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Archive for trauma insurance Perth

Understanding Trauma Insurance

Trauma insurance can take care of you and your family if you have a traumatic illness or procedure that makes you unable to work for an extended period of time. We have helped many Perth residents protect themselves from the financial consequences of conditions or procedures such as a stroke, a heart attack, cancer or even a major organ transplant.

Unlike income protection insurance or total and permanent disability (TPD) cover, trauma insurance pays you upon being diagnosed. The time that you are unable to work is irrelevant. Many of our clients in the Perth area have found trauma insurance to be the missing piece that completes their wealth protection program.

Understanding Trauma Insurance

How Trauma Insurance Works

Trauma insurance pays you a lump sum if you are diagnosed with any medical condition specifically covered or have a medical procedure that is specifically covered. It is a standalone policy that pays you regardless of your ability to work. It is often used for medical and living expenses that are over and above those covered by TPD or income protection.

Each policy is different, but our parent company, AMP, has a list of 48 different conditions and procedures that are covered under trauma insurance. The main reason for having trauma insurance is to provide some extra protection for the unforeseen expenses that often occur when you suffer a traumatic condition or procedure.

Your Wealth Protection Plan

We know that everyone’s financial situation is different. Consequently, we can’t make specific recommendations without an individual consult. However, we can tell you that trauma insurance works best in combination with a comprehensive wealth protection plan. A comprehensive wealth protection plan usually includes trauma insurance, TPD cover, income protection and life insurance, also known as “death cover.”

We don’t want to plan on the unthinkable happening to us, but even in Perth it can be helpful to know that you and your families are protected in case of traumatic illnesses, accidents, disability and death.

To learn more, call us today: 08 6462 0888.

How to Afford Insurance for the Long Term

We currently provide life insurance and disability insurance to many of our Perth area clients. They are two popular forms of wealth protection. Many people think they “can’t afford insurance,” but it is possible to afford it now and later, depending upon how you choose to pay your premiums.

How to Afford Insurance for the Long Term

There are two basic ways to pay for insurance: a stepped premium and a level premium. Here’s how they work.

Stepped Premium

A stepped premium starts out low and increases as you age. It is most often chosen by those who expect to make more money in the future than they do now. Ideally, younger clients on a career path find their income rising as their premiums rise. If their careers go as planned, the stepped premium can work out very well for all parties.

Level Premium

A level premium is higher at first, but tend to remain stable over the years. The premium is calculated each year, based on the age when you first took out the policy, no matter how old you are. This avoids the sharp rise that often happens with a stepped premium.

General Notes

Since insurance is meant to be a long term wealth protection tool, those who can afford the level premium now often opt for it. The earlier one starts a level premium, the more money they save on the long term. This is the opposite of a stepped premium, which is calculated every year based on age, no matter the insurance history.

Call Approved Financial Planners

At Approved Financial Planners, we have a full line of wealth protection products, including life and disability insurance. We also have trauma insurance, also referred to as critical illness insurance. We carry income protection insurance. We are located in the Perth suburb of Floreat.

We also offer a full range of financial planning services. To learn more, call 08 6462 0888 today or stop in at our office for an individual consultation.

Trauma Insurance Softens Blow for Many Cancer Sufferers in Australia

How the unique structure of trauma insurance in Australia can be beneficial to cancer sufferers.

Trauma insurance is a type of insurance that covers you if you sustain an illness that is included in the policy. Trauma insurance protects those who become ill. Although policies differ from company to company, most trauma insurance protects from cancer, heart attack and stroke.

Trauma Insurance for Cancer Sufferers

Cancer is covered in most trauma insurance policies, but not all types of cancer are always included, so we always recommend that you read your policy thoroughly so that you know what is covered and what isn’t.

Not only are some covered and some not, but many policies have different cover for different forms of cancer. Cancers that are classified as pre-malignant conditions such as many forms of skin cancer are often excluded from coverage. Your insurance consultant will be glad to help you fully understand your policy.

How Insurance Companies Define Cancer

In 2010, AMP published a Risk Bulletin in which it provided the public with information on how they define cancer. According to the bulletin, “AMP will pay if a person suffers from a malignant tumor.” For prostate cancer, they go on to describe a complicated process of deciding which tumors are covered.

Ultimately, it is the responsibility of the buyer to read the PDS or Product Disclosure Statement to fully understand the types of cancer that will be covered. All insurance providers and brokers have service personnel available to fully explain the ramifications of any policy.

Every person, case and carrier is different. Consequently, it is impossible to give advice that will fit everyone’s needs in a blog post. The only recommendation we can make is to contact your carrier or broker and talk to someone in person who can help you fully understand any policy.

How Patients Often Spend their Benefits

Cancer not only affects the person who has it, but their family as well. Not only are there increased costs from medical treatment and medicines, but the person with cancer often has to take a lot of time off from work.

Trauma cover provides a lump sum payment that is often used for expenses such as these: specialist medical services, hospital treatments, health administration costs, allied health services, medication and rehabilitation.

Protect Yourself Today

Call our Perth office: (08) 6462 0888.