Protection when you need it the most.
With the advancement of medical science, we are now living longer and we are surviving illnesses and traumatic events that would have once resulted in death. This is great news!! However, it is also important to consider your quality of life if you have been diagnosed with a serious illness.
How can Trauma Insurance help?
Trauma insurance provides a lump sum benefit upon the diagnosis of a specified medical condition. There are a number of medical conditions covered under most trauma insurance policies, however the most common conditions claimed for are; cancer; heat attack; stroke and coronary related illnesses.
Holding adequate trauma insurance can give you peace of mind, knowing that if you are ever in this situation, there will be funds available to meet your financial needs which will allow you to focus on your recovery rather than the bills.
The funds could be used to;
– access treatment for your condition which may be overseas
– rehabilitation costs
– reduce the mortgage or other outstanding debts to a more manageable level
– help reduce lost income if you need to take time off to care for family members or simply top up an income protection benefit.
You have a son aged 9 and a $250,000 mortgage. You work full time as does your partner.
Then… You are diagnosed with cancer and are unable to work while you receive extensive treatment. Your partner reduces hours to care for you and it’s not long before you have used your sick leave.
How would you cope financially?
– would you have enough savings to cover all of your out of pocket medical expenses? Or access the best medical treatment?
– would your combined reduced income meet the mortgage repayments as well as the daily living expenses?
– what about funding the additional childcare needed while you receive treatment and are unable to care for your son?