Do I really need Trauma Cover?

If you are hit with a serious illness, you won’t need the added stress of thinking about how you are going to sustain yourself financially.  With cancer and cardiovascular diseases at the top of the list of Australians cause of death, it has never been more important to make sure you are covered for the risks. According to the Cancer Council, half of men and one third of women will be diagnosed with cancer by the age of 85. The Heart Foundation adds that cardiovascular disease kills one Australian every 12 minutes. Trauma Cover becomes more and more important for your financial protection. 

What is Trauma Cover?

Trauma Cover pays out an agreed lump sum to you if you are injured or suffer from an illness which has been outlined in your policy. This type of insurance covers accidents and illnesses which are not necessarily work-related and you do not have to be working to obtain the cover. 

Trauma Cover can be designed to pay out in instances of, but not limiting to:

  • Traumatic injury
  • Disability
  • Cancers
  • Strokes
  • Heart attacks
  • Heart surgeries
  • Organ transplants
  • Severe burns
  • Paraplegia 
  • Multiple sclerosis 

Trauma cover aims to help you focus on recovering from your traumatic event, condition, illness, or injury by taking away the stress of financial woes during this time. It is different from Total and Permanent Disability Cover where Trauma Cover will usually pay out faster, and is focused on your recovery rather than inability to work. It is often called “living” insurance due to the fact that it is paid out with the optimism that you survive your traumatic event. 

Why should I commit to Trauma Cover?

Having a serious illness strike you down can not only have a huge impact on you emotionally, but it can also have a huge impact financially. Trauma Cover can help bridge the gap between what your private health covers, what you can afford to pay, and when your sick leave is up.  Even though you are sick or injured, your bills will still come, your mortgage will still need to be paid, and you will still need to provide for your family. On top of your usual life expenses, you will likely have medical bills such as doctors’ fees, specialists, rehabilitation, surgery fees, or counselling. 

Your partner might be able to help with some of these, but there is only so much one wage can cover for a certain period of time. Receiving a lump sum can help to ease the burden of financial strain and provide some security whilst you recover or undergo specialised care. 

You can use your lump sum to pay for anything you need to spend it on. You may choose to use it for the medical bills, or your mortgage repayments, or could simply use it to go on a well-deserved holiday after your diagnosis or recovery. Once the money is paid out it is yours to decide where it goes. 

Trauma Cover helps much more thoroughly than your private health fund can. Whilst private health insurance will help to pay for some medical expenses or rehabilitation, in a situation where you are unable to work and cannot make an income, private health will not be able to cover your everyday expenses and personal bills.  

Trauma Cover can also be great for full-time parents that cannot access Income Protection Insurance, or older citizens that want to protect their savings ‘just in case’.

Even though we all like to think the best, reality can strike at any time.  If you would like to talk more about protecting yourself with Trauma Cover, contact Tradecover WA in Perth today and we will more than happy to help you.