Life Shield - Your Life, Your Protection, Personal Insurance

Why Trauma Insurance (Trauma Cover) is so important


Some sobering facts….

  • 3 in every four Australians will be diagnosed with a serious illness during their
    working life .
  • 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.
  • Women have a one in four chance of suffering a critical illness between the ages of 30 and 64 , as well as a one in four chance of developing cancer before age 75 .

Private health insurance is only part of the story

If you have private health insurance, you may think this provides enough protection if you suffer a serious illness or injury. But private health insurance only covers hospital stays and some medical/extras expenses.
It won’t cover lost wages, rehabilitation, alterations to your home or long-term nursing care.

What can your Trauma Cover lump sum be used for?

The costs associated with a serious illness or injury can quickly add up. You can use a Trauma Cover lump sum payment to pay for all sorts of expenses, including:

  • mortgage and other debts
  • family responsibilities, e.g. hiring a nanny or home help, school fees
  • partner’s lost income while providing care
  • travel and accommodation costs while having treatment
  • nursing care
  • seeking specialist or overseas medical treatment
  • home and/or car modification
  • prostheses.

You can also use your benefit to top up your superannuation if you decide, or are forced, to retire earlier than planned.

Trauma Insurance Claims Statistics

The majority of trauma insurance claims are paid in the areas of cancer, stroke and heart attack as shown below (data provided by AVIVA which shows their claims paid for Trauma Insurance between 2004 and 2008).

Trauma Insurance Statistics

ABS Statistics.
Cancer in Australia: an overview, 2008 Australian Institute of Health and Welfare, December 2008.
General Cologne Life Re Australia, 2002.
AIHW and Australasian Association of Cancer Registries, Cancer in Australia in 2001, Canberra, 2004.

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CORRECTIONS REQUIRED:

After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....

Dr S.T (BDSc)
Dentist
Newman, WA.


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