What is Trauma Insurance?
Trauma insurance provides cover if you are diagnosed with a specified illness or injury. These policies include the major illnesses or injuries that will make a significant impact on a person's life, such as cancer or a stroke. Trauma insurance pays a set amount.
Why do I need Trauma cover?
If you were to get diagnosed for a serious illness how would you and your family cope financially? Trauma Cover pays a set amount in the case of this occurring.
The lump sum payment can help you to:
- Pay for the best treatment and care (including your rehabilitation)
- Payments on debts such as mortgage and alleviate financial pressures like your monthly bills
- Afford home help or personal care
- Fund the gap between what you earn and the 75% cover from income protection
- Protect your family from having to exhaust their savings, sell assets or rely on Centrelink for assistance.
How can I pay for my policy?
Life Cover premiums can be paid in Monthly or Annual instalments direct from your bank account. Depending on the Insurance Provider.
Stepped vs. Levelled Premiums
Stepped Premiums gradually increase each year the policy is taken out. Levelled Premiums is where the price is locked in for a period of time.
Levelled Premiums generally have a higher initial cost but over the long term they can save money for the policy holder. Levelled Premiums are generally beneficial for the policy holder if taking the policy out for long term.
At Sheffield Financial Advisors we specialise in helping Australians get the best Trauma Insurance cover for their personal circumstances & needs. As the appropriate cover amount is different for every individual we provide tailored solutions.