#3 The ins & outs of Life Insurance

Insurance 101-What is trauma insurance?

Trauma or Critical Illness cover

These policies pay you a lump sum of money if you’re diagnosed with one of the illnesses or injuries listed on the policy such as cancer, kidney failure, heart disease, paralysis, etc.

Why consider trauma insurance?

How would your family cope if you suffered a trauma event such as cancer, heart attack or a stroke? What would happen if you needed specialist treatment? Who would pay for this?

The diagnosis of a trauma event is devastating in any circumstances but the burden will be far greater if your financial security is also put at risk.

Trauma Insurance pays a lump sum on the diagnosis or occurrence of one of a list of specific illnesses such as heart attack, cancer or stroke.

That payment gives you choice and flexibility at a time when you need it most. You will be able to reduce your working hours, spend time with your family, get treatment or rehabilitation and pay for a carer and any number of unexpected things. Trauma insurance takes the pressure off, so you can spend your time focusing on recovering – not worrying about your finances.

You could use the benefit to:

• Pay for private medical costs not covered by the public health system

• Reduce sundry debt

• Make lifestyle changes so you can focus on recovery, like permanently reducing the number of days you work, or

• Take some time off work or take a stress-free family holiday.