Although nobody likes to think about serious illness or injury, much less plan for it, the truth is that Australians are being diagnosed with cancer at increasing rates each year, in addition to increased incidents of heart disease and stroke. Medical science has become so sophisticated in recent years that most people survive serious health problems. In many cases, they not only survive but go on to live for years. Although this is great news for all of us, it also draws our attention to the cost of surviving a serious medical event, and the effect it can have on our families, lifestyles, and our ability to earn an income. Along with the price of experiencing life-saving medical intervention, unless you are independently wealthy or have a comprehensive insurance portfolio in place, the cost of a major medical event can be financially devastating, particularly if you are no longer able to work and earn an income. For this reason, it's important to consider the benefits of trauma insurance.
Trauma Insurance is also known as critical illness or accident insurance.
Trauma insurance can pay a lump sum in the event that you are diagnosed with a serious illness or suffer a serious injury, regardless of your ability to return to work. Each insurance provider has their own language and list of medical conditions covered. Generally, most trauma insurance policies cover cancer, heart disease, and stroke, and can be purchased as a stand-alone policy or along with a life insurance policy.
Generally, most insurance providers pay on trauma insurance claims after you have survived for 14 days past the particular diagnosis. Having a critical illness insurance policy in place can mean the difference between surviving your diagnosis and maintaining your quality of life, and experiencing serious financial hardship as a result.
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Who needs critical illness insurance?
If you are unsure about whether or not a critical illness insurance policy can benefit you, we can assist you in this area, as it's our view that everyone who can afford this type of insurance should have some of it. There are a number of reasons other than medical expenses for considering critical illness/trauma insurance; other areas that are at risk whilst you may be unable to work, or whilst you may be unable to work in your career are relevant if you:
1. Have a mortgage
2. Have a family who depends on you financially
3. Have credit card debt
4. Have other debts that must be repaid
5. Lack of sufficient cash reserves to cover unexpected medical and hospital bills
6. Own your own business
7. Have business partners
8. Hold a key position at work, such as a company director or manager
9. Are self-employed
The cost of treatment for a critical illness can be astronomical, and while private health cover usually helps, there is always a gap.
If you'd like an obligation free assessment of your personal insurance needs, including the suitability of trauma insurance, please don't hesitate to contact us.