Trauma Insurance

What is Trauma Insurance?

Trauma Insurance, also known as Critical Illness, can pay a lump sum benefit to you upon diagnosis of a range of serious illnesses, disease or disorders such as Cancer, Heart Attack and Stroke. As the rate of diagnoses for serious illness in Australia increases each year, Trauma Insurance may be the most-likely-to-claim insurance for many Australians.

According to the Cancer Council of Australia, cancer is the leading cause of death in Australia. Although survival rates are increasing, the incidence of cancer is also increasing. Cancer Australia has reported that 116,580 new cases were diagnosed in 2010, with the forecast for 149,990 new cases to be diagnosed in 2020. In 1982, there were just 47,388 new cases diagnosed.

Benefits of Trauma Insurance

The lump sum payment can help you to:

How can I pay for my Trauma Insurance?

Trauma Insurance is unable to be paid by your superannuation fund and must be paid out of pocket. This can be on a monthly or annual basis depending on the preferred payment method defined by your insurance provider.

Stepped and Level Premiums

Stepped premiums are initially cheaper however will increase each year – normally on your birthday, or on the policy anniversary date. Stepped premiums are beneficial to insurance policies intended to be held short term. The amount the policy initially increases often goes unnoticed by policy holders, however once policy holders reach a certain age, the amount they pay for their insurance can rapidly increase. By the time you notice this drastic increase, it may be too late – leaving you with an insurance policy that is unsustainable and unaffordable – when you need it the most.

Level premiums allow you to lock-in your premium, sometimes right through to retirement age. Level premiums are beneficial for insurance policies intended to be held long-term. This type of premium initially will be more expensive than stepped premium but can often result in greater savings over the long term. Most importantly, level premiums can ensure that your insurance cover remains affordable and sustainable when you need cover the most.

Guardian Insurance Advisers can help Australians get the best possible Trauma Insurance that is suitable with their individual circumstances. To get an approximate idea of Trauma Insurance premiums, you can get a quote or contact us on 07 3208 3785.

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