If you or a loved one experiences a major illness, such as cancer, the last thing you want to do is worry about money or organizing fundraisers for medical treatment and to cover lost wages. Trauma insurance (sometimes referred to as critical illness insurance) provides you with a lump sum on the diagnosis of a specified illness. The benefits can provide you the money you need to cover lost wages for the person who is sick and the spouse to have time off to care for them as well as medical expenses. The total cost of cancer can run into the hundreds of thousands of dollars.
What is trauma insurance?
When you suffer a serious illness, the impact on your life can be enormous. Likewise, the financial impact can be devastating if you’re not adequately prepared for it.
Trauma insurance provides you with a lump sum payment if you suffer an insured major medical trauma. The actual events covered vary between insurers, but some of the most common ones include:
- Cancers and benign brain tumours.
- Heart conditions.
- Neurological conditions — dementia, motor neurone disease, Multiple Sclerosis, muscular dystrophy, paralysis, Parkinson’s disease and stroke.
- Blood disorders — aplastic anaemia, medically-acquired HIV, occupationally-acquired HIV
- Organ disorders — like chronic kidney/liver/lung failure, coma, loss of hearing/speech, major head trauma, severe burns.
You can also take out Trauma insurance policies on any child over the age of 2. This means that if your child suffered from a defined serious illness, you would be able to get them the medical care they need and have time off work to care for them.
What this means to you
The payment of a lump sum from trauma insurance can help you and your family get the financial support you need to get through a major illness without the financial upheaval.
This money can help you do things like:
- Pay for the best medical care, both here or overseas
- Access the full range of rehabilitation services
- Pay for someone to come and help you around the house
- Change your lifestyle if required (eg reducing your working hours or taking an extended holiday).
- Help with mortgage repayments.
Insurance policies will often vary in their features and benefits, so you should work with your financial adviser to choose a policy that suits your needs and your budget.
To discuss further, contact Charles Agnew on 02 6883 2200 or .