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.
"Since engaging Chris Humphrey, I have benefited from his comprehensive financial, investment and tax knowledge. Chris and his team are always quick to respond to my queries and pro-active in updating me on any changes that may affect my financial situation. "
Dr Jason Stone