Trauma/critical illness insurance

selfishnarcissistman on 20/08/2021 - 18:02
Last edited 20/08/2021 - 18:05

just looking at the qoutes for trauma /critical illness insurance ,cant believe the rates .

has anyone used these insurances ? im thinking just in case i have a heart attack or stroke or cancer but at average 100$ a month for 100k payout im thinking not worth it and no guarantee they will pay out anyway

Even thru superanuation with TAL insurance it seems the same price,im thinking better to take it out without going through Superfund as i can claim a tax deduction

but the rates are horrendous ,even going on lifebroker site etc

my question is have you ever used it if you have had it ? Do you have this type of insurance ?

Financial

Comments

  • ozbargainsam on 20/08/2021 - 18:20

    You're probably in a high-risk category.

    I did the TAL one. Just did the first two steps of the form and I got $21/month for $100k.

  • Quantumcat on 20/08/2021 - 18:39

    You should be able to get life insurance through your super?

  • bcarp on 20/08/2021 - 19:22

    Don't just buy insurance for the sake of it or through a broker who doesn't understand the proper ins & outs. Buying insurance is a complicated maths game, balancing requirements with risks & costs. Get a financial planner who understands your situation, risks, assets, liabilities, income, future requirements, etc, before deciding on your insurance.

  • bobbified on 20/08/2021 - 19:50
    +1

    …. as i can claim a tax deduction

    Trauma insurance premiums are not tax deductible. Income protection premiums are.

  • Cheapskate Paul on 20/08/2021 - 20:35

    A friend took out death/trauma insurance when his brother-in-law got a job selling it. He was 37 at the time (1997) and within 6 months of taking out the insurace he suffered a brain anuerism. Paid out $90,000 which meant he could pay off most of his debts. Eighteen months later he was back at work. But yeah, the premiums aren't cheap and get more expensive as you get older.

  • hoey888 on 20/08/2021 - 23:31

    I think you are getting a few things confused

    1) You can't claim a tax deduction for trauma/critical illness. You can for income protection (IP) though
    2) Generally trauma/critical illness isn't 'generally' offered within superannuation. Unless its a linked or super linked policy
    3) Insurance for your piece of mind. The insurance companies have this in mind to make a profit; otherwise they would be all bankrupt nor in business.

    Alot of factors need to be considered. If you or your family has a history of disease or illness they may apply an additional loading/exclusion on top. You'll only find this out once you are accepted and underwritten by insurer.

Login or Join to leave a comment
Login Join