Could you be heading towards a mid-life crisis?
Your life could change in an instant if you were to suffer a serious illness or injury. It is estimated that men have a 40% risk, and women have a 25% risk of suffering a traumatic illness between the ages of 30-64.[i]
The impact of a critical illness on families could be devastating, not only emotionally but financially. GFP strongly encourage all Australians to consider a trauma insurance policy to help assist with being able to afford suitable medical care and rehabilitation in the event of suffering a serious injury or illness.
World Cancer Day, which is recognised in February each year, highlighted the prevalence of cancer which provides compelling reasons to consider a trauma insurance policy.
1 in 2 Australian men and 1 in 3 Australian women will be diagnosed with cancer by the age of 85. An estimated 130,470 new cases of cancer will be diagnosed in Australia in 2016, with this number expected to increase to 150,000 by 2020[ii].
These high critical illness statistics, combined with a concerning trend of ‘misinsurance’, where there is a mismatch between an individual’s personal insurance needs and their actual cover, could leave everyday Australians facing a financial crisis if the unexpected were to happen.
There are many complexities associated with personal insurances, so it’s extremely important to seek professional advice to help you choose the trauma insurance and/or other personal insurances that are appropriate for your circumstances.
Trauma insurance may provide a financial benefit in the event of you suffering from a serious illness and health condition which is covered by the policy, with the major causes of claim being cancer, heart disease and stroke. Most policies cover over 30 specified events such as major head trauma, severe burns, paralysis and multiple sclerosis.
GFP can assist you to confirm appropriate levels of insurance cover for your circumstances and an appropriate policy which suits your needs. With the right cover in place, you can focus on recovery without the additional stress of pressing financial commitments.
To find out more contact Steve on 46480431.
[i] Gen Re Australia 2009. Australian Critical Illness Survey 2008: a study of claims experience in 2001 to 2005.
[ii] Cancer.org.au