Unfortunately far too many people may not have even heard of Trauma Insurance. Trauma Insurance (or Critical Illness cover) is designed to provide a lump sum payment in the event of a critical illness such as cancer, stroke and heart disease.
The lump sum payment can be used to assist you and your family financially whilst you focus on your recovery. For example, the payment could be used to:
- Assist with the payment of your out of pocket treatment costs, or even afford the best treatment available.
- Allow you to make changes to your lifestyle such as reduce your working hours to focus on recovery.
- Assist with the reduction of personal debts.
Upon being diagnosed with a Critical Illness, money is likely to be the last thing on one’s mind however at some point it will become a consideration and having financial stresses whilst trying to recover from an illness is far from ideal.
When it comes to personal insurance, many Australian’s don’t think it will happen to them however in 2013 in Australia, it is estimated that:
- 124,910 new cases of cancer were diagnosed and more than half (56%) of all cancers were diagnosed in males¹.
In this day and age it would be fair to assume that we all know someone who is suffering from or has suffered from cancer or some other type of critical illness. I would estimate that over the past 12 months alone I have either met or know personally at least 15 people who have been diagnosed with cancer.
As with all types of personal insurance there are a lot of different policy types and features so it is important to get appropriate advice from a Financial Adviser. Your Adviser can assist you in determining the appropriate level of cover, providing an indication as to cost and recommending a suitable policy.
For more information contact us on (07) 3491 8822.
¹ Source: Cancer in Australia: an overview, 2013 (Australian Institute of Health & Welfare).
This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from Thrive FS Pty Ltd who can consider if the strategies and products are right for you.