Trauma insurance is there a point?

Trauma insurance, also known as Critical Illness Insurance, pays a benefit if you experience a sickness or injury as defined in the policy. Unlike income protection insurance, where you have to be unable to work for a certain period of time, trauma insurance benefits are not linked to your capacity to work.

Trauma insurance statistics

Trauma insurance statistics released by Aviva for 2006 reveal that 60% of the critical illness benefit payments made to their policy holders were sufferers of malignant cancer. These people would not necessarily have been terminally ill, but they would most probably have been required to undergo surgery and other traumatic and stressful interventionist therapies such as radiotherapy or chemotherapy.

The next major trauma insurance claims categories were:

• Stroke at 9%
• Coronary By-Pass at 6%, and
• Myocardial Infarction (Heart Attack) at 6%.

Trauma insurance and gender

From a gender perspective, 70% of trauma insurance claims were male. This raises an interesting question, is it because the males of the population suffer more serious illnesses than the females? Or is it because men are more likely than women to have trauma insurance cover?

Trauma insurance and age

Aviva's trauma insurance statistics also reveal that most of their critical illness claimants (42%) were in the 50-59 age group; that time when much of the population is starting to gear down and begin planning for retirement. More frightening, though, is that a surprising 14% of the claims were from trauma insurance policyholders in the 30-39 age group, and their youngest single claimant was a mere 30 years of age.

Trauma insurance claims

All up, Aviva paid out over $16 million in critical illness claims during 2006, with their biggest payout exceeding $675,000.

Some of these critical illness payments would have been made on top of any eligible income protection and total and permanent disability claim payments.

Get help with trauma insurance claims

While trauma insurance is a relatively new type of cover it is becoming more and more popular in today's society where the chance's of you recovering from a traumatic event is increasing.

Also, there is an increasing burden of medical costs and financial obligations to your family that need to be covered while you recover from your illness. It is therefore imperative to have the adequate trauma insurance to alleviate the financial stress of a traumatic / critical illness. Get trauma insurance quotes from xLife today!

Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year's trauma protection premium.

May 2011