Do you know of someone who has been affected by cancer? Or had a heart attack? What about a stroke?
These illnesses are not nice to think about, but unfortunately the answer nearly 100% of the time I ask that question is yes.
“Did you know that in NZ, 2,900 men are diagnosed every year with prostate cancer (ministry of health 2012) & 2800 woman are diagnosed with breast cancer every year (NZ breast cancer foundation website 2012)”
These are considered major traumas. They impact your lifestyle, what you do day to day, your routine, your work, and your family. These conditions are not only scary to be diagnosed with even if caught in the early stages, but can in many cases be life threatening.
Trauma Insurance will not cure or prevent any disease or major trauma, but what it will do is relieve financial pressure in the event of being diagnosed, needing tests, specialist visits, surgeries or similar treatment.
How does Trauma Insurance work?
If you take out a Trauma Insurance Policy and you are diagnosed with a trauma (one of the listed medical conditions in the relevant insurers policy wording) and survive for 14 days thereafter, you will be entitled to a claim (subject to policy wordings). There is no magic recipe in terms how much you should be covered for, so it all depends on how much you would require if this were to happen to you.
Of course no one has a crystal ball so we will never be able to pre-empt the severity of these things occurring, what we can do is base the amount of cover on a multiple of earnings. For example if you earn $100,000 per annum, we will say insure 3x that amount so the amount you are insured for is $300,000.
This will allow you to have 3 years of income to help with getting through what you have been diagnosed with. Sometimes this is not enough, but I think in general when people need insurance, the amount you are covered for is NEVER enough.
We will always recommend a higher amount in an ideal scenario, and provide options following an ideal position and of course your affordability.
Trauma cover, as you could imagine is claimed on a lot. Make sure you have this as part of your risk portfolio & talk to Makeinsure about the options available to you.