Trauma insurance could help support you and your family by alleviating some financial pressure during the worst of times. Trauma or critical illness insurance is a one-off lump sum if you are diagnosed with one of over 50 specified illnesses depending on insurance provider: serious debilitating illnesses that generally require extensive medical treatment. Examples of the major events or illnesses covered include cancer, heart attack and stroke – 90% of trauma cover claims are associated with these three conditions.
Trauma insurance provides financial relief during some of the most testing of times.
Trauma strikes more often than many of us care to imagine
Sadly, critical illness is not something any of us can afford to ignore. Numbers show that two out of five people will suffer a critical illness before the age of 65, and our insurance brokers at Global Finance handle a large number of successful critical insurance claims.
We’ll provide you with options you may not otherwise have.
Advanced Cover: There are lot of trauma cover options available currently which are far superior to basic trauma cover available, the difference lies in between claim definition eligibility and claiming multiple times on related or unrelated conditions.
A designated lump sum payment to ease the financial burdens
Trauma insurance is a payment that can be used to make your and your family’s life easier. Unlike income protection insurance, trauma cover isn’t linked to whether you can work or not. If you were to suffer a critical illness and needed ongoing treatment, chemotherapy, stress etc, you’re clearly not eligible for life insurance, but neither would your total and permanent disability insurance pay out, as you will be able return to work, eventually.
Trauma insurance cover would ease the financial pressures.
Money is the last thing you want to have to think about
When you’ve suffered a serious medical event, everyday life doesn’t stop while you recover. Day-to-day bills, car payments and the mortgage still need to be paid. If you’re too sick to work, adding money worries into the mix is the last thing you’ll need.
Although not a substitute for private medical or health insurance, a critical illness insurance policy provides financial relief.
Protection so you can focus on wellness not money
This cover provides a tax-free cash sum so you can focus on getting the best treatment available, pay for rehabilitation, or revaluate priorities. Trauma insurance helps minimise financial stress so you can concentrate on recovering and spending time with your loved ones.
Designed to give you money when you need it most, trauma insurance is there to make sure that a medical emergency doesn’t also turn into a highly stressful financial crisis.
Of course, no amount of money can make up for a life-changing medical diagnosis, but it can make a big difference to how you get through it.
Trauma cover means one worry less, just when you need it
Trauma insurance gives a financial buffer, so you don’t need to worry about the immediate financial situation. Trauma insurance is able to help you by:
- replacing the income that you or your spouse has lost from missed work due to your illness
- enabling your partner to stop working in order to care for you
- paying off medical bills not covered by medical insurance
- making any necessary modifications to your home
- keeping up debt repayments and possibly paying down debts
- making lifestyle changes such as reducing work hours or increasing family time/holidays
- boosting retirement savings.
With the money from your critical illness insurance policy you may decide to fund treatment options, tick off items on the bucket list, or pay off the mortgage to relieve some of the financial burden.
The payment is yours to use however you want. It’s entirely up to you.
How much trauma insurance is the right amount?
How would your family cope financially if you were no longer able to earn? What if your partner also needed to stop working to provide care? On top of meeting your existing financial commitments, how would you pay for your recovery, rehabilitation, home modifications or medical expenses? What about the bigger ticket items like educational expenses, both now and in the future, or a new car?
There’s no one-size-fits-all answer to the ‘how much trauma insurance should I have?’ question. You need to strike the right balance between the financial situation you want for your family and affordability, but even a relatively small amount of trauma insurance can help. $100,000 may not cost the earth in premiums but could make a huge difference at a very difficult time. In general, however, we recommend trauma cover equivalent to at least 1-2 years of your salary and use a financial mapping tool to help you understand your financial position.
Together we’ll look at your financial picture, so you have clarity and confidence about how much trauma cover you need.
Extra help when you need it most
Many people have life insurance, but not trauma cover. Suffer a serious illness or medical event and survive, then you and your family could be left dealing with financial issues as well as medical ones.
If you want to find out more about trauma insurance, consult with an insurance broker at Global Finance. Call us on 09 255 55 00
**Underwriting criteria and insurer terms T’s and C’s apply