Trauma Cover
This type of insurance will pay out a lump sum amount in the event of you suffering one of the specified trauma/critical illness events specified in a particular insurance company's product disclosure statement.
There are usually between 35-45 different trauma/critical illness events covered and they are in the areas of heart conditions, stroke, cancer and neurological diseases.
When someone has suffered from a trauma/critical illness they generally may be able to go back to work within 2 to 3 years, therefore when looking at amounts of trauma/critical illness cover, things you might want to take into account are;
- Providing for 2 to 3 years of debt maintenance
- Providing for 2 to 3 years of educational/childcare expenses for your children
- Providing for incidental and medical expenses not covered by private health insurance
2010/2011 FEDERAL BUDGET UPDATE |
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