IMPORTANT differences in Critical Illness Insurance policies.
Critical Illness Insurance, also known as Trauma Insurance, provides a lump sum on diagnosis of a specified range of conditions;
- Cardiovascular disease, including heart attacks and heart surgery (coronary bypass surgery, and coronary angioplasties).
- Malignant cancers (melanoma, breast cancer, prostate cancer).
- Loss of independence.
The cost of a trauma claim can cause significant financial loss. Trauma Insurance covers you 24 hours a day, 7 days a week, around the world. Cancers are killers and thanks to the Insurance providers in Australia, it is now looked upon as the miracle cover. The high demand for Critical Illness Insurance is so evident in today’s society because of the Increasing incidences of modern a lifestyle diseases such as heart disease, malignant cancers and strokes are well and truly on the increase Nowadays, given how competitive the market place is most life Insurance companies cover up to and beyond 40 conditions. Most common claims paid are for malignant cancers, heart disease, strokes and loss of independence. These conditions generally represent about 84.73% of all claims.
Ownership of a Critical Illness Insurance policy can potentially provide immediate funds for;
- Repaying debts.
- Funding medical and lifestyle expenses, including payment for specialists and providing access to the best available medical care (including potential access to alternative or overseas treatments).
- Assisting with the cost of recuperation.
- Funding employment breaks including time to spend with family.
- Replacement of income should a lifestyle change result in a drop in income, or should a partner wish to take time away from employment or a business to care for the insured.
- Investment to generate income to top up any benefits received from an income protection insurance policy.
Critical Illness Insurance Cover for children
The benefits of Critical Illness Insurance is you can cover the children (child trauma policies). This cover provides for family assistance and their finances in the event of a major illness, injury or the suffering of a traumatic event.
This may include assistance in meeting (potentially substantial) medical costs and/or to replace the loss of income from one partner, should they be required to give up work to care for the child.
This is particularly relevant with the prevalence of two-income households. To the contrary of most beliefs, there is no one size fits all solution.
Don’t Get Caught Out! Get a Quote! Protect your Wealth Today!
Have an Critical Illness Insurance Specialist calculate the best option for You! Call for a friendly chat on 1300 850 902 or simply fill in your details below.