In today’s world there are so many things that we need to budget for, home loan, car loan, credit cards, groceries, petrol, holidays, phone bills, electricity, the list is endless. This is often the reason why we all make excuses not to factor in one of the most important bills, life insurance. Let me ask you a question, do you have life insurance? If you don’t, perhaps you should re-consider. If you do, that is fantastic. It probably gives you a great sense of reassurance knowing that if something went wrong your family would still be able to continue the lifestyle it is used to, however do you have the right level of cover? Have you considered Trauma cover?
Approximately 2 in 5 (or 40%) men and 1 in 4 (or 25%) women have the chance of suffering a trauma event between the ages of 30 and 64. You could be thinking that you have enough cover through your superannuation, however most of these policies don’t cover trauma.
Before you say “no I don’t need this, my cover is fine just the way it is” or “no, I still don’t see why I need life insurance”, did you know that:
- It has been estimated that 1 in 3 women will be diagnosed with cancer before the age of 85. ^
- About 88% of stroke survivors have to be cared for at home and most will have a disability. ^
- The death rate from coronary heart disease has fallen since the 1970s due to lower frequency of heart attacks occurring and improved survival rates. The age-standardised coronary heart disease death rates fell by around 45% for men and 44% for women between 1996 and 2006. ^
So what is Trauma cover? Trauma is first and foremost about survival. Australians are suffering an increasing incidence of cancer, heart disease and stroke, however due to advances in medical science; we now have a greater chance of surviving a serious medical condition.
Traditionally trauma insurance provided cover for out-of-pocket medical expenses but funds are now more likely to be used for:
- Repayments or reduction of personal and business debt
- Lifestyle requirements, such as household modifications
- Emergency funds for short term unforeseen expenses
- Funding for an additional income stream to meet personal/family expenses
Life insurance is one of the most important policies you will ever put in place so it really does pay to do it properly. If you would like to know more about trauma cover, review your current policy or inquire about a new policy, please don’t delay. Call Wayne or Matthew Zaccour today on (07) 4051 5333.
Matt & Wayne Zaccour are authorized representatives of
Millenium3 Financial Services Pty Ltd ABN: 61 094 529 987 ASFL: 244252
Unit 7/50 Borthwick Ave Murarrie QLD 4172
^ Australian Institute of Health and Welfare and Australasian Association of Cancer Registries, Cancer in Australia: an overview, 2008, Canberra, 2008. AIHW: Senes S 2006. How we manage stroke in Australia. Australia Institute of Health and Welfare, September 2002.