The Importance of Having Critical Illness (Trauma) Insurance

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Although nobody likes to think about serious illness or injury, much less plan for it, the truth is that Australians are being diagnosed with cancer at increasing rates each year, in addition to increased incidents of heart disease and stroke. Medical science has become so sophisticated in recent years that most people survive serious health problems. In many cases, they not only survive, but go on to live for years. Although this is great news for all of us, it also draws our attention to the cost of surviving a serious medical event, and the affect it can have on our families, lifestyles, and our ability to earn an income.

Trauma InsuranceAlong with the price of experiencing life-saving medical intervention, unless you are independently wealthy or have a comprehensive insurance portfolio in place, the cost of a major medical event can be financially devastating, particularly if you are no longer able to work and earn an income. For this reason, it’s important to consider the benefits of trauma insurance.

Trauma Insurance is also also known as critical illness or accident insurance.

Trauma insurance can pay a lump sum in the event that you are diagnosed with a serious illness or suffer a serious injury, regardless of your ability to return to work. Each insurance provider has their own language and list of medical conditions covered, which is why it is so important to compare trauma insurance policies and select the best one for your needs. Generally, most trauma insurance policies cover cancer, heart disease, and stroke, and can be purchased as a stand-alone policy or along with a life insurance policy.

Generally, most insurance providers pay on trauma insurance claims after you have survived for 14 days past that diagnosis.

Having a critical illness insurance policy in place can mean the difference between surviving your diagnosis and maintaining your quality of life, and experiencing serious financial hardship as a result. Think about it, if you are unable to work and earn an income because of your illness or injury, will you still be able to pay your mortgage and your monthly bills? Will your family’s lifestyle remain intact? A serious medical event can have a deep emotional impact on you and your loved ones; the last thing you need at such a time is the stress of financial worries.

 Who needs critical illness insurance?

If you are unsure about whether or not a critical illness insurance policy can benefit you, speak to a personal insurance advisor who can offer knowledgeable advice regarding your individual insurance needs. There are a number of reasons other than medical expenses for considering critical illness/trauma insurance; other areas that are at risk whilst you may be unable to work, or whilst you may be unable to work in your career are relevant if you:

  • Have a mortgage
  • Have a family who depends on you financially
  • Have credit card debt
  • Have other debts that must be repaid
  • Lack sufficient cash reserves to cover unexpected medical and hospital bills
  • Own your own business
  • Have business partners
  • Hold a key position at work, such as a company director or manager
  • Are self-employed

The cost of treatment for a critical illness can be astronomical. According to the Cancer Council of NSW, women who are diagnosed with breast cancer can rack up more than $40,000 in lost productivity and out-of-pocket expenses while they are being treated.

Find out more about trauma insurance, and compare trauma insurance policies to find one that best suits your individual needs. Visit MultiCover.com.au for more information.

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