If you’re diagnosed with a critical illness or crisis, trauma insurance can relieve some of your financial burdens. Unlike income protection insurance, which is dependent on your inability to work, trauma cover is paid out on the diagnosis of a defined critical illness regardless of your working status.
Instead of receiving a monthly income stream, you are paid a lump sum that has no restrictions on what this can be used for. The insurance company makes no demands on how you spend the money. Trauma insurance is often an addition to life policies.
Tom is a successful lawyer and is married. He has worked hard over the past ten years to accumulate valuable assets. To support his desired lifestyle, Tom decided on a $300,000 Trauma policy but decided against indexation.
Unfortunately, last year Tom was diagnosed with prostate cancer and was unable to work for six months while he underwent treatment and recovered from the illness. This meant Tom had to rely on his wife’s income.
Tom was paid a Trauma benefit of $300,000 from his policy, which assisted with his recover. Tom continued to pay his annual policy fee and twelve months after the initial payment of Trauma benefit, Tom bought back his $300,000 Trauma policy at standard premium rates.
Unfortunately, six months later Tom had a serious accident at work and suffered a major head trauma. Tom was relieved that, as a result of the Trauma policy, he was awarded another Trauma benefit of $300,000. Provided by CommInsure Claims.
To make an appointment to discuss your Trauma Cover needs please contact us directly on (07) 3170 3707 or email us.
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