How much income would you need if you couldn’t work for an extended period of time?
Many people will go on to live normal lives after surviving a severe trauma, but the economic impact may last for years, and some individuals may never return to their previous financial position.
Trauma insurance is a type of insurance coverage that helps pay for the cost of unexpected accidents. This might include medical expenses, lost wages, or other related costs.
This type of insurance is not covered by superannuation, it’s often overlooked.
If you have income protection insurance, be aware that this only will cover 75% of your income. It’s important to have access to a top up so your expenses are covered.
The money provided by trauma insurance can help cover the unexpected financial burden created when recovering from an accident or illness, in particular cancer, heart attack or stroke which are the three main events trauma insurance pays out for.
Coverage depends on the specific terms of the policy; however, the lump sum payout may be used for:
Trauma insurance plans might vary in benefit amount depending on the type of plan purchased and coverage of benefits it will pay out on. They often work in conjunction with other insurance policies including income protection.
Trauma Insurance reimburses you if you are diagnosed with one of several serious illnesses, allowing you to take time off work and focus on your recovery. The three most common occurrences for trauma insurance claims are cancer, heart attacks, and strokes. For example, if you are diagnosed with cancer, you may need to take 6 or 12 months off work to undergo chemotherapy or to rehabilitate.
Rather than accessing your savings, or your superannuation, to help pay for your medical costs, replace any lost income. Trauma cover can pay a tax-free lump sum, which can be used on whatever expenses you see fit but is used to help replace your lost income and however the policyholder chooses and provides peace of mind knowing you are going to be covered financially while you are focusing on recovering from an accident or illness.
At Aspiri, we can help you work out if trauma insurance is right for you, by looking at how much money you would need to cover your medical bills on top of your regular expenses.
We’ll manage your entire insurance process, from selecting the best insurer based on your occupation and health history, your application, managing the ongoing relationship with you and your insurer such as managing cost vs benefits, through to any claim you may need to make in the future.
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C & L Clapper
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