If you look at the terms and conditions of a trauma insurance policy, you would find that:
- Only an Australian citizen or a permanent resident can purchase it
- The individual (or proposer and policyholder) must be from 17 to 59 years old and,
- The individual (or proposer and policyholder) must be residing in Australia at the time of application
Thus, if you meet these criteria, have you purchased your trauma insurance cover yet? If not, you could be tempting fate. Lack of trauma cover could have grave repercussions for your family as well as for you.
The Odds You Face when it Comes to Suffering from a Disability or a Critical Illness
According to the Australian Network on Disability, one out of every five Australians suffers from some disability. That amounts to about four million people. This means that nearly 3.6 million people have no disability insurance policy. Critical illnesses comprise a variety of conditions. Therefore, the prevalence of these conditions and the number of people having trauma insurance make their numbers even worse. According to the Heart Foundation of Australia:
- Cardiovascular diseases kill one Australian every 12 minutes
- Cardiovascular diseases affect one out of every six Australians (about 3.7 million people) and two out of every three families
- Cardiovascular diseases prevent around 1.4 million Australians from leading normal lives because of an illness-induced disability
- Coronary heart diseases affect about 1.4 million Australians
Similarly, the Cancer Council of Australia states that:
- An estimated 128,000 new cases of cancer will emerge in Australia in 2014
- One out of every two Australian men and one out of three Australian women would have cancer by the age of 85 years
- More than 60 percent of people diagnosed with cancer will survive for five years after the initial diagnosis
- Cancer costs more than $3.8 billion in direct health system costs and cancer research comprises 22 percent of all health research expenditure in Australia
Clearly, critical illnesses do not just lead to a loss of life. Before the eventuality occurs, they also bleed their victims dry of financial earnings by affecting the victim’s ability to earn a livelihood. Treatment costs and lifestyle changes add on to the expenses, thereby creating a vicious cycle from which hardly anyone can emerge successfully.
How Trauma Insurance Could Help You in these Adverse Circumstances
With a trauma insurance cover, your insurer would pay you a lump sum amount if you suffer from a critical illness. However, your insurance company must cover the critical illness that you have. Several insurance companies cover a range of 20 – 30 medical conditions. These include Alzheimer’s Disease, deafness, dementia, coma, Parkinson’s Disease etc. You could use this lump sum payment to cover your treatment and lifestyle change expenses. You could also use it to meet your daily living expenses.
Like with all life insurance policies, the policy sum insured increases each renewal with indexation. With indexation, the insurers would increment the sum insured based on the highest percentage increase in the consumer price index. However, policyholders can decline indexation to keep sum insured the same as at inception and to keep premium cost down.
In some cases, life insurance companies also offer trauma cover and life cover buyback options. The buyback options enable the policyholder to reinstate the benefits once the insurer pays the claim.
Thus, trauma insurance does not only cover a wide range of conditions. It also covers any debts and liabilities of the insured. This is even in cases where the insured needs to take some time away from work – because of the illness.
Cover Australia – The Insurance Specialists in Australia
To compare life insurance, TPD insurance, Trauma insurance or compare income protectionin Australia, Cover Australia is the best. Our expertise does not remain confined to comparing products and premiums. We also specialise in offering free professional advice, along with outstanding service at all times. With over 27 years in the domain, we have a great insight into the life insurance industry. That’s why any advice you take from us will factor in your requirements and circumstances.
While expertise and aspects like income insurance comparison are our forte, our Platinum Partner program gives us a unique competitive edge over all our competitors. Under this program, you gain access to high quality products and services that exceed industry standards, from some of the leading life insurance companies in Australia. No one else can provide you with this benefit other than Cover Australia. Therefore, secure yourself from all risks. Speak to your friendly insurance adviser at 1300 366 817 today.