When you think about risk management and wealth accumulation, a common consideration is investment strategies (e.g asset allocation, diversification and dollar-cost averaging); however, risk management also extends to insurance planning strategies (e.g. putting in place appropriate personal insurances to help mitigate the financial implications of an unexpected medical event).
Trauma insurance is designed to assist you financially should you suffer an unexpected medical event, such as cancer. Whilst you may not like to consider the possibility of an unexpected medical event occurring, the statistics can be quite alarming. For example, 1 in 2 Australian men and women will be diagnosed with cancer by age 85*. As such, it’s important to understand that growing your wealth also means protecting it – with appropriate personal insurances that are tailored to suit you.
*Australian Government, Australian Institute of Health and Welfare. (2017). Cancer in Australia: In brief.