Trauma Insurance

“It won’t happen to me…” Maybe you’re right. Maybe bad things only happen to other people. But that doesn’t mean you want to risk being caught unprepared – and uninsured.

Some sobering facts:

  • 134,174 people are expected to be diagnosed with cancer in 2017. 68% of those will live more than 5 years after diagnosis1
  • Hospital departments in Australia dealt with more than 10 million patients in 2014/15.2
  • 1 in 4 hospitalisations required a surgical procedure.2

Trauma insurance, also known as critical illness insurance provides a lump sum benefit if the insured suffers a “critical condition” as defined by the insurance provider. Trauma insurance is designed to help you recover financially from a trauma or crisis, such as a heart attack, stroke, cancer or other life threatening conditions. Factors to consider when looking at Trauma insurance are:

  • You should ensure your insurance cover is adequate for your needs. Under-insurance can present a serious problem.
  • Critical illness cover is generally not held within super. However, this insurance type may be connected with other insurances that are held in super, which can reduce the administration and costs of implementing the insurances via separate policies.
  • Workers compensation only covers work related injuries.

Medicare and private health insurance do not cover all the costs. Health cover may be limited in the choice and flexibility of treatments. It often does not cover hospital and treatment expenses in full, and some conditions aren’t covered at all. Out of pocket expenses such as the cost of a career and rehabilitation expenses aren’t covered, nor is the income lost from time off work. Similarly, Government allowances and benefits often don’t go very far in covering you against all the costs involved in a major accident or serious illness.

Trauma insurance pays you a tax-free lump sum for a range of specified life-threatening illnesses or injuries. There are no restrictions on how the payment is spent.

This is general advice only and does not consider your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from a financial planner. Information is current at the date of issue and may px; change. TLK Wealth Pty Ltd, Corporate Authorised Representative No 1007998 of MyPlanner™ Australia Pty Ltd | AFSL 4345905| ABN 28 140 520 225|.. 2Australian hospital statistics 2014-15, AIHW

This information is of a general nature only and does not take into account your particular objectives, financial situation or needs. Accordingly the information should not be used, relied upon or treated as a substitute for specific financial advice. Whilst all care has been taken in the preparation of this material, no warranty is given in respect of the information provided and accordingly neither TLK Wealth Pty Ltd nor its employees, associated entities or agents shall be liable on any ground whatsoever with respect to decisions or actions taken as a result of you acting upon such information. TLK Wealth Pty Ltd is authorised representative #1007998 of MyPlanner Professional Services Pty Ltd AFSL #425542.