Liv­ing in­surance fills the gaps

The Weekly Advertiser Horsham - - News -

An Aus­tralian Bureau of Sta­tis­tics re­port pub­lished in September 2018 shows cancer was the most com­mon cause of death in Aus­tralia, ac­count­ing for more than 29,000 fatal­i­ties in 2017.

In­cred­i­bly, thou­sands of Aus­tralians are un­der­in­sured or have no in­surance in place to cover the ex­penses caused by life-threat­en­ing ill­nesses.

The grief ex­pe­ri­enced by fam­ily for loved ones suf­fer­ing is of­ten com­pounded by the costs as­so­ci­ated with treat­ments, forcing some to sell the fam­ily home to pay for ex­tra time.

If you were one of th­ese sta­tis­tics, what value would you place on hav­ing access to the best avail­able treat­ment

to help you in beat­ing a po­ten­tially fa­tal dis­ease?

Think about how im­por­tant it would be to take as much time off work as you needed to re­cover and not wor­ry­ing about hav­ing enough money to pay the bills.

Trauma in­surance

South African heart sur­geon Dr Mar­ius Barnard pi­o­neered the idea of trauma in­surance when he reg­u­larly watched his patients’ fam­i­lies struggling with med­i­cal costs.

The first poli­cies were of­fered in Aus­tralia in the 1980s.

Trauma in­surance, also known as ‘liv­ing in­surance’ pro­vides a lump sum pay­ment in the event that you are di­ag­nosed with or suf­fer one of a range of trau­matic con­di­tions such as cancer, heart at­tack and stroke.

Med­i­cal ad­vances have meant that our chances of sur­viv­ing trau­matic events are much bet­ter than in the past.

How­ever, the cost of treat­ment can some­times be beyond your nor­mal means.

With­out in­surance cover, you might need to dip into your chil­dren’s ed­u­ca­tion fund or your retirement sav­ings; or you might even have to in­crease your mort­gage to pay for ex­pen­sive treat­ment.

Dif­fer­ent pro­tec­tion

Im­por­tantly, a trauma pay­ment is not de­pen­dent on you be­ing un­fit to work – un­like in­come pro­tec­tion – where you need a doc­tor to cer­tify your on­go­ing health.

The di­ag­no­sis of a trau­matic con­di­tion might mean you phys­i­cally could go to work, but would pre­fer to spend time with your fam­ily and re­duce any work-re­lated stress while you re­cover and con­sider how your fu­ture will be af­fected.

Trauma in­surance can pro­vide the fi­nan­cial sup­port to al­low this flex­i­bil­ity with your work arrangemen­ts.

To make sure you don’t in­crease the sta­tis­tics, care­fully com­pare the many vari­a­tions of trauma poli­cies avail­able.

There are sig­nif­i­cant vari­a­tions in the fea­tures between poli­cies such as the num­ber and types of events cov­ered, premium op­tions and an­cil­lary benefits payable.

If you re­quire as­sis­tance, please contact your fi­nan­cial adviser to ob­tain the right pol­icy for you.

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