The often forgotten about or neglected part of a personal protection plan is trauma insurance or what is also commonly known as critical illness cover. Quite often people fail to see the value in this cover and often say this as a burden on cash flow when it comes to the payment of the premiums.
In short, trauma insurance provides a lump sum benefit in the event of the suffering of a traumatic illness or event. Some of the events that are covered by trauma insurance include:
- Cancers such as malignant tumours, benign brain tumours, melanoma, breast cancer, prostate cancer
- Heart conditions such as heart attack (of a specified severity), or heart surgery
- Neurological conditions, such as stroke or dementia including alzheimer’s disease
- Blindness and deafness
- And more…
The lump sum that is provided by these cover can be used for such things as paying for best of best medical treatment, covering short-term living expenses, debt coverage and much more.
We, as Australians, quite often live by the motto that she’ll be right! In reality, 1 male in 3 and 1 in 2 females will suffer a cancer event in their lifetime. Scary stuff!
In a recent study conducted into the cost of care commissioned by Zurich, it was demonstrated that the cost of receiving treatment for some cancers was up to $95,460 in a lifetime.
That leaves a huge hole in the family budget, not to mention additional stress and worry which is definitely not needed at a time where all of your energy should be focused on recovery.
Should you wish to chat with us in regards to your trauma insurance needs, please reach out.