Whilst many people make some sort of medical recovery, the likelihood of making a financial recovery is less certain, especially if you are unable to continue work with your current employer, or forced to stop work completely for medical reasons. This is where Trauma Insurance can help.
Trauma Insurance pays a lump sum not because you are going to die, but because you are going to live. Generally, for a trauma insurance policy benefit to be paid, the insured must survive for 14 days after being diagnosed. Figures show that there was a significant increase in relative survival after diagnosis of breast cancer (‘82- ‘86 to ‘98- ‘04) from 71% to 87% (1).
A payment as a result of having Trauma Insurance can make a significant contribution towards the financial survival of families and businesses by providing you with cash to use as you see fit. As such, it can alleviate financial pressure in a period of intense shock and trauma, giving you and loved ones time to adjust to the crisis and rethink your future.
Aussies are suffering an increasing incidence of cancer and we are still experiencing high levels of heart disease and stroke. Due to advances in medical science, we have greater chances of surviving a serious medical condition. In many cases this survival period can be measured in years.
It is important to understand that where in the past a serious medical condition often led to swift death, this is no longer the case – with consequential effects on lifestyle, family and work.
What is Trauma Insurance?
Trauma Insurance or Trauma Cover is also known as critical illness insurance, sickness and accident insurance, and living assurance. It pays a lump sum in the event of a specified medical condition, regardless of whether you are prevented from working or not. These ‘medical conditions’ may vary from insurer to insurer, but nearly most will cover cancer, heart disease and stroke.
You May Need Trauma Cover If You:
- Have a mortgage
- Have credit card debt or any other debt
- Have a family and associated responsibilities
- Have a business or business partners
- Are a company director, key employee or self-employed
- Have insufficient cash reserves to cover unexpected medical and hospital bills
What Are Your Chances Of Suffering A Critical Illness?
- Females have a one in four chance of suffering a critical illness between ages 30 and 64 (1)
- One in four women will contract cancer before age75 (2)
- In Australia each year, about 700 women under the age of 40 are diagnosed with breast cancer (3).
How Much Can Critical Illnesses Cost?
The Cancer Council of NSW estimates that women who are diagnosed with breast cancer can expect to incur more than $40,000 in lost productivity and other out-of-pocket expenses during their period of treatment.
Contact the team at Matrium Financial Services today on 02 88183255 for a risk assessment of your financial situation to ensure the protection of you and your family’s financial well being, through adequate protection.
1. General Cologne Life Re Australia, 2002
2. AIHW and Australasian Association of Cancer Registries, Cancer in Australia 2001, 2004 3 Statistics and research: Breast cancer statistics in Australia, www.breasthealth.com.au/statisticsresearch/, 2009There are a few factors you should consider before choosing the right life insurance policy for you.