1 in 2 men and 1 in 3 women will be diagnosed with cancer by the age of 85* and, on average, every 10 minutes someone in Australia suffers a stroke.** They’re staggering statistics. If you were among them, could you afford to cover the cost of your medical expenses and your other ongoing financial commitments?

Trauma insurance can help you with your financial worries should you suffer a trauma event such as cancer, heart attack or stroke. It pays a lump sum benefit that can be put towards paying for expensive recovery costs including rehabilitation, necessary lifestyle changes such as modifications to your home or paying off the mortgage. Trauma insurance also offers you the option of hiring a carer or enabling your partner to reduce their working hours so they can care for you instead.

Trauma insurance is recommended to anyone likely to suffer from these diseases due to their hereditary disposition, lifestyle or age. As a rule of thumb, once you are 35+ years, trauma cover should be considered. However, this insurance is most beneficial for those who do not earn an income, such as stay-at-home parents.

Should you become incapacitated for whatever reason, receiving some form of insurance pay out to cover loss of income while you are recuperating, or until your income insurance kicks in, is critical and trauma insurance allows this. Although only one claim can be made, because of its immediacy to diagnosis, it can lessen the worry at an already stressful time.

There are alternate ways to purchase medical insurances if you are currently putting it off because your money is tied up elsewhere, but this is a conversation to be had with your financial adviser who has the expertise in this area.

To discuss a tailored insurance solution designed to suit your current lifestyle needs, call us on (07) 3720 1299.

- By Chris Lane

* http://www.cancer.org.au/about-cancer/what-is-cancer/facts-and-figures.html

** https://strokefoundation.com.au/about-stroke/facts-and-figures-about-stroke