Do I need Trauma Insurance?

Knowing that you don’t need to worry about your finances – giving you more headspace to focus on your recovery – can be a great incentive to take out Trauma Insurance.

A serious illness can have a major impact on a family’s life and finances. If a major trauma such as a heart attack strikes the main breadwinner, leaving them unable to work for many months, it can become difficult to manage mortgage payments, medical bills and more.

Statistics show that you are much more likely to suffer, and recover from, a major trauma than to die before the age of 70. Many people will go on to lead normal lives after surviving a serious trauma, but the economic impact can linger for years, and some may never recover their former financial standing.

Trauma Insurance provides a one-off payment if you are diagnosed with one of 38 serious medical conditions and can help to ease financial pressures, allowing you to take time off work and focus on your recovery.

The ‘big 4’: cancer, heart attack, stroke and coronary bypass

NobleOak’s Trauma Insurance includes cover for 38 critical medical conditions, including the ‘big 4’ – cancer, heart attack, stroke and coronary bypass surgery – which account for over 90% of all trauma claims paid.

According to the Australian Bureau of Statistics, cardiovascular disease – the umbrella term used to describe heart disease, stroke and blood vessel diseases – is the leading cause of death in Australia. It claimed over 45,000 lives, or nearly 30% of all deaths, in 2015.[1]

But the disease itself affects around 4.2 million Australian, or one in every six people. Cardiovascular disease was the main cause for 490,000 hospitalisations in 2014/15, with another 54,000 Australians suffering a heart attack. The vast majority of people who suffer this major trauma will fully recover and go on to lead productive lives.

The prognosis for cancer patients tells a similar story. In 2017, it is estimated that 134,174 Australians will be diagnosed with some form of cancer. One in every four Australian women and one in three Australian men will be diagnosed with cancer before they turn 75, and their chance of surviving for at least a five-year period is 68%.[2]

Serious illness can strike at any age

Even if you are young and healthy, you are not immune to serious trauma. There are some diseases that do not discriminate. Indeed, conditions such as paraplegia and quadriplegia, loss of limbs and major burns can strike the young and fit, who are often more likely to engage in risky activities that could result in serious injury.

NobleOak Trauma Insurance, which can be purchased as both an optional extra in your Life Insurance or as a Standalone cover, provides a lump sum payment of up to $2 million upon diagnosis of any of the 38 listed medical conditions, and can be used in any way you wish – whether that be paying for the best medical treatment or a stress-free family holiday to aid with your recovery.

To learn more about Trauma Insurance, speak to a NobleOak Insurance Specialist today on 1300 041 494.