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If you were involved in a bad accident or diagnosed with a serious illness (that there is a chance you may recover from) then trauma insurance can provide you with a lump sum payment. Most insurers define the types of trauma they cover but most cover major illnesses like cancer, and significant events such as a stroke.

A trauma insurance payout could be used to pay for medical expenses over and above what your health insurance covers (should you have any), as well as giving you some sort of income for a while. Income Protection Insurance can also give you a financial safety net for unforeseen life incidents.

Trauma Insurance is an important insurance to consider alongside Total and Permanent Disability (TPD) Insurance and Life Insurance. Neither of these would pay out if you were diagnosed with something like cancer or had a heart attack as you will probably return to work at some point. However, while you’re not working, and this could be a considerable length of time, then a Trauma Insurance payout would ease the financial stress.

At Grand Ridge Financial we sit down with you and look at your lifestyle and your circumstances. By researching all the insurance companies and all their products they can then recommend the best insurance mix for you. We can help you determine the level of cover you would need by looking at your debt, living expenses, education fees, savings and investment goals.