Trauma insurance is available as a ‘linked’ benefit on Life insurance or as a stand-alone policy. A trauma insurance payment is likely to be paid should you suffer any of the covered conditions.
This could include, but is not limited to: heart attack, stroke, cancer, paraplegia, multiple sclerosis, Parkinson’s disease, and chronic liver, lung and kidney diseases. The lump sum could be used to cover debt reduction/elimination and to cover costs related to making lifestyle adjustments, necessary home and/or car modifications, medical treatment costs, work alterations and peace of mind.
Is trauma insurance tax deductible?
Trauma insurance premiums are not tax deductible, however the proceeds are tax free in the event of a claim.
How much trauma insurance cover?
Trauma Insurance at a minimum should:
- Cover around $200,000 of potential medical cover including potential carer costs and compensation for potential drop in pay of the remaining spouse.
- Compensate for the Income Protection cap of 75% for a period of 2 years.
Chris Humphrey Private Wealth Management is conveniently located on the outskirts of Brisbane's CBD.
" I am very happy with the quality of the financial and investment advice that Chris has provided me. Moreover, the service from Chris and his team has always been exceptional. I can see myself continuing using the services of Chris Humphrey Private Wealth Management in the years ahead. "
Dr Craig McDonald