31 Jan Trauma Cover as Cancer Protection
The Australian Institute of Health and Welfare has shown that in 2010, 1 in 3 Australian men and 1 in 4 Australian women will develop cancer in their life time. Further around 109 people are dying from cancer each day. These figures are supported by CommInsure claims showing cancer as the leading claim lodgement for trauma covers. With these finding you cannot afford to go unprotected.
What is trauma cover?
Trauma cover can provide financial security should you be diagnosed with a malignant cancer or suffer any other trauma condition (up to 44 defined events). Cover allows you to claim an agreed lump sum amount should such an incident eventuate, thus protecting you and your family from falling into financial hardship at a time you need money most.
Is trauma cover available to everyone?
Generally, yes. For people who have not been diagnosed with cancer or any other disease before, the cover is quite easy to obtain. However, for people who have had a pre-occurring symptom cover may be difficult to obtain but not impossible. This is where having a good adviser with numerous insurance experience will make a difference. Regardless of your health position, the key to protecting your financial well-being is to always consider insurance earlier rather than later.
Recent Cancer Trauma Claims Paid
Female 33 years, Farmer – Hodgkins Lymphoma $323,000
Male 24 years, Carpenter – Testicular Cancer $300,000
Male 47 years, Scientist – Colon Cancer $72,000
Female 48 years, Sales assistant – Breast Cancer $67,000
Male 56 years, Architect – Tongue Cancer $321,051
Male 50 years, School Teacher – Prostate Cancer $200,000
Male 38 years, Surgeon – Leukaemia $756,940
Female 45 years, Housewife – Cancer $369,489
Sources: AIA 2009 Claims review; CommInsure recent claims paid 2008, MLC Critical illness Claims 2005.
Australian Institute of Health and Welfare 2010. Australia’s Health 2010. (Retrieved online on 6 January 2011 from http://www.aihw.gov.au/access/201010/feature/aus_health10.cfm)
CommInsure UPDATE Magazine Spring. 2010. “Simplifying cancer cover,” pg 16.
Important: Trauma cover can protect you from many other major diseases not just cancer. This illustration has simplified the cover to explore cancer related illnesses only. Please contact us for more information on the type of disease covered by trauma insurance.