Avoid The Financial Battle With Trauma Insurance

Published: July 28, 2013

We all know how important life insurance is, but do we really know the true value of trauma insurance? Perhaps if we did, our trauma insurance claims experiences could potentially be more positive.

With the increasing life expectancies in the western world, Australians enjoy one of the highest life expectancies in the world at 81.4 years, second only to Japan. This is indeed good news. The consequences of longevity, however, are an increasing burden of critical illnesses that occur more frequently with advancing age such as cancer and heart disease. A quarter of a million Australians will be diagnosed with cancer, having a heart attack or stroke, or undergoing coronary artery bypass grafting in 2010.

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Trauma insurance claims in Australia

It is no coincidence that these very same conditions form the backbone of trauma insurance that was introduced into the insurance world in 1983 by Dr. Marius Barnard who performed the first human to human heart transplant 43 years ago in 1967.

What Marius Barnard realized was that patients not only require medical doctors to over come their disease, they require financial doctors to overcome the fiscal burden of surviving a life threatening condition. To quote Dr. Barnard “you need insurance not only because you are going to die, but also because you are going to live”.

He did not want the scenario where the doctor would advise that they could replace your kidney but your bank balance would have to be completely removed. This is where appropriate trauma insurance claims can help.

Cancer in women

Women make up just over half of Australia’s total population.

  • More than 30% of Australia’s small business operators are women;
  • Women make up more than half of the Australian public service workforce (57%); and
  • hold around 36% of senior executive positions.

However, cancer is the most prevalent disease with respect to trauma insurance coverage for women. One in three women will be diagnosed with cancer before the age of 85, the most frequent cancers being:

  • breast cancer
  • bowel cancer
  • melanoma
  • lung cancer
  • lymphoma

Of these five cancers, breast cancer is by far the most common with over a quarter of newly diagnosed cancers in women.

Many policies in Australia are designed to cover both carcinomas in situ of the breast (early cancer that has not resulted in the invasion of cancer cells into normal tissue) and invasive carcinoma in situ treated by lumpectomy as a partial payment reflecting the lesser severity and lifestyle impact of early non-invasive cancer. Where-as ‘invasive carcinoma’ or ‘early cancer necessitating a complete mastectomy’ may result in a full benefit being paid, depending on the policy.

Cardiovascular disease

Cardiovascular disease (CVD) in women tends to be overshadowed by cancer but the truth is that it is a very important health issue in women. The thought that heart disease only affects middle aged men is a myth. Cardiovascular disease tends to occur later in life in women due to the protective effect of female hormones but after menopause, the incidence rate of heart disease rapidly catches up to the levels found in men.

Multiple Sclerosis

Multiple Sclerosis (MS) is not as commonplace as cancer or heart disease but the incidence is showing an upward trend.

  • 60% of people diagnosed with MS are women;
  • Unfortunately, it tends to manifest at a young age, usually between the ages of 18-40;
  • It is estimated that 18,000 Australians are presently suffering from multiple sclerosis; and
  • has an associated healthcare costs hitting $2 billion.

The condition causes an array of neurological symptoms which can deeply impact on a person’s lifestyle and activities of daily living. Fortunately, treatment is improving continuously with new drugs, but as yet there is no cure for this condition.

Trauma Insurance for women

Trauma insurance can help cover medical costs when a medical event like breast cancer, heart disease, heart attacks, strokes and multiple sclerosis. With the ever increasing life expectancies and innovative medical treatments, trauma insurance is vital in preparing for the unexpected.

Not all policies offer the same level of cover. It is therefore essential that you compare trauma insurance policies and decide their worth for your specific needs and circumstances. 

Source: CommInsure August 2010

Compare Trauma Insurance Policies
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  • Heart Attacks and Trauma Insurance Claims

    Heart attacks are the second highest trauma insurance definition claimed on in Australia. This is why trauma cover is so important for Australian Families
  • Vision Impairment and Blindness

    Blindness and vision impairment is typically covered by trauma insurance policies. Find out which insurers offer best coverage for blindness in Australia
  • Stroke

    Trauma insurance policies generally cover Strokes and can provide financial assistance to help you focus on recovering from a Stroke
  • Osteoporosis

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  • Heart Attack: Australia’s Biggest Killer

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