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.
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.
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.
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