Trauma Cover is an insurance product that pays a lump sum in the event of a specified medical condition, regardless of whether you are prevented from working or not. It can alleviate financial pressure in a period of intense shock and trauma, giving you and your family time to adjust to the crisis and rethink your future.
It should form part of any risk protection portfolio. It covers a wide range of conditions, including the big “four” trauma claims of cancer, stroke, heart attack and coronary artery bypass grafts.
Trauma Cover is about survival. The media is littered with stories about more Australians suffering from lifestyle-related diseases, and unfortunately the headlines are true. Cancer rates are on the rise and the number of people with cardiovascular disease remains high
On the bright side, medical advances are constantly improving survival rates for such conditions. But while this seems like fantastic news for trauma survivors, for some it means an ongoing battle for financial survival.
The reason? Treatment, medication, rehabilitation, and ongoing financial commitments – like loan repayments – can be very costly. Combined with a reduced capacity or inability to earn an income, some survivors face financial hardship before they even leave hospital.
That is where trauma cover can help. It eases the financial impact of trauma, paying policyholders a benefit to help with expenses like medical bills, financial shortfalls and generally help make ends meet.
In other words, trauma cover is about survival!
Major Risk factors for common medical conditions (excerpt from Comminsure 2010):
Coronary Heart Disease: Tobacco smoking; Physical Inactivity; Poor Diet and Nutrition; Excess Body Weight; High Blood Pressure; High Blood Cholesterol
Stroke: Tobacco smoking; Physical Inactivity; Poor Diet and Nutrition; Excess Body Weight; High Blood Pressure; High Blood Cholesterol
Lung Cancer: Tobacco smoking;
Colorectal Cancer: Tobacco smoking; Physical Inactivity; Poor Diet and Nutrition; Excess Body Weight
You should consider having Trauma Cover if you:
- Have a family and associated responsibilities
- Have a Mortgage or other debt
- Do not have sufficient cash to cover unexpected expenses, for example – medical and hospital bills
- Have a business or business partners,
- Are self-employed, or are a company director or key employee
Trauma Cover options ?
You need to make sure the insurance products offered by your product provider have got features that you are looking for. For example you might want to know if the insurance product offers:
- 24 / 7 Worldwide Cover
- Stepped Premium (premiums increase with age – they are cheaper when you are younger, but more expensive over time)
- Level premium (premiums do not increase with age – they are more expensive when you are younger, but less expensive over time)
- Guaranteed Future Insurability (cover can be increased without medical underwriting if certain life events occur, such as getting married or having children)
- Children’s trauma
- Seamless and smooth claims processing
- Insurance Cover indexed to Inflation
- Life Buy-Back option – Trauma
- Total and Permanent Disability Option
Some of the features listed above will be available at an additional costs and you need to decide on the Price / Quality trade-offs (as you would when doing your groceries – should you buy the cheapest product on the shelf or a premium brand at a premium price!!)
How can you adviser help? Your financial adviser has been professionally trained to help you choose the right insurance options for you. The exercise will usually start with a Strategic Risks Insurance Needs analysis and then will follow the optimum Insurance product solutions to meet your goals and objectives. Talk to us now to find out more!
Did you know those Australian Facts of Life (excerpt from the Comminsure Web Site) …..?
- On average 305,000 babies are born every year
- Last year, more than 121,000 couples were married but more than 48,000 couples were divorced
- Nearly 10% of full-time Australian workers will leave the work force due to chronic illness
- 61% of Australians adults are over-weight, 40% of which are obese
- 1 out 3 Australians will either suffer from a heart attack, Cancer or Stroke
- 4 Million people in Australia (18.5%) report having a disability.
- Around 50% of Australians aged over 30 will suffer a major illness that can lead to long term disability and long term loss of income
- In 2003, more than 3.6 Australians reported one or more impairments that restricted their everyday activities. 66% of these were under age 65
- Approximately 44,000 Australians suffer a stroke each year, with strokes being the leading cause of long-term disability in adults.
- 100% of Australians will die!