Why should you add a lump sum trauma option on your health policy? 

Today, close to 82% of New Zealand women diagnosed with breast cancer will survive five years or more *

Testicular cancer occurs most often in younger men aged 18-49 **

The lifetime risk of developing bowel cancer is 1 in 18 for men, and 1 in 23 for women...and for those with a family history of bowel cancer, the risk can be 1 in 4 ***

Who do you know that has suffered from a heart attack or cancer in their working lifetime? No one ever expects it to happen to them, but imagine hearing the news that you have a serious medical condition. How would you cope financially during the recovery period? And the longer you live with a serious illness, the more it can cost you financially – especially if it prevents you or your partner from working and earning an income.

Adding a serious condition lump sum/trauma option onto your health insurance policy can provide you with a one-off payment if you’re diagnosed for the first time with one of the conditions defined in the policy. Depending on your health insurance policy, this option can be called a ‘Trauma Option’, or a ‘Serious Condition Lump Sum Option’.

How much does it cost to survive an illness?

With advances in medical technology there is a far greater chance of surviving a trauma or critical illness than in the past. But are you prepared for the financial consequences of survival, especially during treatment and recovery?

If you were to have a heart attack or other serious illness, what additional expenses would you face? Your health insurance may cover the costs of your treatment, but what about:

• Time off work – Most employers offer 5-10 days of paid sick leave. How could you continue to pay for debts such as your mortgage if you had to take more time off work for your treatment and recovery?
• Childcare – Would you be able to afford to pay for someone to look after your children while you are receiving treatment or recovering?
• Travel expenses – What about the extra expenses of travelling to and from your treatment?
• Medicines – Some medications and treatments may not be covered by your health insurance policy. Could you afford to cover the costs?
• Lifestyle changes – A serious condition may require alterations to your home or car, or the purchase of medical equipment.
• Quality time with your family – Going through a serious illness can take an emotional toll on both you and your family. The lump sum payment from a trauma option could be used towards a family holiday for a well-deserved break to spend some quality time together.

What conditions are covered?

This will depend on your specific insurance policy. Please talk to your adviser or TOWER about the options that are applicable to you.

Case studies

For examples of how Trauma Cover has helped real people, read Susan's story on our health insurance case studies >>

For more information

With experience in managing employee benefits packages for over 300 employers, you can trust TOWER to provide a high quality solution that meets the needs of your organisation. By taking advantage of the size of your group, your employees can have access to better rates than they might have as individuals.

To discuss how we can help you or for full details of policy terms and conditions (including exclusions), please phone 0800 379 372 or email employee.benefits@tower.co.nz

Source: * New Zealand Breast Cancer Foundation, Oct 2009. **Cancer Society of New Zealand, July 2008. *** www.bowelcheck.co.nz, sourced March 2010.