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 figures

Recent figures released by Aviva for 2006 reveal that 60% of the critical illness benefit payments made to their policy holders were to 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 critical illness claims categories were stroke at 9% of claimants, and Coronary By-Pass and Myocardial Infarction (Heart Attack), each representing 6% of trauma insurance claimants.

Trauma insurance and gender

From a gender perspective, 70% of critical illness claimants 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 figures 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 today!

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 while the financial burden of the medical costs and financial obligations your family need to cover while you recover from your condition are increasing. Therefore the need to have the adequate trauma insurance to alleviate the financial stress of a traumatic / critical illness. Get trauma insurance quotes from xLfe today!

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

December 2009