Trauma Insurance

Trauma insurance is different from TPD insurance. Trauma cover pays a lump sum benefit if you are diagnosed with a serious listed medical condition, regardless of the level of disability that results, or your capacity to work.  A TPD benefit is paid if you become totally and permanently disabled due to sickness or injury and are unable to work again.
For example, if you are diagnosed with Cancer, under trauma insurance you will receive a payment on diagnosis, but under TPD insurance you could only claim a benefit when, and if, the cancer renders you totally and permanently disabled.

The four most common trauma conditions are Cancer, Heart Attack, Stroke and Coronary Artery By-Pass surgery.

However, NobleOak Trauma Insurance provides cover for 33 additional serious medical conditions. See the PDS for the full list.

The level of trauma insurance you may need depends on your circumstances and what other insurances you may hold.

You may wish to consider your current financial commitments to determine the benefit amount you might need if you suffered from a defined serious medical condition. Many people consider choosing an amount that will reduce their debts, help with treatment costs, fund any home modifications, or help with household expenses or any loss of income whilst they focus on their recovery.

If you have Income Protection Insurance, you might require less Trauma cover. You may decide to allow for the waiting period on your Income Protection, plus medical, recuperation and care expenses, in addition to your partner’s loss of income, if they had to cease working to look after you. Trauma cover can also cover modifications to your house or car, or even moving to a more tailored home if the effects of your trauma are likely to be more permanent, but still short of a total and permanent disability.

Trauma insurance premiums are generally higher than life cover and TPD insurance premiums, particularly at older ages, so that may also influence the amount of cover you choose.

Our life insurance calculator may help to provide you with more guidance on how much insurance you need for your personal circumstances.

What would happen if you were to be diagnosed with a debilitating illness, or suffered a major heart attack? Would your family be able to manage if you couldn’t work for an extended period during your treatment or rehabilitation?

Trauma Insurance, sometimes known as critical illness or recovery insurance, covers you in the event you are diagnosed with a serious listed medical condition. The Trauma benefit is paid as a lump sum that can help to cover the cost of ongoing therapy and any lifestyle changes that might be necessary to help manage your condition.

What conditions are covered?

The four main listed conditions, accounting for up to 90% of Trauma claims, are:Cancer excluding specified early stage cancers, Heart Attack with evidence of severe heart muscle damage, Stroke in the brain resulting in specified permanent impairment and Coronary Artery By-Pass through open chest surgery. NobleOak Trauma Insurance provides cover for 37 trauma events, including medical conditions.

How much can I be covered for?

A one-off payment of up to $2 million, significantly more than most other direct insurers, will ensure you are able to pay for any treatment expenses not covered by Medicare or your health fund, and help make sure you get the best care available whilst you recover.

How can Trauma Insurance help?

If you suddenly suffered a Heart Attack – with evidence of severe heart muscle damage or Stroke – in the brain resulting in specified permanent impairment, in addition to the time spent recovering in hospital you may also need to take extra time off work, or cut back your hours. On top of your lost income stream, many major traumas will require home modifications to cope with any changes to your mobility. Trauma Insurance helps to take the pressure off, so you can focus on recovering instead of worrying about your finances. In the case of severely debilitating conditions, your partner might be forced to give up work to help look after you. Trauma Insurance can help to protect you financially in the event that both of you are unable to work. Trauma Insurance can also be used to pay off any large debts, such as the mortgage, or go towards the cost of travelling interstate, or overseas, to access the best medical care. It could also go towards a stress-free holiday to help with your recovery.

Protection for your family

Suffering a critical illness or injury can be a life-changing event. Even if you make a full recovery, the financial impact can remain for many years. Many families may never fully recover financially. Trauma Insurance can help make sure your family’s finances remain intact.

If you first suffer a serious listed medical condition while you are covered for Trauma Insurance, NobleOak will pay you the cover amount as a lump sum, helping you to pay any treatment expenses that are not covered by your health fund, and adjust your life-style. The money received will also help replace any lost income while away from work, particularly if you have used up all your sick leave and savings.

The main trauma events that NobleOak Trauma Insurance covers are:

• Cancer excluding specified early stage cancers
• Coronary Artery Angioplasty – through specific procedures
• Coronary Artery By-Pass through open chest surgery
• Heart Attack with evidence of severe heart muscle damage
• Stroke in the brain resulting in specified permanent impairment

Other Trauma Events covered include:

• Accidental HIV Infection – contracted through occupation or medical procedures
• Alzheimer’s Disease / Irreversible Organic Disorder – permanent and of specified severity
• Aplastic Anaemia – requiring specified treatment
• Bacterial Meningitis – resulting in significant permanent impairment
• Blindness – total and irreversible in both eyes
• Cancers – excluding specified early-stage cancers
• Cardiomyopathy (heart failure) – resulting in significant impairment
• Chronic Liver Failure – of specified severity
• Chronic Lung Disease – requiring long-term oxygen therapy
• Coma (impaired consciousness) – of specified severity and requiring specific treatment
• Coronary Artery Angioplasty – through specific procedures
• Coronary Artery By-Pass through open chest surgery
• Dementia – resulting in significant cognitive impairment
• Diplegia – total and permanent
• Heart Attack – with evidence of severe heart muscle damage
• Heart Valve Replacement – through specific procedures
• Hemiplegia – total and permanent
• Kidney Failure – requiring regular renal dialysis or renal transplantation
• Loss of Hearing – profound and irreversible (except by Cochlear implant)
• Loss of Independence – total and permanent
• Loss of Limbs and/or Sight – total and permanent
• Loss of Speech – total and irrecoverable
• Major Brain Injury – resulting in significant permanent impairment
• Major Burns – of specified severity and requiring specific treatment
• Major Organ Transplant of specified organs from a human donor, or placement on a waiting list
• Motor Neurone Disease
• Multiple Sclerosis
• Muscular Dystrophy
• Three Vessel Coronary Artery Disease – requiring specific treatment
• Paraplegia – total and permanent
• Parkinson’s Disease and specified Parkinson Plus Syndromes – with specified severity
• Pulmonary Arterial Hypertension (idiopathic and familial) – resulting in significant right heart failure
• Quadriplegia – total and permanent
• Stroke – in the brain resulting in specified permanent impairment
• Surgery to Aorta – thoracic and abdominal aorta excluding its branches
• Viral Encephalitis – resulting in significant permanent neurological impairment

Please refer to the Product Disclosure Statement for the medical definitions of these conditions. The medical definitions that NobleOak uses may differ from some common perceptions of these conditions. From 1 July 2017 NobleOak abides by the life insurance industry approved definitions for at least the three main trauma conditions of cancer, heart-attack and stroke. The approved definitions can be found on the website of the Financial Services Council www.fsc.org.au

Knowing that you don’t need to worry about your finances – giving you more headspace to focus on your recovery – can be a great incentive to take out Trauma Insurance.

A serious illness can have a major impact on a family’s life and finances. If a major trauma such as a heart attack with evidence of severe heart muscle damage, strikes the main breadwinner, leaving them unable to work for many months, it can become difficult to manage mortgage payments, medical bills and more. Statistics show that you are much more likely to suffer, and recover from, a major trauma than to die before the age of 70. Many people will go on to lead normal lives after surviving a serious trauma, but the economic impact can linger for years, and some may never recover their former financial standing. Trauma Insurance provides a one-off payment if you are diagnosed with one of 37 serious medical conditions and can help to ease financial pressures, allowing you to take time off work and focus on your recovery.

The ‘big 4’: cancer, heart attack, stroke and coronary bypass

NobleOak’s Trauma Insurance includes cover for 37 critical medical conditions, including the ‘big 4’ causes of Trauma claims – Cancer excluding specified early stage cancers, Heart Attack with evidence of severe heart muscle damage, Stroke in the brain resulting in specified permanent impairment and Coronary Artery By-Pass through open chest surgery – which account for over 90% of all Trauma claims paid. According to the Australian Bureau of Statistics, cardiovascular disease – the umbrella term used to describe heart disease, stroke and blood vessel diseases – is the leading cause of death in Australia. It claimed over 45,000 lives, or nearly 30% of all deaths, in 2015.

[1] But the disease itself affects around 4.2 million Australian, or one in every six people. Cardiovascular disease was the main cause for 490,000 hospitalisations in 2014/15, with another 54,000 Australians suffering a heart attack. The vast majority of people who suffer this major trauma will fully recover and go on to lead productive lives. The prognosis for cancer patients tells a similar story. In 2017, it is estimated that 134,174 Australians will be diagnosed with some form of cancer. One in every four Australian women and one in three Australian men will be diagnosed with cancer before they turn 75, and their chance of surviving for at least a five-year period is 68%.[2]

Serious illness can strike at any age

Even if you are young and healthy, you are not immune to serious trauma. There are some diseases that do not discriminate. Indeed, conditions such as Paraplegia and Quadriplegia, loss of limbs and major burns can strike the young and fit, who are often more likely to engage in risky activities that could result in serious injury. NobleOak Trauma Insurance, which can be purchased as both an optional extra in your Life Insurance or as a Standalone cover, provides a lump sum payment of up to $2 million upon diagnosis of any of the 37 listed medical conditions, and can be used in any way you wish – whether that be paying for the best medical treatment or a stress-free family holiday to aid with your recovery. To learn more about Trauma Insurance, speak to a NobleOak Insurance Specialist today on 1300 041 494.

[1] https://www.heartfoundation.org.au/about-us/what-we-do/heart-disease-in-australia
[2] https://canceraustralia.gov.au/affected-cancer/what-cancer/cancer-australia-statistics

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance. Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions – one of the common causes of Trauma claims is cancer. NobleOak’s trauma insurance provides cover for cancer excluding specified early stage cancers.

The facts about cancer

According to the Cancer Council of Australia:

• one in two men and one in three women will be affected by cancer before the age of 85
• 66% of these people will survive more than five years after diagnosis
• the most common cancers in Australia are prostate, breast, bowel, melanoma and lung cancers
• cancer is directly attributable for roughly one third of all deaths in Australia.

There are a number of possible cancer treatments, depending on the type and the severity of the particular cancer. According to the Cancer Council of Australia, the main treatments include surgery, chemotherapy, radiation and medication.

How it can affect your life

As well as the physical impact, cancer has a significant emotional impact for the patient and immediate family members and friends. Cancer patients can feel isolated even from their closest friends and family as they deal with their situation, with their most common thought being ‘why did this happen to me?’ The impact of treatment can leave the patient in a significantly weakened emotional state. The last thing a patient needs during this time is additional worry about their financial circumstances and how they will pay their medical expenses, as they may need to take time away from work or family duties for treatment.

How NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated. A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• hire additional help with housework or child care.

When you purchase Life insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance. Trauma Insurance cover provides extra financial security in the event of one of the 37 serious health conditions listed under the policy occurring. These listed conditions include Heart Attack with evidence of severe heart muscle damage. These four medical conditions account for over 90% of Trauma Insurance claims in Australia.

What is a Heart Attack?

A Heart Attack, according to the National Heart, Lung and Blood Institute (NHLBI), occurs when the flow of oxygen-rich blood to a section of heart muscle is restricted or blocked. When this happens, the heart muscle does not receive enough oxygen and begins to die, which may result in healthy heart tissue being replaced with scar tissue. The NHLBI lists Coronary Heart Disease (CHD) – a condition in which fatty plaques build up in the coronary arteries over time – as the most common cause of a Heart Attack. If this plaque ruptures, it can cause a blood clot to form which may block the artery and prevent normal blood flow, which in turn may lead to a Heart Attack. Better Health states that the most common causal risk factors for a Heart Attack include smoking, high cholesterol, obesity, high blood pressure, diabetes, and also family history.

Symptoms of a Heart Attack

According to NHLBI, symptoms may be sudden and severe, such as chest pain and shortness of breath, or more ‘vague’ symptoms, such as sweating, nausea, light-headedness or unusual fatigue. When a person experiences a Heart Attack, urgent medical treatment needs to be administered as soon as possible to reduce the risk of damage to the heart tissue. Better Health states that emergency assistance should always be obtained immediately if any of the above mentioned symptoms occur.

Diagnosis and treatment

According to Better Health, diagnosis is first determined via an electrocardiogram (ECG) and blood tests. A coronary angiogram may also be conducted depending on the results of the ECG and blood tests. When a Heart Attack is diagnosed treatment will be commenced immediately. Stent insertions are now most common to re-open narrowed arteries. In more extreme cases Coronary By-Pass surgery may be required to address arterial blockages. The Heart Foundation provides good information on their website on how to manage heart health which will improve the quality of life. This advice includes undertaking regular physical activity, having regular medical check-ups, advice on healthy eating and cardiac rehabilitation and also further information regarding prescribed medications.

NobleOak’s Trauma Insurance

Trauma Insurance can provide a lump sum payment up to $2 million for any of the listed conditions under the contract, including Heart Attack – with evidence of severe heart muscle damage. The amount of Trauma Cover available is determined at the time of Application. In the event of a claim, the payment can be used to fund ongoing (and possibly expensive) medical treatment, complete any necessary modifications to the home due to the changed medical circumstances, replace lost income, or for any other purpose including mortgage repayments and meeting the day to day family living expenses and ongoing educational expenses, or to take a holiday. The cost of Noble Oak’s Trauma Insurance depends on the amount of cover proposed, and also the age and health of the Life insured. It’s wise to consider Trauma Insurance as part of your overall Life Insurance portfolio when you are younger and healthier as this will secure lower premiums. This cover is available to people aged 16 to 59, and is renewable up to age 70. While Life Cover provides cover in the event of an untimely death, Trauma Insurance provides payment on the diagnosis of one of the 37 medical conditions listed under the policy. It can provide immediate financial assistance and an additional layer of financial protection for you and your family. Contact NobleOak if you would like a no-obligation Trauma Insurance quote.

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions – one of which is Chronic Liver Failure of specified severity.

What is chronic liver disease?

As detailed by Better Health, the liver is essential to the body’s survival as its key functions include the removal of waste, making bile, filtering out toxins, and making new proteins.

The main types of liver diseases include cirrhosis of the liver, chronic hepatitis, and liver cancer. These conditions are often related. For example, Hepatitis B or C (viral hepatitis) can lead to cirrhosis of the liver, which in turn could lead to the development of liver cancer.

Cirrhosis of the liver occurs when healthy cells are replaced by scar tissue, which causes the liver to lose function. The primary causes of cirrhosis of the liver include excess alcohol consumption, Hepatitis B or C, fatty liver, and certain inherited conditions such as iron overload (Haemochromatosis) and cystic fibrosis. Hepatitis is inflammation of the liver and may arise due to a number of causes.

According to The Australian Liver Foundation, liver diseases cause around 7,000 deaths per year in Australia, and up to six million people may be affected by a serious liver condition.

How it can affect your life

Treatments for liver diseases include medications to treat any underlying infection, making dietary and lifestyle adjustments, regular blood letting (venesections) to reduce iron levels, and chemotherapy and radiotherapy in the case of liver cancer. Time off work for recovery is essential with some of these treatments.

In serious cases of liver disease, it may be necessary for a liver transplant to be undertaken. This would lead to considerable time away from work for the initial surgery and recovery, and a possible high level of out of pocket medical expenses. The cost of possible home modifications, and ongoing living and education expenses could also be significant.

How NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated.

A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• hire additional help with housework or child care.

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions – one of which is Chronic Lung Disease – requiring long-term oxygen therapy.

What is chronic lung disease?

Chronic lung diseases impact normal breathing. They are often defined by the umbrella term ‘chronic obstructive pulmonary disease’, or ‘COPD’. Some types of COPD include emphysema, chronic bronchitis and chronic asthma. Other types of serious lung conditions include cystic fibrosis, pulmonary fibrosis, and lung cancer.

COPD is cited by the Australian Institute of Health and Welfare (AIHW) as one of the leading causes of death in Australia.

How it can affect your life

Chronic lung disease cannot be cured, but various treatments are available to minimise the symptoms – including medication to open the airways or to loosen phlegm, corticosteroids via a puffer, antibiotics for infections, surgery to remove damaged lung tissue, oxygen therapies, and also lifestyle changes such as ceasing smoking if the person is a smoker.

People with a serious lung condition may require regular time off work for treatment and recuperation. This could mean loss of income at a time when medical expenses could be high.

How NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated.

A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• hire additional help with housework or child care.

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions. One of the most common conditions covered is coronary artery bypass surgery, which is a popular form of treatment for coronary heart disease.

What is coronary heart disease?

Coronary heart disease is the leading cause of death in Australia, responsible for the death of one Australian every 27 minutes.
Coronary heart disease occurs when one or more coronary arteries narrows due to a build-up of plaque and scar tissue, reducing blood flow. If not treated, this can result in blood clots and possibly a heart attack.

The main risk factors for coronary heart disease include high blood pressure, high cholesterol, inactivity, smoking, poor diet, obesity, older age and hereditary factors. Around 90% of Australians are considered to have one risk factor for heart disease, while 25% are estimated to have three or more.

What is coronary artery bypass surgery?

According to the Better Health Channel, bypass surgery (also known as ‘coronary artery bypass grafting’ or ‘CABG’) is so-called as it is performed to bypass the part of a coronary artery that has become narrowed due to the build-up of plaque and the formation of scar tissue.
The surgery involves grafting a section of healthy artery tissue (often from the patient’s leg) to the affected artery, creating a new channel for blood to flow. This procedure may reduce coronary heart disease symptoms such as angina, improve heart function and reduce the risk of heart attack – improving the overall quality of life and increasing the life span of the patient.

How it can affect your life

After undergoing this surgery, the patient will need to adjust their lifestyle through dietary changes, quitting smoking if they were previously a smoker, losing some weight if overweight, and probably increasing their physical activity. Reducing stress levels is also helpful in improving health and quality of life following heart surgery.

The recuperation period after surgery could be lengthy, and patients may require considerable time off work. They may also need time to make modifications to their home to accommodate changed health circumstances.

How NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated.

A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• hire additional help with housework or child care.

Life insurance provides a payout to the beneficiaries in the event of the death of the Life insured. However people living with a chronic illness can incur significant medical costs over many years. This is where the optional extra of Trauma Insurance is important. Trauma Insurance, which is also sometimes called critical illness or recovery insurance, is designed to provide a lump sum payment in the event of one of the medical conditions listed under the policy occurring. These conditions include Dementia – resulting in significant cognitive impairment.

Information and statistics on Dementia in Australia

Dementia is a term used to describe the symptoms of a number of degenerative brain illnesses. According to the Alzheimer’s Association of Australia, a large majority of these fall into the Alzheimer’s category, where a reduction in brain cells results in progressive confusion and memory loss. The Better Health Channel website states that other Dementia diseases include vascular Dementia, which involves poor blood flow to the brain, Lewy body disease, which involves abnormal brain structures, and frontotemporal Dementia, which is caused by degeneration in the brain’s frontal or temporal lobes. There is also alcohol-related Dementia, HIV-associated Dementia, and Dementia due to Huntington’s disease. Dementia most often occurs in people over age 65, but it can also occur in younger people. It is not usually an inherited medical condition. Symptoms of Dementia include progressive memory loss, confusion, loss of ability to perform daily tasks, withdrawal and apathy, and significant personality and behavioural changes. It’s important that an accurate diagnosis is obtained as other conditions such as Anxiety / Depression, viral infections and brain tumours can cause similar symptoms. Referral to a Specialist is required to ensure an accurate diagnosis is provided. While there is currently no specific means of prevention or cure for Dementia, symptoms may sometimes be adequately managed with medication, especially in cases of vascular Dementia and Lewy body disease. This medication may be effective in treating symptoms such as mild memory loss or confusion, sleeping difficulties and mild depression and anxiety. According to HealthDirect, there are more than 330,000 cases of Dementia currently in Australia, of which around 60% are women. 25% of these people affected are aged under 75 and 70% live in their usual community. It is estimated that by 2050 there could be as many as 900,000 cases of confirmed Dementia in Australia.

How NobleOak’s Trauma Insurance covers Dementia – resulting in significant cognitive impairment
A person with Dementia may require considerable care for a number of years, either at their home or in a healthcare facility. This is especially true if they are younger than 70. This is likely to be costly as many years of medical care may be required. NobleOak’s Trauma Insurance is designed for scenarios such as this and can provide a lump sum payment of up to $2 million for a serious health condition such as resulting in significant cognitive impairment.. On payment of a claim, the money can be used to replace lost income, cover ongoing living expenses and provide required healthcare. The cover proceeds are paid out on diagnosis of the condition, irrespective of whether the condition can be successfully treated. The key features of NobleOak’s Trauma Insurance include renewability up to age 70, an easy phone-based application application process, cover for 37 different medical conditions listed in the PDS, and built-in inflation protection. Trauma Insurance can be included as an optional extra with a fully underwritten NobleOak Life Insurance application. Taking out this cover while you are young and in good health can ensure you obtain the lowest priced premiums. It’s essential when considering Trauma Insurance that you lock in an adequate level of cover in case of a long-term chronic illness. Before obtaining Trauma Insurance you should take into consideration any outstanding debts, your general expenses and household bills, educational expenses if you have children and a reasonable amount for possible medical costs. This will ensure that you will be adequately covered should an unforeseen event occur.

When you purchase Life insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance.
Trauma Insurance provides extra financial security in the event of one of the 37 serious health conditions listed under the policy being diagnosed or occurring. These listed conditions include Multiple Sclerosis.

Multiple sclerosis, or MS, is a chronic degenerative disease of the nervous system. Movement, speech and the thinking process can be affected by MS, limiting capacity to communicate and sometimes even forcing early retirement from the workplace.

Symptoms and treatment of MS

According to support resource MS Australia (MSA), the disease affects 23,000 people throughout the country – more women than men, and mostly those in the 20-40 age bracket.

MS symptoms include problems with bodily functions, fatigue, numbness, pain, muscle stiffness and spasms.
Unlike diseases where symptoms are the same for everyone, MS affects individuals differently. That’s because it is a result of the individual’s immune system attacking the protective layer called myelin that covers nerves. This causes scarring or ‘sclerosis’ on the nerve and makes the nerve misfire.
As MSA states, there is no cure for MS, but there are numerous treatments and therapies available that can help patients to manage the symptoms of the disease and slow its progression.

The financial cost of living with MS

There can be a financial cost to having MS. According to a US study of people living with MS, 67% said their finances were worse after their MS diagnosis. 32% of respondents said they had a “very difficult time” paying their monthly bills, while 46.9% claimed to have a somewhat difficult time.
An Australian MS Longitudinal Study (AMSLS) employment survey published in 2010 found 56% of MS sufferers had lost their job as a result of the illness, and 64% were not in paid work.

Those with MS were also not as likely to be working full-time. Some of the issues related to not being able to work included fatigue, loss of mobility and cognitive deficits.

Taken out as an optional extra with Life insurance, Trauma Insurance can provide additional financial security for you and your family in the event of you being diagnosed with MS.

Trauma Insurance and financial peace of mind

Trauma Insurance is designed to provide a lump sum payment of $2 million on eligible claims on the confirmed diagnosis of one of the medical conditions listed under the policy.

This payment is made irrespective of whether the condition can be successfully treated or not.

Apart from the medicines and therapies that are available to help people manage Multiple Sclerosis, there can be other adaptations that need to be made in order for people to overcome the various physical problems that can arise and which can significantly hinder mobility and independence.
According to MS Queensland, people with MS may eventually need to use a wheelchair or scooter to manage fatigue and remain mobile, which is a significant cost.

Also, people with MS can experience heat intolerance. The cost of keeping cool, especially during summer heat waves, is another contributor to the cost of MS.

A Trauma Insurance payment could assist with the financial burden of adapting to life with MS.

NobleOak’s Trauma Insurance

Trauma Insurance can provide a lump sum payment up to $2 million for any of the medical conditions listed under the policy, including Multiple Sclerosis. The amount of Trauma insurance available is determined at the time of application.
In the event of a claim, the payment can be used to fund ongoing (and possibly expensive) medical treatment, complete any necessary modifications to the home due to the changed medical circumstances, replace lost income, or for any other purpose including mortgage repayments and meeting day to day family living expenses and ongoing educational expenses, or to take a holiday.

The cost of NobleOak’s Trauma Insurance depends on the amount of insurance proposed, and also the age and health of the life insured.
It’s wise to consider Trauma Insurance as part of your overall Life Insurance portfolio when you are younger and healthier as this will secure lower premiums.

This insurance is available to people aged 18 to 59, and is renewable up to age 70.

While Life Insurance provides cover in the event of an untimely death, Trauma Insurance provides payment on the diagnosis of one of the 37 medical conditions listed under the policy.

It can provide immediate financial assistance and an additional layer of financial protection for you and your family.

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance. Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions – one of which is Quadriplegia – total and permanent.

What is Quadriplegia?

According to Spinal Cord Injuries Australia (SCIA), Quadriplegia is the loss of function below the neck, affecting all four limbs as well as the nerves and organs. The most usual cause of Quadriplegia is spinal cord injury, with sporting and motor vehicle accidents and severe falls being the most common causes. According to Better Health Channel, there are approximately 8,000 people living with Quadriplegia in Australia, with the highest population group for spinal cord injury being younger males.

How it can affect your life

According to SCIA, it is important to reduce inflammation right after the injury and limit cell death as much as possible in order to facilitate recovery, which can take up to 18 months. Intense activity-based exercise is also important to help increase muscle mass and activity, improve circulation, reduce loss of bone density and improve independence and quality of life. SCIA also states that unfortunately only a small proportion of patients recover all of their previous function. People living with Quadriplegia will require a considerable amount of care. According to SCIA, this could include physiotherapy, personal care, household and domestic services, nursing, respite and transport assistance. They may also require assistance devices such as wheelchairs, shower chairs, adjustable beds and modified vehicles.

How NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated. A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• make any necessary modifications to your home
• hire additional help with housework or child care.

When you purchase Life Insurance with NobleOak, you can also apply for separate cover in the form of Trauma Insurance. Trauma Insurance can provide crucial financial support if you are diagnosed with one of the 37 listed medical conditions – one of the most common causes of Trauma claims is stroke. NobleOak’s Trauma Insurance provides cover for stroke in the brain resulting in specified permanent impairment.

What is a stroke?

A stroke happens when blood supply to the brain is interrupted. According to the National Stroke Foundation (NSF), there are two main ways that a stroke can occur:

• Blood may be interrupted or stop moving through an artery when the artery is blocked (ischaemic stroke), or
• When the artery bursts (haemorrhagic stroke).

About four out of every five strokes are ischaemic. According to the NSF stroke is responsible for more deaths in Australia than Breast and Prostate Cancer, and is also a leading cause of disability. One in six people will have a stroke during their lifetime.

How it can affect your life

Stroke will affect every sufferer differently depending on its type, location, area of brain permanently damaged, and the person’s general health. However, NSF figures show that 65% of those living with the effects of a stroke suffer disability which impedes their ability to carry out their daily living activities unassisted. Early treatment is vital for all forms of stroke. Drugs can be administered to break down blood clots and give the patient the best chance of recovery. The Better Health Channel also suggests lifestyle changes to minimise the occurrence or recurrence of stroke – primarily a reduction of smoking and alcohol intake, along with regular exercise and a balanced diet.

NobleOak’s Trauma Insurance can help

NobleOak’s Trauma Insurance pays a lump sum up to $2 million if you are diagnosed with one of the listed 37 medical conditions outlined in the PDS – regardless of whether or not it can be successfully treated. A Trauma Insurance payment can be used however you like. For example, you may need this money to:

• pay for medical treatments including specialists, hospitals, and Medicare or health insurance gaps
• pay household bills and expenses
• clear your debts or get ahead in your mortgage payments
• replace your partner’s income if they take time off work to provide care
• hire additional help with housework or child care.

What would happen if you suffered a serious illness or injury? Would you and your family manage if you couldn’t return to work?
A serious injury or illness can have a major impact on you and your family’s life and finances. In fact, the financial impact can sometimes be just as hard as if you were to pass away.

Not only do you have your family’s regular living expenses to contend with, such as food to buy, bills to pay and a mortgage to keep on top of, but there can be additional extra expenses related to your disability, such as medical fees, ongoing care, home modifications and special equipment. Assisted care, whether through family members or paid help, can run into hundreds of thousands of dollars.
For you and your family’s sake, it makes sense to be covered for both scenarios.

What do Life Insurance and TPD Insurance cover you for?</3>
Life Cover can be a great form of protection and financial comfort in the event that you were to unexpectedly pass away. It can be used to repay debts, cover your children’s education, and replace future lost income. But it can’t be used if you suffer a serious accident, survive it, and can never work again.

For complete peace of mind, there is cover available to protect yourself and your family from financial hardship in the event that you were to become permanently disabled. Total and Permanent Disability (TPD) Cover protects your ability to provide for your family while you are still around but disabled to the point that you are unable to work. As an addition to your Life Cover, TPD Insurance provides an extra layer of protection for your family.

How does NobleOak TPD Insurance work?

NobleOak’s TPD Insurance is an optional extra on your Life Insurance, providing up to $5 million in cover.
With NobleOak, you can choose from two disability definitions:

• ‘Own occupation’ – you are covered if your disablement makes it unlikely that you will ever again engage in your own occupation.
• ‘Any occupation’ – you are covered if your disablement makes it unlikely that you will ever again engage in any gainful employment for which you are reasonably qualified by education, training or experience.

This means you can obtain cover that best suits your occupational situation and financial circumstances. The cost of TPD Insurance will be higher if you work in an occupation that requires manual work.

Trauma Insurance can help protect you financially against a wide range of critical medical conditions – including cancer, heart attached and stroke.
Since the changes to superannuation legislation came into force from 1 July 2014, it is no longer possible to take out a new Trauma Insurance policy through your super fund.

However, you can still take out Life Cover and TPD Insurance in your SMSF. Please refer to SMSF Life Insurance for more.

What if you already have Trauma Insurance in your SMSF?

Although you can’t take out a new policy, if you had Trauma Insurance through your SMSF at the time of the legislative changes, your policy is considered to be ‘grandfathered’.

This potentially means that you can still rely on your existing Trauma Insurance policy as long as you’ve held your cover continuously. You can also increase or decrease the amount of your Trauma policy holding.

Benefits of NobleOak’s Trauma Insurance

With NobleOak, you can buy Trauma Insurance as a stand alone cover held outside your SMSF. Some of the key features of our Trauma Insurance are:

High cover levels

You can apply for up to $2 million cover, without having to go through a financial adviser. That’s much higher than most direct insurers

Low premiums

We don’t pay fees or commissions to advisers. That means lower premiums for you

Fully underwritten cover

We take the time to get to know you upfront, so we can tailor your cover and premium. That gives you more certainty at claim time.

Please note that the information we provide is not advice but general information only.

Sources:
Superannuation Industry (Supervision) Regulations 1994 (Cwth), viewed 22 February 2016.
Superannuation Industry (Supervision) Regulations 1994 (Cwth) 4.07D Operating standard—permitted types of insurance, viewed 22 February 2016, http://www.comlaw.gov.au

Trauma Insurance can help protect you financially against a wide range of serious medical conditions – including; Cancer excluding specified early stage cancers, Heart Attack with evidence of severe heart muscle damage, Stroke in the brain resulting in specified permanent impairment and Coronary Artery By-Pass through open chest surgery. While premiums for Trauma Insurance are generally not tax-deductible, any benefits paid from Trauma Insurance are generally tax-free.

Why is Trauma Insurance not tax-deductible?

Trauma insurance pays a lump sum upon confirmation of the diagnosis of one of the listed medical conditions. The primary purpose of this benefit is to cover the costs of any expensive medical treatment and allow you to make lifestyle changes to reduce stress – not replace your income. Because Trauma Insurance is not considered income replacement, the premiums for Trauma Insurance are generally not tax-deductible according to the Australian Taxation Office (ATO).

Payment of Trauma Insurance benefits

While the premiums for Trauma Insurance are not tax-deductible, any lump sum benefit that is paid will generally be tax-free. The Trauma benefit payment is also exempt from capital gains tax if it is paid to the policy holder or a specified relative. This favourable tax treatment helps ensure Trauma Insurance can deliver maximum financial relief if you are diagnosed with a critical medical condition.

Trauma Insurance and superannuation

It is no longer possible under Australian law to take out a new Trauma Insurance policy through an industry, retail or self-managed superannuation fund (SMSF). However, those people who had Trauma Insurance in place through their super fund before 1 July 2014 potentially remain fully covered under their policy, as long as this cover has been continuous. It is also possible for anyone with a ‘grandfathered’ Trauma Insurance policy to vary their level of cover according to their changing needs. Trauma Insurance premiums are not tax-deductible for the Trustees of the fund. Any concessional contributions that are made to pay for the cost of premiums are taxed within the fund. In addition, while a benefit payment to a policy holder is not generally taxed within the fund, it may be taxed when the benefits are actually paid out to the policy owner. Please note that the information we provide is not advice but general information only.
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