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Thread: Trauma insurance, do you have it??

  1. #1

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    Default Trauma insurance, do you have it??

    Hi, I am interested to find out how many people have trauma insurance (lump sum paid out for an illness like cancer, heart attack) and if you don't mind sharing how much?



    Thanks

  2. #2

    Default

    Hi

    I have trauma insurance. Enough to pay out all our debts, ie mortgage and investment loans.

    Liz

  3. #3

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    ok i have been living under a rock - ive never actually heard of trauma insurance. DH has life insurance but thats as far as it goes. I might have to look into this thanks

  4. #4

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    We have (or I should say DH has as he is the only income earner) Income Protection Insurance... which is essentially the same thing as trauma insurance. In the event DH runs out of sick leave or is unable to work due to illness or trauma he will receive, i think, about 75% of his income. Enough to scrape by until we can adjust our circumstances. Everyone should have it, especially those with a mortgage, school fees, or a life style that couldn't continue on a pension. We've had it for over 10 years but i don't know what the premiums are... if i find out i'll post.

  5. #5

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    We've recently got it so I'm fully worded up via our financial planner

    Our policy will pay $100,000 Critical Illness/Trauma benefit for either DH or myself and we also have the kids over 3 (can't insure under 3yo) insured for $20,000 each. We also have life, income protection and TPD cover as separate policies.

    This is going to sound like one of those ads on the teev lol but Bath you should consider having a policy for yourself too. Just because DH is the primary earner doesn't mean he is the only one that should be insured. What if something happened to you? Would your DH have to give up work to raise the little ones? Would you like your children put into full time care so that he can keep working?
    Last edited by ~Raven~; August 6th, 2010 at 02:49 PM.

  6. #6

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    Yes, he has been talking about that recently Raven I totally agree... it's in the pipeline.

  7. #7

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    I got confirmation yesterday that DH's insurance has been accepted. I got $100,000 of trauma (they suggested $300,000 but the premiums for trauma are very high) and $800,000 of TPD/Life, mmm now I'm thinking I should have done a bit less on the TPD/Life and increased the Trauma. Oh well it's done for this year, I guess if something happened and DH couldn't work again the TPD would be paid out and trauma would be for an illness/accident that he would recover from. Get's very complicated, now I just have to follow mine up with the super company!! Fun Fun Fun.

  8. #8

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    Quote Originally Posted by Jaffaz View Post
    Hi, I am interested to find out how many people have trauma insurance (lump sum paid out for an illness like cancer, heart attack) and if you don't mind sharing how much?

    Thanks

  9. #9

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    My DH has it. We had it put in place after DS was born, and his mother died due to a brain injury after falling off her roof. It's enough to set us up a bit til I can work enough.

    We also both have income protection and disability/accidental death cover etc.

  10. #10

    Default Importants of trauma insurance

    hi all,

    yes, i do have an trauma insurance. When we first mention about trauma insurance, many people's first response is what on earth is that. The simple answer is that trauma insurance provides a lump sum payment if certain health events occur, for example a malignant cancer, major stroke, heart attack, or major organ transplant.

    It's killing me to find out what you guys meant by 'DH' though? I know this post is outdated, but it would be great if you could elaborate for me.

    Cheers,
    RC
    Last edited by Jerri Goe; October 2nd, 2012 at 12:29 AM.

  11. #11

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    As a formal Finacial planner who's favourite topic was insurance as I have a long family history or serious ill ess not resulting in death which is great but very expensive.

    Raven sounds like you Finacial planner did a excellent job of explaining it to you and many of these replies have been very well informed which is great to hear.

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