Trauma cover can help ease the financial burden when unexpected serious illness strikes. Unfortunately, the statistics say that most of us will suffer cancer or another serious illness before the age of 85. Yet most people are not financially protected against a loss of income, unexpected medical bills or ongoing rehabilitation costs. But trauma cover can help ease these burdens, here is how.

Trauma Cover is a living insurance

Trauma Cover is a wide-ranging insurance policy that exists to provide a security blanket against financial hardship in the event of serious illness or injury. Trauma cover can also be referred to as ‘living insurance’ as it provides a source of income/ lump sum on which to live when an insured person is diagnosed with a serious illness, or suffers a serious injury and survives, however trauma insurance claims do not have to be used to pay medical expenses, they can be used for home modifications if needed, holidays, getting ahead on the mortgage or anything that you may feel is suitable.

A wide-ranging cover

Trauma cover is intended to provide security against trauma and serious illness, and thus includes a variety of conditions, including cancer, heart attack, loss of sight, and many conditions/ events.

Perfect for those out of the workforce

Many retirees, stay-at-home-parents and others temporarily out of the workforce are not eligible for certain insurance policies, such as income protection, in the event of the onset of a serious illness or injury that would inhibit their ability to return to the workforce. Trauma cover is the perfect alternative as it provides a level of financial security not otherwise available as this insurance is not generally affected by employment status.

Further, trauma cover is most useful for those without an income. If they were to suffer an injury or serious illness, they would become a net deficit on the family’s accounts as their costs of medical care would need to be covered, as well as the new costs of childcare and general lifestyle. In such an example, income protection would not be available and would offer no assistance to a family in need.

Provides financial security

Trauma cover provides financial security when a life has been irreversibly changed and there is a great deal of doubt about many facets of life. The last thing you want to be worried about when you are lying on an operating table is how you are going to pay the rent in a month’s time.

No restrictions on money use

When a trauma insurance claim pays out following a diagnosis of an accepted condition or event, the proceeds are yours to do with what you will. The intent of this is to allow you to correctly identify the financial areas of your life that have suffered most due to the trauma, and to address those adequately. It is not for us to dictate your needs to you.

Protect yourself and your family

You might think that it will never happen to you, but if serious injury or illness does strike, financial stress need not be your concern. With just a phone call to Tradecover Financial Services you can ensure you and your family’s financial security today.

If you are hit with a serious illness, you won’t need the added stress of thinking about how you are going to sustain yourself financially. With cancer and cardiovascular diseases at the top of the list of Australians cause of death, it has never been more important to make sure you are covered for the risks. According to the Cancer Council, half of men and one third of women will be diagnosed with cancer by the age of 85. The Heart Foundation adds that cardiovascular disease kills one Australian every 12 minutes. Trauma Cover becomes more and more important for your financial protection.

What is Trauma Cover?

Trauma Cover pays out an agreed lump sum to you if you are injured or suffer from an illness which has been outlined in your policy. This type of insurance covers accidents and illnesses which are not necessarily work-related and you do not have to be working to obtain the cover.

Trauma Cover can be designed to pay out in instances of, but not limiting to:

Traumatic injury
Disability
Cancers
Strokes
Heart attacks
Heart surgeries
Organ transplants
Severe burns
Paraplegia
Multiple sclerosis

Trauma cover aims to help you focus on recovering from your traumatic event, condition, illness, or injury by taking away the stress of financial woes during this time. It is different from Total and Permanent Disability Cover where Trauma Cover will usually pay out faster, and is focused on your recovery rather than inability to work. It is often called “living” insurance due to the fact that it is paid out with the optimism that you survive your traumatic event.

Why should I commit to Trauma Cover?

Having a serious illness strike you down can not only have a huge impact on you emotionally, but it can also have a huge impact financially. Trauma Cover can help bridge the gap between what your private health covers, what you can afford to pay, and when your sick leave is up. Even though you are sick or injured, your bills will still come, your mortgage will still need to be paid, and you will still need to provide for your family. On top of your usual life expenses, you will likely have medical bills such as doctors’ fees, specialists, rehabilitation, surgery fees, or counselling.

Your partner might be able to help with some of these, but there is only so much one wage can cover for a certain period of time. Receiving a lump sum can help to ease the burden of financial strain and provide some security whilst you recover or undergo specialised care.

You can use your lump sum to pay for anything you need to spend it on. You may choose to use it for the medical bills, or your mortgage repayments, or could simply use it to go on a well-deserved holiday after your diagnosis or recovery. Once the money is paid out it is yours to decide where it goes.

Trauma Cover helps much more thoroughly than your private health fund can. Whilst private health insurance will help to pay for some medical expenses or rehabilitation, in a situation where you are unable to work and cannot make an income, private health will not be able to cover your everyday expenses and personal bills.

Trauma Cover can also be great for full-time parents that cannot access Income Protection Insurance, or older citizens that want to protect their savings ‘just in case’.

Even though we all like to think the best, reality can strike at any time. If you would like to talk more about protecting yourself with Trauma Cover, contact Tradecover WA in Perth today and we will more than happy to help you.