping families build secure futures. Outside of work, she enjoys fitness, community events, and time with her family.

Disclaimer:
Copyright © 2026 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.