Luke on 2CC – What is trauma cover?

Trauma cover – Why is it important? 

Financial Adviser, Luke Smith, Financial Planner CanberraFinancial Planner Luke Smith joined 2CC Talking Canberra 1206AM in The Money Show which aired on Friday 5 March 2021. This week’s topic: What is trauma cover and why is it important? 

No one wants trauma in their life but sadly there are few of us who don’t know someone who has been through a cancer or a heart condition. We might of even been through it ourselves. This week Luke and Leon continue in the insurance series to explore what trauma cover or trauma insurance is as well as the key things you need to consider when looking at this kind of cover.   

Key highlights include:

  • What is trauma insurance?
  • Depending on your insurance contract, trauma cover may cover you for between 30 and 50 ‘traumatic’ events
  • It’s important to know what you’re covered for 
  • What can it be used for and when is it paid?
  • Did you know a trauma cover payment is a tax-free payment if you ever need to make a claim?
  • There is no waiting period with this cover, unlike income protection insurance
  • Trauma is based on your age, your general health and well-being and your amount of cover – not your occupation
  • How much trauma cover do you need? 
  • Don’t forget to review your cover as your needs and situation changes 
  • Can you get cover after you’ve had a trauma event and received an insurance payment? 
  • Trauma cover is not the same as Total and Permanent Disability (TPD) cover that you might have in your super as default cover
  • Luke’s top tips for considering trauma insurance
  • A free appointment offer to talk about your own financial planning goals. Everyone has different goals and financial planning advice can help you achieve them more effectively, especially when you link different strategies.
Listen to the Podcast right now

Also available on Apple Podcasts and Spotify ‘The Strategy Stacker – Luke Talks Money’

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Do you need advice around trauma cover?

A man holding his heart
Trauma cover provides peace of mind when a serious medical event occurs. Make sure you understand what you’re covered for and seek advice.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals. Trauma cover can be complicated, but the good news is you can make an appointment to speak with Luke about your specific cover.

Envision 2CC offer:  Your first appointment is at our cost. Make an appointment to confidentially discuss your own insurance, investment, super or retirement goals. Call Envision Financial Services on 6260 4749. You can also use our contact us form to make an appointment for a confidential discussion about your situation.

Luke will return to talk about financial planning on 2CC next Friday. You can also catch up with The Strategy Stacker – Luke Talks Money podcast.  We look forward to your company again.

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