Kylie’s story: the life-changing importance of Trauma Insurance
Life is unpredictable, and while we often plan for the best, unforeseen events can really send our carefully laid plans off track. Trauma insurance is a financial safety net that can support you and your family during some of life’s most challenging moments. It provides a lump sum payment upon the diagnosis of a specified critical illness or medical condition, such as cancer, heart attack, or stroke. This payment can be used for anything from covering medical expenses to replacing lost income, giving you the financial freedom to focus on your recovery rather than worrying about money.
Why Should You Consider Trauma Insurance?
The impact of a critical illness goes beyond the physical and emotional stress; it can also create significant financial strain as the cost of medical treatments, rehabilitation, and time away from work can lead to mounting expenses that you may not have budgeted for.
For families, trauma insurance allows the income earner or any insured member to focus on healing without worrying about mortgage payments, school fees, or day-to-day living expenses. Trauma insurance enables you to seek the best medical treatment available, ensuring your chances of recovery and long-term health are maximised.
Kylie’s Story
We’d like you to meet Kylie, an experienced facilitator specialising in team and leadership development, based in Albany in the Great Southern region of Western Australia. Kylie and her husband have been running their own business for 12 years with their work often requiring extensive travel, including frequent drives to Perth and other regional locations. While their business was thriving, Kylie and her husband had not fully addressed the risks associated with unforeseen life events.
Kylie’s introduction to Sound Life Financial Services came through a colleague who praised the team’s exceptional work. Initially engaged to facilitate team-building sessions for Sound Life, Kylie experienced firsthand their dedication and sincerity in helping people to become financially secure. This positive interaction eventually led Kylie and her husband to become clients.
While they had previously undertaken big-picture financial planning they lacked detailed strategies for specific risks. Working with Thelma, they worked together through a thorough process where Thelma helped them to identify potential vulnerabilities, particularly with their insurance coverage. As a result, Kylie and her husband could see and understand the importance of trauma insurance and its role in their overall financial plan.
It became their priority that, in the event of an emergency, their family’s financial stability would be secure. They opted for trauma insurance, designed to provide financial support during serious illnesses, over income protection, which proved less suitable for their needs.
Just 11 months after implementing their insurance plan, Kylie faced an unexpected health challenge: a melanoma diagnosis. The situation escalated rapidly, requiring surgeries and extensive medical care. Amidst the emotional and physical toll, Kylie reached out to Thelma to inform her of the situation.
What followed was a process that provided Kylie and her family with:
Thelma handling the claims process with empathy, ensuring minimal stress for Kylie and her family.
Thelma liaising directly with the insurance company and medical professionals, streamlining the documentation and approval process.
A swift resolution as within days of notifying Thelma, Kylie received the full trauma insurance payout, providing financial relief and allowing the family to focus on her recovery.
The trauma insurance payout covered a year’s worth of income, alleviating financial stress and enabling Kylie to prioritise her health.
Reflecting on the experience:
Kylie highlighted the profound sense of care and support she felt throughout the process. The seamless and compassionate handling of her claim shattered any preconceived notions about the insurance industry.
Kylie’s story is a reminder of the importance of tailored financial planning and the positive impact of working with a trusted financial adviser. For individuals and business owners alike, proactive planning and expert guidance can provide peace of mind and financial security.
While no one can predict the future, we can all take steps to safeguard our financial stability and protect our loved ones from unnecessary hardship.
As Kylie’s story shows, trauma insurance is a lifeline when you need it most.
Sound Life & Superannuation Agencies Pty Ltd trading as Sound Life Financial Services is the Authorised Representatives of Synchron, AFS Licence No. 243313.
The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.