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SOBERING FACT: Australians are 3 times more likely to suffer trauma than death before the age of 65. One in two Australians will suffer a traumatic event during their working life due to illness or injury.
Source: CommInsure
Any doctor will tell you that to properly recuperate from illness or accident, the body needs time to rest. That may be easier said than done when you receive the medical bill. Medical help can be extremely costly and time to recover means time off work which can be a major financial drain. Add these two factors together and the financial burden would be enough to slow recovery, perhaps even compound the problems.
That is why Trauma (aka Critical Illness) cover is such an important part of the personal wealth protection and risk management strategy. Particularly given that modern medicine means we are more likely to be diagnosed with an illness and recover that die from a sudden onset (e.g. Heart Attack). Once again, it is the unfortunate reality that we cost our families more alive and not well, than dead.
Trauma Insurance pays you a tax free lump sum in the case of a range of specified life-threatening illnesses or injuries. It helps take away the financial worry and lets you focus on recovery. Plus it's tax free!
SOBERING FACT: 1 in 3 men and 1 in 4 women will suffer from cancer in their lifetime. Half of those will live more than 5 years after diagnosis. What's the financial cost of recovery?
The most common reasons for Trauma claims are as follows:
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Please click on graph for enlarged version
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