What is trauma insurance?
Trauma cover is also referred to as ‘critical illness’ cover or ‘recovery’ insurance.
If you are involved in a bad accident or diagnosed with a serious illness (that there is a chance you may recover from), trauma insurance can provide you with a lump sum payment.
Most insurers cover major illnesses like cancer and significant events such as a stroke.
A financial safety net
A serious illness can make it difficult or impossible for you to continue to work. If this happens, you will need to find a way to support yourself and your family. Trauma cover can provide a financial safety net for such events.
Trauma insurance pays a set amount. This can be used for things like:
- Any private medical costs above your health insurance
- An income stream if you stop working
- The ongoing cost of any therapy and special transport costs
- Adjustments to housing and lifestyle changes
- Debt repayments
When deciding if you need trauma cover, think about:
- Your level of private health insurance
- Other types of life insurance you have, especially through your super fund
- How much income you and your family will need to live on, if you can’t work for a while or forever
- What help or family support may be available to you
- What government benefits or workers compensation may be available to you
Our Financial Advisers can analyse your lifestyle and your circumstances, and recommend the best insurance for you. We can help you determine the level of cover you would need by looking at your debt, living expenses, education fees, savings and investment goals.
Contact First Financial today.