Trauma Insurance

Trauma cover will provide a capital lump sum benefit on diagnosis of any one of a number of specific traumatic health conditions defined in a particular policy. The basis of trauma cover is to support your on-going survival through treatment which may be drawn out and expensive.

The lump sum benefit may be used to retire debt, pay for modifications to the home or vehicle, meet the extraordinary costs of medical and nursing care, rehabilitation and recuperation, satisfy any additional income requirements or simply provide the opportunity for a change of lifestyle.

Trauma insurance gives you flexibility to extend your recovery time. Experiencing a life threatening illness often can result in a change in your approach to life and a change in priorities. If recovery is quick your doctor may authorise a return to work before you are mentally prepared. Having trauma insurance allows you to extend your time off by giving you some financial independence. Alternatively, you may choose to return to work immediately but reduce the hours that you work to achieve your preferred balance between your career, family and personal interests.

Additional Cover

The policy should incorporate Life Insurance as well as cover for Total and Permanent Disablement (TPD) . We recommend the death option because a trauma policy will not pay on the diagnosis of a trauma condition if the patient dies within 14 days. We recommend the TPD benefit to maintain the same amount of TPD cover as death cover.

Buy Back

The buyback option enables you to purchase life insurance without additional medical evidence 12 months after the payment of a trauma benefit. There is also a double TPD option under the life insurance where you will be covered immediately for death after a TPD claim. We have quoted this option where it is available.

Taxation

The current taxation rules state that premiums are not tax deductible, nor are claim payments assessable as income.

Harlocks can quote from all leading Life Insurance Companies. Our advice is based on the most suitable policy for your needs, while allowing you flexibility to choose a policy to accommodate your financial position. When quoting we provide a full Statement of Advice (SoA) which provides a comparison between companies, policies, definitions and premium cost. This allows our clients to make an informed decision based on our advice, while ensuring that the policy best suits their needs.

For more information or a quote on this product please contact us.