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Blog

April 4th, 2012
Trauma Cover - The Basics

The majority of our clients with young families or mortgages would understand the need for, and be relatively familiar with how Life Insurance and Income Protection policies work.

However, we also find that Trauma cover (known by some insurers as Crisis cover) is not well understood, leading to clients not being adequately covered in this area.

Trauma Cover can work best to complement an existing Income Protection, which will replace a portion of current income if a client becomes unable to work due to illness or injury. However, these payments will generally be used to maintain the household expenses that will obviously continue.

Trauma Cover, on the other hand, will pay an agreed lump sum benefit (on top of any Income Protection), to the insured person, should they be diagnosed with a condition specified in the policy, with cancer, a heart attack or strokes being the most common illnesses.

This is designed to assist with the additional expenses likely to arise out of a serious illness, which can include medical costs, necessary home renovations or having to move to a more suitable home. A well designed strategy will take the financial stress out of the situation, to ensure the client only has to concentrate on their recovery.

One of the major differences between Trauma and other types of disability cover, is that a payout is determined by diagnosis of a specified condition – not the client’s ability to work – which is why Trauma cover can be attractive for clients that are currently not in the workforce, as it can still provide a family peace-of-mind, when Income Protection may not be available due to not working.

To assess your personal insurance strategy, to ensure you and your family are adequately protected, contact your Financial Planner for a review of your circumstances.

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Tony Laycock

Accredited by AMP Financial Planning
PFG Financial Services Pty Ltd ABN 23 052 977 189 and PFG Global Pty Ltd ABN 50 679 416 839 trading as PFG Financial Services (Global) are Corporate Authorised Representatives and Credit Representatives of AMP Financial Planning Pty Limited ABN 89 051 208 327 Australian Financial Services Licence 232706 and Australian Credit Licence 232706. For further details including financial services we can offer you and how we are renumerated, please read the Financial Services & Credit Guide V 4.0 & FPFG Global Pty Ltd Financial Services & Credit Guide V 4.0 General Advice Warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.