Whos fundraising for YOU when you need it?

27 October 2017

This month has seen a number of worthy causes advertising to raise much needed funds. We’ve had mental health awareness week, breast cancer month and stroke awareness week just to name a few. The last of these leading many of us to have our blood pressures and heart rates measured in the street. Talking to the paramedics doing the tests brought up a surprising fact that many people were advised of potential issues which they had previously been unaware of. An interesting thing to note about all these causes and the diseases they bring to mind, is that they make up a large percentage of the top claims under trauma or critical illness insurance policies.

Hopefully the different organisations got their messages across successfully, but in case they didn’t, here’s a sobering fact for you to consider when thinking that “those things happen to other people not us”! Around one  in five males and one in seven females over the age of 30 will suffer a traumatic medical condition before the age of 65, and often the cost associated with recovery is more than most budgets are able to manage. With advances in medical technology the likelihood of surviving a critical illness has improved greatly and many people, who would have previously died, now survive and have to face a struggle to meet costs.

So what funds can you access if one of these traumatic illnesses happens to you? All good if you have access to savings or can liquidise some assets in a hurry, but if not, then your best option is some form of trauma insurance which will provide a lump sum of funds when you need it. This sum can be used for any purpose. For some it can mean the clearance of debt to eliminate the stress of where payments are going to come from during the recovery period. For some it could be used to fast track alternative treatment methods without having to find the money elsewhere, or may even be used to pay for a holiday for the whole family to help with recuperation.

However, not all Trauma or critical illness policies are the same. Some will cover a wider range of medical conditions while others may only cover the main contenders. There will also be a large variance in premium costs between providers and it is therefore important that you get help to look at your options from a number of different providers.

There may also be variations in additional features available from the differing insurers offering the product. One insurer has developed a product where you can receive a portion of the claim payment based on the severity of the traumatic condition suffered, and unlike most products which are cancelled after a claim until you have had a clean bill of health for a number of years, this Progressive Care cover will still allow you to claim if you are diagnosed with a different traumatic condition as long as it’s not related to the initial problem.

The level and type of insurance you will need will depend on your current financial position and what you require the funds to cover. The most important thing is that you can raise those funds to protect you and your family when you need them most.

Published In The Whakatane Beacon

This post was written by

John White - who has written 90 posts

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