Does Trauma Insurance cover Cancer?
When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 38 listed medical conditions – one of the most common of which is cancer.
The facts about cancer
According to the Cancer Council of Australia:
- one in two men and one in three women will be affected by cancer before the age of 85
- 66% of these people will survive more than five years after diagnosis
- the most common cancers in Australia are prostate, breast, bowel, melanoma and lung cancers
- cancer is directly attributable for roughly one third of all deaths in Australia.
There are a number of possible cancer treatments, depending on the type and the severity of the particular cancer. According to the Cancer Council of Australia, the main treatments include surgery, chemotherapy, radiation and medication.
How it can affect your life
As well as the physical impact, cancer has a significant emotional impact for the patient and immediate family members and friends.
Cancer patients can feel isolated even from their closest friends and family as they deal with their situation, with their most common thought being ‘why did this happen to me?’ The impact of treatment can leave the patient in a significantly weakened emotional state.
The last thing a patient needs during this time is additional worry about their financial circumstances and how they will pay their medical expenses, as they may need to take time away from work or family duties for treatment.
How NobleOak’s Trauma Insurance can help
NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 38 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated.
A Trauma Insurance payment can be used however you like. For example, you may need this money to:
- pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
- pay household bills and expenses
- clear your debts or get ahead in your mortgage payments
- replace your partner’s income if they take time off work to provide care
- hire additional help with housework or child care.
Is Trauma Insurance right for you?
If you and your family are likely to experience financial stress if you suffered a serious illness, then Trauma Insurance should be an important consideration for you. Commencing Trauma Insurance while you are healthy will help minimise the premium costs.