You need Trauma (Crisis) insurance not because you might die but because you might survive. It’s your lifeline to financial stability in the face of a serious critical illness.
Trauma (Crisis) Insurance
Insurance that eases the trauma of critical illness
These days, due to incredible advances in science and medicine you have a greater chance of suffering a critical illness and surviving than you have of remaining healthy and dying prematurely. So you need to ask yourself, are you prepared for the financial consequences of survival?
If you were diagnosed with a life-threatening medical condition tomorrow, how would you cope financially during the recovery period? Would the financial stress impact severely on your progress and on your family? Would you have a partner who’d be in a position to support you during your recovery as well as continue to work?
It’s important to recognise that private health insurance will only cover hospital stays and some of your medical expenses. It won’t cover your lost income, the cost of your rehabilitation, alterations to your home or the long-term nursing care you may need.
Trauma (Crisis) insurance can ease the pain
Trauma insurance (called Critical Illness insurance) was first issued in South Africa in 1983 after its promotion by leading heart surgeon Marius Barnard. Dr Barnard was a member of the team that, headed by his brother, cardiologist Dr Christiaan Barnard, performed the world’s first human-to-human heart transplant in 1967.
Dr Barnard saw firsthand how modern medicine and surgical procedures were saving patients’ lives but killing them financially during their recovery. He believed that people needed trauma insurance not because they were going to die, but because they were going to live. Dr Barnard argued that, as a medical doctor, he could repair a man physically but only an insurer could repair a man financially.
How Trauma insurance really helps
There’s no doubt the costs associated with a critical illness can escalate quickly. Trauma cover provides you with a one-off lump sum payment if you’re diagnosed for the first time with one of a number of conditions defined in your policy. You can use this lump sum to cover a range of expenses, including:
- Paying your mortgage and other debts
- Topping up your superannuation
- Hiring a nanny, getting home help, paying school fees
- Making up for a partner’s lost income while providing care
- Meeting travel and accommodation costs while having treatment
- Paying for nursing care
- Seeking specialist or overseas medical treatment
- Making modifications to your home and/or your car
- Meeting the cost of prostheses
If you don’t wish to leave the future to chance and want to know how you can safeguard your business, your assets and your peace of mind with a risk planning strategy tailored to the specific needs of your business, call Stephen Jones today to organise a complimentary, no-obligation and strictly confidential consultation. It may turn out to be the most important meeting of your life.