Trauma Insurance – largely unknown however most likely to be claimed against For want of better terminology I call it “Stuff the world” cover. Trauma insurance provides a lump sum benefit upon being diagnosed with one of a number of speci¬fied conditions. A majority of claims made are for Cancer, Heart attack and stroke. The purpose of the cover is to provide enough money so that you could say “stuff” work, stuff the bills and stuff the mortgage so that nothing else matters other than getting better. Now I don’t know about anyone else but I can tell you that if my partner or one of the children were diagnosed with Cancer or were to suffer a seri¬ous medical condition, I would want the opportunity to stop work and to be there for them every minute of the day until they had fully recovered. The most common reasons for not holding this type of cover are: I’ve got life insurance – that’s great, however to be paid a benefit you must pass away I’ve got TPD insurance through my super fund – again that’s great, however to be paid a TPD benefit you must be told that you will never be able to work again. Remember, there are many people that survive cancer, heart attacks and strokes and eventually return to work. It just may take a lengthy period of time and a lot of financial hardship before doing so. I’ve got Income Protection – That will provide you with 75% of your income. Could you get by on this amount alone and what about your wife, husband or children who do not work and don’t have income protection? Would you want the ability to stop work yourself during their recovery period? I have no debt/dependants – depending on the condition, medical and other associated expenses could be tens of thousands of dollars. Could you afford to pay these without the need to have to sell assets that you’ve worked hard to accumulate? Should you wish to be provided with further information or have any questions in regards to this type of cover please call our office and speak to an adviser.
Posted on: Thu, 20 Jun 2013 00:41:37 +0000
Trending Topics
Recently Viewed Topics
© 2015