I have had Trauma, Income Protection and Life insurance since 2000. I took out the insurance when I was 33 years old, fit and healthy with no medical problems or conditions. In December 2016 I was diagnosed with stage two prostate cancer and because of my age (49) and the aggressive nature of the cancer, I had to have my prostate removed. Trauma insurance is for traumatic events such as cancer, heart attacks strokes etc. and as my diagnosis met the definition, I was able to claim against my policy and the insurer paid the claim. Not only did the payment go to cover the cost of the operation which is close to $20,000 out of pocket, even though I have top level health insurance – it gave me peace of mind to assist with my recovery and any other expenses that I may incur.
A lot of people my age and younger think nothing will happen to them but that is the time to take out insurance – when you are fit and healthy and there are no restrictions or loadings applied. My insurance broker was MBS – a specialised insurance broker – our preferred broker. They were fantastic throughout the whole claim process and were able to deal with the correct people within the insurance company when the claim was made making the process very easy for me. I make this point as there are a number of on line insurance companies and I am sure I would not have received the service and speed of claim if my policy had been with them. When a traumatic event occurs the last thing you want to deal with is an insurance company on your own.
I would recommend definitely reviewing your insurance cover especially with families having children later in life. People tend not to have Trauma insurance as it is a type of insurance policy that has to be held outside superannuation. If you have any questions fell free to call me.