6FT Tall & Bullet proof – or know someone who is??
There is a common misconception among Millennials (Gen Y) currently aged 24-38 and born between 1980 & 1994 that “Trauma” or “Critical Illness” (CI) cover (these are two names for the same thing) is not applicable to them and might be something to consider in their 40’s and 50’s.
You could not be more wrong. By waiting until you are 50 to obtain insurance you may find yourself paying large premiums for cover or worse still you will be uninsurable.
CI insurance is designed to be there for worst case scenario’s generally paying out a lump sum on diagnosis to help with medical expenses and cover loss of income while you’re recovering. The most common claims are for “The Big 4”:
- Heart attack
- Coronary bypass surgery
But that’s not all…
Most CI Insurance covers up to 60 conditions including the 6 most common serious injuries or illnesses that can occur in a car accident:
- Loss of limbs/sight
- Major Head Trauma
- Paralysis of a single limb
- Severe Burns
If you are young, fit & healthy (YFH); or have a YFH dependant who is most likely also an inexperienced “P Plater” on the roads, now is the perfect time for you to obtain CI Insurance as your premiums are considerably less especially when you sport a clear medical history.
Of course, the main benefits to CI Insurance cover and when you are still young and fit, is a long-term assurity when the great unknown can be lurking just around the corner.
At Soundbridge we have a long history of helping clients when a trauma event occurs. In the last 12 months alone, along with our trusted insurance provided our paid out claims have totalled $1,380,874 assisting 10 clients during a time when they needed help the most.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way.
Soundbridge Pty Ltd trading as, Soundbridge Financial Services are Authorised Representatives GWM Adviser Services Limited ABN 96 002 071 749, trading as MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies.
This information has been prepared by GWM Adviser Services Limited ABN 96 002 071 749 AFSL 230692, a National Australia Group Company, 105-153 Miller Street, North Sydney NSW 2060 Australia.
Posted on August 28th, 2018