Trauma (Critical Illness) Insurance

Who looks after you?

What if you, or your partner were the one who needed looking after?

Sometimes even the healthiest people suffer accidents or get diagnosed with diseases such as cancer, stroke or heart attack.

A life-threatening illness or injury will mean you, your family and possibly your workers are financially much worse off. It could stop you from working. Maybe even keep you in need of constant medical care. Even if you have private health insurance, it will not pay all your costs.

Who looks after your family?

What if your partner suffered a trauma event such as a heart attack and you had a family? Who would look after the children and home?

Trauma insurance provides a one-off lump sum in the event of a specified trauma event. The lump sum could be used any way you want: to cover debt reduction/elimination, cover costs related to making lifestyle adjustments, necessary home and/or car modifications, medical treatment costs, or work alterations.

SME business owners suffering a trauma event who do not return to work can receive a payout compensating them for their share of the business.

When the worst happens

The chart below shows a breakdown of the cause of benefit payments made in 2007 by a major Australian insurer, where cancer was the most common condition. Note that males are more likely to suffer a trauma event than females. Also,1 in every 3.5 males 1 in every 4.5 females at the age of 40 will suffer a trauma event. That’s an extremely high statistic.

At Archimedes Financial Planning, we work closely with you to find your trade-off between putting savings into investment for the future, assuming no trauma event occurs, versus investing in insurance now to protect dependants, should you suffer a trauma.

Do not leave it until something happens - contact us today for a no-obligation review of your personal insurances, and protect those dependent on you!

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Archimedes Clients are:

  • Professionals of any age
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