Many people intend to take out Trauma insurance, but never quite get around to it. Statistically, Trauma insurance is one of the insurance policies you’re most likely to use. So don’t put it off any longer, weigh up the pros and cons and make an informed decision regarding Trauma insurance as soon as you can.

So what exactly is Trauma insurance?

Trauma insurance (also known as Critical Illness insurance) provides valuable cover for what is arguably the most likely risk event for the average person – critical illness. If you have Trauma insurance, you’ll receive a tax-free lump sum benefit if you’re diagnosed with a specified critical illness such as cancer, heart attack or stroke. Some policies cover more than 50 different medical conditions, from serious illnesses right through to low severity conditions.

What is the likelihood you will need Trauma insurance?

Research indicates that one in five men and one in seven women between the ages of 30 and 64 will suffer a critical illness*. The good news is, medical advances mean we have a much greater chance of survival. So why do most people have insurance covering death, but very little to no insurance covering the risk of suffering a critical illness and surviving?

The cost of a critical illness can have a huge impact on you, both emotionally and financially. Research conducted by RiceWarner actuaries in 2012, found that out-of-pocket expenses relating to cancer treatment can be as high as $380,000, even with an adequate level of private health insurance. Could you afford this?

How is your payment calculated?

The payment is based on the definition of the medical diagnosis, and whether it meets the definition on the insurance policy. It’s extremely important to get advice regarding the right Trauma insurance policy for you and your individual circumstances, as policy definitions can sometimes make a difference in the event of a claim. It can be very stressful if you can’t claim a payment, due to a technicality.

Do you receive a payment if you can still work?

Many people think that if they can still work, they won’t receive a payment. This is not the case. Your ability to work and undertake basic duties is of no consequence with Trauma insurance. Payment is made purely on the diagnosis of a specified critical illness.

Could you cope financially without Trauma insurance?

If you were diagnosed with a critical illness like cancer, and faced with possibly hundreds of thousands of dollars in medical expenses, how would you pay for it? How would your family cope, if your partner had to take time off work to care for you, resulting in a loss of their income too? Perhaps you could sell some assets or take on more debt, but in most cases this would have a severe impact on your financial future.

Trauma insurance is the most cost effective way to protect your assets and financial future, if you’re diagnosed with a critical illness. Quite simply, it helps take the pressure off, so you can focus on recovering – not worrying about your finances!

We’ll help find the right solution for you.

Choosing the right Trauma insurance can be confusing, so it’s vital that you seek professional advice. Elston is currently offering complimentary one-hour consultations to help you find the right insurance solution for you and your family, so you’ll be financially prepared for the unexpected. Please contact us on 1300 ELSTON or email info@elston.com.au to find out more.

*GenRe LifeHealth Australian Critical Illness Survey 2008.