Hello Fellow Investors,
A study on health expenditure for Australians revealed a concerning fact: in 2022, individuals paid nearly twice as much out-of-pocket for healthcare as health insurance companies did.
This is a stark reminder of the financial strain that medical events can place on families, whether they have private health insurance cover or not.
Anyone who has supported a loved one through a cancer diagnosis knows the reality: out-of-pocket costs can exceed $100,000, even with insurance. And that figure doesn’t include the lost income from time off work, often for both the patient and their spouse!
In a situation like this, trauma insurance can be invaluable.
What is Trauma Insurance?
Trauma insurance is a type of personal insurance that provides a lump sum payment if you’re diagnosed with a serious medical condition such as:
- cancer
- heart attack
- stroke
- kidney or other organ failure
- multiple sclerosis
- dementia
- loss of sight, hearing or speech
The payout is designed to help cover the financial impact of the diagnosis, including medical expenses, rehabilitation costs, lifestyle adjustments as well as lost income.
Child Trauma Insurance
One type of trauma cover that’s often overlooked is Child Trauma Insurance.
If your child becomes seriously ill, you’ll likely need to take extended leave to be by their side in hospital. Child Trauma cover provides a lump sum payment, and importantly, a carer benefit, giving you the financial breathing room to focus on your child without worrying about your mortgage, bills, and other general living costs.
If you can imagine the impact these kinds of situations could have on your finances and your lifestyle, then you’ll understand why trauma cover isn’t just protection; it helps guarantee your quality of life.
If you’d like to explore how trauma insurance can protect your family’s future, reach out for a personalised review. Our Brisbane-based financial planner would be happy to assist you in choosing the right cover to protect your lifestyle, assets and family.
Joshua Napier
(Provisional Financial planner)
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