Trauma Cover
Trauma cover provides a lump sum if you’re diagnosed with a medical condition or undergo a procedure outlined in your policy. This may include a heart attack, major organ transplant, cancer or stroke — to name a few.
Trauma cover is designed to help cover your medical costs and living expenses, providing you with some financial security during the important recovery period.
Why do I need it?
Nobody likes to think about the possibility of suffering a serious illness or injury in the future. You can’t foresee this happening, but you can make plans to help support yourself should the unexpected happen. Having Trauma cover can provide you with some comfort to know that if something does happen at least you don’t have to worry about money.
As advances in medicine and technology continue, more people are surviving trauma events where in the past they may not have. And with people living longer, your chance of suffering a trauma event is increased.
As the chances of something unexpected happening are increased, along with the likelihood of your survival, you will want to have a plan in place to maintain your lifestyle and financial independence.
Won’t my private health insurance cover me?
Generally speaking, health insurance helps you pay for your hospital expenses and medical treatments, along with any extras cover you decide to take out.
What you generally don’t think about is if you were to suffer a major medical crisis there are a lot of other expenses that you need to be able to provide for as well. You may have immediate care needs, like alternative or specialised treatments that fall outside of the scope of your health insurance. You could also have ongoing treatment needs like rehabilitation equipment or specialised therapies. Not to mention you probably won’t be working for a period of time, but you still need to be able to cover your ongoing living expenses and debt repayment.
How much do I need?
Talking to your Bluefin financial planner to do a proper assessment of your wealth protection needs is a good idea. You might want to think about an amount that will cover you for increased medical costs, immediate and ongoing care needs, along with enough money to provide an income to cover your daily living expenses and debt repayment.
What if my circumstances change?
As your life changes so do your insurance needs. There are particular points in your life like buying property, having a child, and getting married, where you’ll find that your financial responsibilities increase. It’s important at these times to review your cover. Your Bluefin financial planner will do a regular review with you to assist you with any changes to your circumstances.
