Need a Mortgage Broker for Trauma Insurance?

Need a Mortgage Broker for Critical Illness Insurance? In some situations, it can be impossible to return to work after being diagnosed with a critical illness, experiencing a traumatic event or sustaining a serious injury. Critical Illness and Trauma Insurance will assist you and your family through this challenging period by covering treatment and recovery costs.

Please call First Choice Mortgage Brokers to discuss your Illness and Trauma Insurance opportunities and for any assistance in accessing the Illness and Trauma Insurance application process. Why would I need Trauma or Critical Illness Insurance?

Critical Illness and Trauma Insurance provides a lump sum payment if you are diagnosed with a specific illness that is noted in your policy, like heart attack, stroke, a serious brain injury or cancer. Mental wellbeing issues are not covered by trauma insurance.

The types of illnesses protected under trauma insurance varies with providers, which is why it is a good idea to speak with an expert mortgage broker. At First Choice, we will supply you with a few Critical Illness and Trauma Insurance options, so you can select the insurance that suits your needs and wants best.

Trauma insurance can be used to help cover some of the following expenses:

  • Out-of-pocket treatment expenses.
  • Living expenses for you and your families if you’re unable to work.
  • The cost of therapy, hospital care, and special transportation.
  • Debt repayments such as paying off loans and mortgage.

Critical Illness or Trauma Insurance FAQs

Trauma & Critical Illness Insurance Factors To Consider

When selecting your trauma insurance, you should consider the following factors to determine what is most important to you, so you can guarantee your wants and needs are met.

  • The amount of money you and your family would need – relative to your current income – if you were unable to work for an extended period of time.
  • If you have income insurance or total and permanent disability (TPD), these extras will help with your reduced income.
  • Whether you have private health insurance, as they will help pay for some medical bills.
  • What kind of help you would get from relatives or friends.

It is best to chat with a financial advisor or a mortgage broker if you need guidance determining whether or not you need trauma insurance and how much you need.

What Is the Difference Between Trauma Cover and Total Disability Insurance?

While trauma insurance and total disability insurance (TPD) are similar, they are designed to suit and produce two different outcomes.

The primary distinction between trauma insurance and total and permanent disability insurance is that trauma insurance will cover you for specified illnesses while you are attempting to return to work. In contrast, TPD insurance will not pay you unless you can never return to work again.

How Much Trauma Insurance Do I Need?

The risks of Trauma and Critical Illnesses varies greatly, making it difficult to identify an insurance amount that would suit any situation. The decision largely comes down to personal preference and the conditions you are especially at risk of. Some questions that can help you decide how much insurance coverage you should take out include:

  • How much cover can you afford?
  • What types of insurance do you have already?

Weighing the relative likelihoods of various trauma incidents will help you predict costs. As a result, it is important to have a sense of:

  • What Trauma and Critical Illness issues is the policy designed to cover?
  • How probable is it you will file a claim for each issue?

It is also helpful to consider the top three insurance claims and what their costs are:

  • Cancer accounts for more than 62% of male trauma claims and more than 85% of female trauma claims. Cancer has a general lifetime cost of $120,000.
  • Heart attack, heart disease and heart surgery accounts for almost 20% of male trauma claims and 3% of female claims. Heart attack has a general lifetime cost of $20,000.
  • Stroke accounts for 3.7% of male trauma claims and 2.7% of female trauma claims. Stroke has a has a general lifetime cost of $150,000.

The typical trauma insurance package has coverage ranging from $100,000 to $500,000. In the case of a claim, certain funds will be set aside for you and your family.

Speak to a Mortgage Broker

You can make an appointment with a First Choice Mortgage Broker consultants by calling 1800 111 455.

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