At times we all suffer from an illness – unfortunately this is part of life. But what if it was a serious illness? Cancer or Stroke can take a long time to recover and cost thousands of dollars in medical bills. Fortunately, there is a solution.

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What is Trauma Cover?

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Trauma Cover presents you with a nominated tax-free amount in form of a lump sum payment if you become seriously ill. This payment helps you to maintain your lifestyle and maintain with medical costs while you recover.

 

The Risks 

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• In 2010, an approximate 114,000 new cases of cancer were diagnosed in Australia.

• More than 60% of cancer patients will survive more than five years after diagnosis.

• 66.6% of people that suffer a first time stroke will be alive one year later.

• About 88% of stroke survivors live at home. Most of them live with a disability.

• Stroke costs Australian’s an estimated $2.14 billion every year.

 

The Reality

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Cancer incidences are growing in Australia. We are also experiencing high levels of heart disease and stroke. As medical science and technology improves, we will have a higher chance of surviving these illnesses. Premium medical treatment is very expensive and some patients have to take reasonable amount of time off work. But yet, many Australians don’t seek protection because of some common misconceptions until an illness occurs.

 

“My private health insurance will cover me”

For a regular Australian, cancer treatment costs just under $50,000.  Health insurance can cover medical treatments and hospital expenses but what about some specialist therapies, ongoing treatment needs or the immediate care that is often required? Health insurance will not cover these services.

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​“It doesn’t matter, I’m not the main income earner”

Child care and home help provided by a ‘stay-at-home’ spouse could be worth more than $75,000 per year.

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“I have Total and Permanent Disability (TPD) Cover”

Fortunately most serious illness does not result in a total and permanent disability.
As medical science improves, the chances are higher for patients to resume their lifestyles.  However, there are still large costs involved which can result in spending your lifetime savings. This is why Trauma Cover is important.

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What do the payments protect?

 

Facing debts and medical bills would not be a pleasant during a time of having to simultaneously deal with the emotional side of things. Sure, you can get through on your savings for a while but having a lump sum benefit can ensure your lifestyle while you recover.

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• Medical expenses and treatment costs: This lump sum can fund medical treatments that your health insurance is unlikely to fully cover.

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• Debt repayment: Regardless of what happens, there will be funds available to protect the family home.

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• Additional care and rehabilitation: Serious illness will need extra care or assistance around the house. In some cases rehabilitation is needed in order to recover.

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• Lifestyle modifications: Some lifestyle modification might be needed, such as returning back to work partially until retirement. With this payment you can offset your lower income.

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• Cash reserve: Use this payment to boost your savings for retirement.

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What are the cover features?

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These are just some of the features you can expect to have with your Critical Illness Cover:​

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• Cover for major illness events: Most major illnesses are covered such as cancers, heart disease and stroke.

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• Choice of cover levels: There are two options, Standard & Comprehensive contract. Comprehensive has more features such as advanced payments for early stage cancers

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• Additional benefits:  Under your critical illness plan, your child is also covered for $10,000 at no extra cost. If you require more coverage, that option is also available, just speak to our friendly financial advisers.

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What are the cover options?

 

Below are just a few options you can expect with your Trauma Cover:

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• Choice of premium options: 

  • ‘Stepped’ premiums increase on a yearly basis in line with your age.

  • ‘Level’ premiums remain the same until age 65 (at this point, they then convert to Stepped).

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• ‘Standalone’ or ‘Linked’: 

  • In the event of a claim, ’standalone’ cover will not impact the level of any of your other covers.

  • When ‘linked’, a trauma claim payment will result in an equivalent reduction in the linked Life Cover (this is the more cost-effective option).

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• Comprehensive Child’s Trauma Cover: There are options to cover your child for up to $200,000.  In the event of a serious illness, this payment can help you while you taking time off work to care for your child.