Wealth Protection: Prostate Cancer & Trauma Insurance

Prostate cancer is the most common cancer for Australian men. After lung cancer, it is also the second most common cause of cancer deaths for Australian men. Each day about 32 men learn they have prostate cancer and tragically, every three hours one man loses his battle against this disease.

Trauma Insurance and the Trauma Insurance Plus Plan provides valuable cover, should the policy holder suffer from prostate cancer. It can provide financial support at a time when they need it most. It can be used to obtain specialist medical attention not covered by health insurance, or cover financial commitments.

Key features of the Trauma insurance plus plan

Trauma insurance is about protecting the policy holders lifestyle and supporting them through the financial stress a traumatic condition like prostate cancer can bring to an individual and their loved ones.

Some Trauma Insurance Plus Plans will make a 100 per cent benefit payment if a prostate tumour is classified under the TNM (or equivalent) classification system as:

·         T1c or above, or

·         T1a or T1b with a Gleason Score of 6 or above, or

·         T1a or T1b and is considered untreatable or if the person insured is required to undertake major    interventionist therapy.

A partial payment (the greater of 20 per cent of the benefit, or $10,000, up to a maximum of $100,000) will be made for prostate tumours classified as T1a or T1b under the TNM (or equivalent) classification system with either a Gleason score less than 6, or where major interventionist therapy is not required. Please refer to the Insurance product disclosure statement for the full definitions.

Trauma reinstatement option

Some trauma reinstatement options enables clients, who have been paid a claim, to reinstate their trauma policy 12 months after the insurer receives their claim form. Without this option, it is unlikely they will be able to repurchase trauma insurance.

Most other insurers would typically exclude the original event the client claimed on when their trauma insurance is reinstated, and the new trauma policy issued. There is only one Insurer who has industry leading trauma reinstatement option allowing a client to claim again on cancer and heart attack eventsrelated to their original claim. A partial benefit of the lower of $50,000, or 10 per cent of the benefit amount under the new plan will be made.  

Justin McManus is a representative of AXA Financial Planning Limited, ABN 21 0005 799 977 AFSL 234663. This information has been prepared without taking account of your objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your objectives, financial situation and needs.

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