Trauma Insurance Explained

Trauma insurance supports you when you need it most

Trauma insurance was first offered in South Africa in the 1980s, an idea pioneered by heart surgeon, Dr Marius Barnard, who witnessed the struggles faced by patients and their families in terms of meeting the medical costs of treatment. In the event that you may be diagnosed with, or suffer one of a range of traumatic conditions such as cancer, heart attack and stroke, trauma insurance provides a lump sum payment to you.

Although medical advancements have improved our chances of surviving traumatic events, the cost of treatment can still be way beyond our means, meaning that you may need to dip into retirement savings, increase your mortgage, or even draw on you child’s education fund  to pay for your treatment.

The difference between income protection and trauma insurance

Unlike income protection where you need a doctor to certify your ongoing health, a trauma payment is not dependent on you being unfit to work.  The trauma insurance provides financial support that allows you flexibility with your work arrangements.
For instance, the diagnosis of a traumatic condition may mean that you physically could go to work, but would prefer to spend time with family and reduce work-related stress while you recover and consider how your future will be affected.

There are significant variations and features offered between policies, such as types and number of events covered, premium options, and ancillary benefits payable.  Your financial adviser can help you find the right policy for you.

Trauma insurance fills the gaps

According to an Australian Bureau of Statistics report published in 2012, heart disease and stoke remain the most common causes of death in Australia, accounting for almost 34,000 deaths in 2010.

Despite that, thousands of Australians are underinsured or have no insurance in place to cover the expenses incurred by such illnesses, placing additional grief and pressure on the patient and their loved ones when they are faced with the compounding costs associated with treatment.  It is not uncommon for some people to even be forced to sell the family home.

If you had a potentially fatal disease, imagine the peace of mind in knowing that you could access the best possible treatment, as well as taking as much time off work as you needed to recover, without the worry of paying your bills.

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