Trauma Insurance
Trauma cover is a very important tool in wealth protection and should be highly considered when developing a risk management strategy. Trauma cover can reduce financial pressure during a period of not only critical illness, but also any stress or other psychological problems.
The facts. What are the chances of developing a critical illness in Australia?
- On average, one stroke happens every ten minutes[1]
- Stroke is the leading cause of long term disability in adults[1]
- Men have a 40% risk of suffering a critical illness between the ages of 30-64 years, with a 25% risk reported in women[2]
Trauma cover can make a significant contribution towards your financial survival by providing a lump sum benefit payment when you suffer from a serious illness. You need to consider trauma cover if:
- You have a mortgage or any other outstanding liabilities.
- You have a family or any dependents.
- You have insufficient cash reserves to cover unexpected medical hospital bills
The benefit is paid when diagnosis is confirmed, not when you die of the condition. This is important because it means you and your family have a lump sum you can use at your discretion, when you most need it. You could use it to pay for additional medical care, or to pay off the mortgage to relieve the financial pressure on your family.
[1] Source: Australian Institute of Health and Welfare 2010.
[2] Source: Australian Critical Illness Survey 2008.
