Trauma Insurance for Tradies
There are various forms of insurance for tradies, with some being more common than others. One of the least common forms of cover is trauma insurance.
It’s not just tradies who are less likely to take out trauma insurance. Overall trauma insurance is far less common than other forms of cover such as life insurance and income protection.
A big part of the reason for the lower take up of trauma insurance is simply due to it being a much newer form of insurance. Another reason is due to the old “she’ll be right” attitude that many Australians have.
Trauma insurance is now starting to become more popular however, and in this guide we will take a closer look at trauma insurance and how tradies can benefit from it.
What is Trauma Insurance?
Trauma insurance is a form of life insurance, but unlike standard life insurance which pays out in the event of your death, trauma insurance pays out in the event of being diagnosed with a critical illness.
If you are diagnosed with a critical illness, your trauma insurance policy will pay a lump sum which can be used for a variety of purposes such as covering medical expenses, reducing debts and replacing lost income.
A trauma insurance policy will cover dozens of different illnesses and conditions, however the most common claim triggers are cancer, heart attack and stroke.
How Can Tradies Benefit From It?
Almost all people can benefit from trauma insurance, but it is especially important for people who are self-employed.
With a large percentage of tradesmen working as subcontractors or running their own business, tradies clearly have a lot to gain from this form of insurance.
If you were to suffer a serious illness such as cancer, hopefully you will have income protection insurance that can replace your income whilst you are too unwell to work.
This will be all good and well for paying your mortgage and other regular bills, but there will still be major medical and perhaps rehabilitation costs involved in your treatment and recovery.
Trauma insurance can provide you with the money not only to cover these costs, but also to access the best medical treatment that money can buy.
For people who survive a serious event or illness such as cancer or a stroke, sometimes the financial effects can last for longer than the physical effects.
The surgeon who invented the concept of trauma insurance put it best when he said that he could save a man’s life, but he could not save their financial situation.
How Much Does it Cost?
The cost of trauma insurance for a tradesman will be based heavily on the person’s age. Generally speaking the older you are the greater your chances are of a serious illness, and therefore the more expensive your insurance will be.
Whilst trauma cover is certainly not the cheapest or most common form of trade insurance out there, it is increasing in popularity and is certainly worth considering.
Tradesman Insurance Quotes
Many of the companies marketing themselves as tradesman insurance specialists here in Australia are only licensed as general insurance brokers, and therefore they are not licensed to deal in trauma insurance.
Here at Tradesman Insurance we have access to a team of financial advisers who are fully qualified and licensed to deal in various forms of life insurance for tradies, including trauma insurance.
To obtain a quote on trauma insurance please complete our online quote request form or give us a call.
