Trauma Insurance

Rising Tide Financial: Understanding Trauma Insurance

I need support with trauma insurance.

What would happen if you had a serious accident? Could you cope financially if diagnosed with something like cancer or suffering a stroke? These questions may seem scary, but they’re also necessary. While it’s easy to think you’re immune, unfortunate life events can happen to anyone. If you’re ever diagnosed with a serious condition, you need funds to pay for treatment and day-to-day expenses.

At Rising Tide, we offer professional advice and guidance on trauma insurance. We can find the right policy for your needs and show you how to minimise tax with trauma insurance. 

What is trauma insurance?

Trauma insurance covers your financial needs during a critical illness or serious injury. When you’re out of action, it allows you to pay medical expenses and support your family. While trauma insurance does not cover mental health conditions, it covers cancer, heart conditions, workplace accidents, stroke, and many other scenarios.

Many trauma policies are on the market, with varying premiums and payouts. Trauma coverage is often sold independently and packaged with life cover and other insurance products. When trauma insurance is combined with life cover, the latter is often reduced in the event of a trauma claim. Medical definitions and inclusions often vary between trauma insurance providers. Premium amounts and structures differ widely, with some policies offering stepped premiums and others offering level premiums. This makes it difficult to compare policies and find a solution that works for you.

At Rising Tide, we can find a trauma policy that supports your family and lifestyle.

Financial benefits of trauma insurance

Trauma insurance policies deliver upfront payments when certain conditions are met. They offer numerous benefits and allow you to meet financial obligations. Serious diseases and accidents can severely impact your financial health, so you need to be prepared.

Trauma insurance is designed to cover:

• Out-of-pocket medical costs
• Living expenses for you and your family
• Income protection when you can’t work
• The cost of therapy, nursing care, and transport
• New housing costs, if needed
• Mortgage debts and other bills

Along with the obvious financial advantages of trauma coverage, this type of insurance also offers peace of mind. During your time of need, it allows you and your family to focus on recovery instead of money. Even with income protection insurance, living expenses and medical treatments are not always covered without dedicated trauma insurance. 

Just like life insurance and debt management, we believe trauma insurance is necessary for all modern families. Please contact our team to learn more. 

Integrating trauma insurance with tax planning

Trauma insurance can function as a form of taxation planning. While ongoing premiums are not tax deductible, proceeds from a successful claim are paid directly as a tax-free lump sum. Trauma coverage can be used for tax minimisation, as the final sum is not deemed income. While this is not a popular retirement or tax minimisation strategy, it can benefit people in their time of need.

At Rising Tide, we can help you with trauma cover and tax minimisation strategies. Please contact our team to learn more.

Expert financial advice

If you don’t already have trauma insurance, we offer this advice: stop putting it off! Trauma insurance covers important medical costs and living expenses and offers peace of mind for you and your family. It delivers financial security in your time of need, from the ongoing cost of medications and therapy to housing changes and debt payments.

Trauma insurance includes a wide array of coverage options, and expertise is needed to understand policy types and inclusions. Depending on the insurer, up to 50 different conditions may be covered. At Rising Tide, we can help you understand trauma policies, complete documentation, and submit insurance claims.

We offer a wide range of financial planning services. Explore our website to browse superannuation services, look at success stories, and review our process. Talk with our experts and get the financial support you deserve.

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