- The Association of Financial Advisors (AFA) carried out a research that indicated majority of the Australians place more value on their home and possessions compared to their own lives. The study conducted by AFA also revealed that 44% of the people who opted for this survey have purchased home and contents insurance however; only 18% of the people who opted for this survey have purchased life insurance.
- Every ten minutes, an Australian suffers from a stroke.
- Every eleven minutes an Australian experiences a heart attack.
- Approximately 33.33% of Australian women are diagnosed with cancer during some point in their lives. Approximately 25% of Australian men are diagnosed with cancer during some point in their lives.
Impacts of Critical Illnesses on Patients and their Families
- Emotional Turmoil – Emotional problems such as stress, depression and anger outburst are the most common impacts of critical illnesses on families. Emotional turmoil may not only make life harder for family members but may also result in loss of job especially if the patient is depressed.
- Financial Stress – Families that have not kept aside money for a rainy day or do not have any assets that they can liquidate quickly may face financial problems when one of the family members is diagnosed with cancer, heart problems or any other critical illness. Financial problems can in turn cause emotional turmoil in many families.
- Other Issues – Families who do not have insurance, an emergency fund or assets may be overburdened with debts, which may cause them to lose their homes. This can in turn cause younger children to be traumatized for a long time because they had to witness their family being evicted from their own home.
Facts about Trauma Insurance
- The idea behind Trauma insurance plans were the result of the experiences of South African heart Surgeon Dr Marius Barnard. This health care professional witnessed that many of his patients suffered to pay for medical costs and the first trauma cover plans were offered to patients here in the 1980s.
- The trauma plans or critical illness plans available in Australia pay a lump sum payment to the policy holder when he files a successful claim. This type of policy protects not only the policy holder but also his immediate family or loved ones when he falls critically ill. The purpose of trauma insurance plans is to provide financial aid to the policy holder and his family. Once the claim is accepted and approved, the compensation amount can be used by the patient to keep himself comfortable if he is diagnosed with a terminal illness, pay hospital bills, repay debts or loans and keep some money aside for his family for an emergency. In addition, survivors of cancer can use these funds to rebuild their lives when they are in remission.
- Critical illness plans can not only be purchased by self employed individuals but also employees that work in a company. In addition, these plans can be purchased by home makers, unemployed individuals and children. There are many reasons why purchasing critical illness plans for children is beneficial and these reasons include, to keep your child comfortable in case he is suffering from a terminal illness, to get your child the best care if he is suffering due to any illness that can be treated, to pay medical bills and other outstanding bills once your child has survived the illness. Child trauma covers are also known as child life insurance covers since these plans also offer a compensation payment in case of the death of the child. The amount of compensation given to the parent or guardian will depend on the cover limit, terms of the policy and the benefits purchased.
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Things to Remember about Trauma Protection
- Trauma insurance plans pay the compensation payout in two scenarios. The first scenario is when the patient is diagnosed with the illness and needs financial help. The second scenario is when the patient recovers from the illness and needs help to rebuild his life. A death benefit may also be provided with some plans to policy holders who either purchase a plan with this in built benefit of opt for this benefit separately. Depending on the policy you plan to purchase you may either be protected financially by the insurer while travelling through the worldwide cover or you may be protected only in your home country. The worldwide cover usually protects the policy holder while he is travelling for business or leisure purposes. If the policy holder migrates to a different company then the purchased trauma cover may not continue to protect the policy holder once he leaves Australia permanently.
- While it is hard for any parent to imagine that their child will need to be hospitalized in the future due to illness or injury, bad things can happen to just about anybody. While it is impossible to ensure that your child can always live a healthy life, you can ensure that your child either gets adequate medical care or is kept comfortable while he or she is ill. Purchasing a trauma insurance plan can protect your child’s interests and can ensure that he or she has a bright future.
- Trauma protection plans can be purchased online through either visiting an insurance company’s website or an insurance comparison company’s website. Plans for both adults and children can be purchased online through insurance comparison websites. Opting for an insurance comparison websites can help you save time if you are unsure which insurer to opt for and want to compare benefits along with prices of various plans before making a purchase. Opting for a policy directly from the insurer can help you save time if you know which plan you want and do not need multiple quotes from 2 or more insurers. Discounts, deals and promotional offers offered on insurance comparison websites may help you get cheaper plans or better plans with added benefits. Some of the useful benefits include the advance premium payment benefit, the loyalty benefit and the non-smokers benefit.