What is Trauma/Crisis Insurance?
Most of us know of someone that has suffered from a serious illness. While modern medicine can provide many people with a good chance of recovery, the financial consequences of a serious illness can be devastating. Bills for example don’t stop, just because you’re ill. A serious illness, such as cancer, a stroke, a heart attack or any one of a number of other major illnesses, can strike at any time, causing physical and emotional trauma.
For those recovering from such an illness, or facing a lengthy period of incapacitation or recuperation, there is often the financial burden of medical bills and expenses, the ongoing costs of rehabilitation and care, possible modifications to the home, and forced early retirement.
Few people have the necessary savings to pay all these expenses or to manage without a regular income.
Trauma / Crisis Insurance is generally available to people aged between 17 and 59 and can be renewed until the policy anniversary date before the life insured’s 80th birthday (after age 70, only Loss of Independent Existence is covered). Trauma insurance can offer relief by paying a lump sum in the event of a specified condition, helping to ease the financial burden for you and your family (survival conditions apply).
Trauma / Crisis Insurance is available in conjunction with Life Cover or as a stand-alone policy. The Australian Bureau of Statistics data indicates that two in three men and one in three women are likely to suffer a traumatic event during their working life.
Benefits are payable on confirmation of the diagnosis of one of the following specified events (Trauma / Crisis Insurance conditions):
How much do you need?
You and your family are unique. So your Trauma / Crisis Insurance needs are as well.
There is no set amount of Trauma insurance everyone should have, the amount you may need is calculated based on a number of factors, like your:
•income – how much you earn today (and tomorrow!)
•dependants – do you have children or other financial dependants?
•debts – do you have a mortgage, loan or other debts?
•assets – have you accumulated any assets over the years, like property or shares?
To understand your needs, your financial adviser will ask you some questions, so it’s time to start thinking about the future (go on, it’s fun!).
•What does the future look like for you and your family?
•What plans are you making together – that you don’t want to have to break due to finances?
If you would like further information on the products we offer or would like a quote on Trauma/Crisis Insurance please contact us.