Trauma Insurance – what are the major causes of trauma insurance claims?
Trauma insurance is designed to provide relief from the financial impact of the insured suffering a specified medical condition or critical illness. The major causes of
trauma insurance claims in Australia are conditions such as heart attack, heart disease, stroke and cancer.
Although different trauma insurance policies will also cover conditions as varied as hepatitis, deafness, muscular dystrophy, burns and major organ transplant,
claims experience for most trauma insurers reflect that the major
trauma insurance claims are for conditions resulting from cardiovascular disease (CVD), such as heart attack and stroke, and the myriad of cancers.
When one considers that, according to the Australian Institute of Health and Welfare (AIHW), an estimated 3.5 million Australians, or nearly 18% of the population, had CVD conditions in 2004-05, the risk of experiencing
trauma from a CVD-related illness is quite high.
As for cancer, projections from the AIHW suggest that rates for new cases of cancer between 2002 and 2011 will be around 33% of men and 25% of women, prior to the age of 75.
Trauma insurance differs from Life Insurance and Income Protection in that you do not have to die or be declared terminally ill, and nor do your earnings have to suffer as a result of the
trauma. Simply meeting the definition of a traumatic event in the insurance policy entitles you to
claim on your policy.
Disclaimer
The
information provided is general in nature and does not take into account your
particular insurance objectives, financial situation or
investment needs. We recommend that you speak to an
xLife insurance advisor
or life insurance broker before you make any decision
regarding risk insurance. |
