Insurance ProtectionNewsUnderstanding 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.

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.