Crisis Cover for Males
Crisis Cover for males
Crisis cover (also known as Medical Catastrophe cover) pays a tax free lump sum on diagnosis of a listed Crisis Events, including Cancer, Heart Attack, and Stroke.
Prostate Cancer is the most common male cancer*. We have sourced the only policy on the market that pays the full Crisis sum insured for diagnosis of T1 Prostate Cancer, to ensure as much certainty as is possible at time of claim for you.
By providing full payment for the T1 classification of prostatic cancer, you will receive 100% of the benefits you are insured for.– This is opposed to other contracts which do not pay or limit payment for that grade of cancer. Thus any possibility of dispute in relation to the classification of the cancer is eliminated.
Frequently Asked Questions
Why would I take out Crisis insurance if I already have Life insurance?
While Life Insurance pays out on death, Crisis Cover pays out on diagnosis of a listed Crisis event, such as Heart Attack, Cancer, Stroke. It pays you when you’re alive, to help you financially.
Fact: for many sufferers of crisis events, it is more costly to survive the event than to die. Take a heart attack victim who survives the heart attack but is living in a reduced capacity. He or she cannot work full time, may need private nursing care, and may need to modify their home. This is all extremely costly.
Why would I take out Crisis insurance if I already have Income Protection insurance?
Income Protection pays you a monthly benefit if unable to work due to a sickness or accident, subject to the PDS and Policy Document, and covers a maximum of 75% of your earned income.
Crisis Cover, on the other hand, pays out a tax free lump sum on diagnosis of a listed Crisis event. This is paid irrespective of whether you are working or not.
These funds can be used to:
- complement your income protection payments,
- reduce your debt and thus increase your assets
- correspondingly reduce or eliminate your monthly debt payments
- allow you to focus on medical treatment and getting back to good health
- pay for your non-PBS and experimental drug treatments
Crisis cover complements Life Insurance and Income Protection cover and provides you with a comprehensive financial planning mechanism in the event of unanticipated health issues disrupting your success.
* Reference: http://www.prostate.org.au/prostate-cancer-related-statistics.php
Is Crisis Cover only suitable for the breadwinner?
Many of our clients take Crisis cover for their wives / partners who bear most of the domestic duties. We take for granted the effort and market value of the home maker role.
Further to this, a major issue is the financial implication to the breadwinner when, due to emotional and family stress resulting from the diagnosis of the partner’s medical event, they are unable to focus on their work, or are required to take time off during treatments or to be with the children.
The Crisis cover lump sum payment acts as a financial cushion during these times, providing the family with funds and helping to eliminate stress.
Example: The wife of a surgeon was diagnosed with breast cancer. She was covered for $750,000 Crisis cover and the claim was paid.
This tax free cash injection enabled the following:
- They paid down debt which enabled the Surgeon to take time off work to be with his wife while she was convalescing
- Domestic help was brought in and this minimised the impact on the children in terms of their schooling and after-school activities while their mum was undergoing treatment
To discuss Crisis Cover for males or to get a quote, contact us.
Need more information?
CLIENT
“NCG explained the pitfalls that exist in most of the Crisis contacts, and steered me in the right direction.“
What are the chances?
Recent statistics show that:
50,000 Australians have heart attacks every year (Source: Lifewise, www.lifewise.org.au)
Over a third of women and a quarter of all men will suffer cancer at some stage in their lifetime – over half of whom will live for longer than five years after diagnosis. (Source: Cancer Council, 2008)
In Australia, almost 3,300 men die of prostate cancer and around 20,000 new cases are diagnosed every year. In fact, each day about 32 men find out that they have prostate cancer and every three hours a man will lose his battle with the disease (Source: http://www.prostate.org.au)
In 2008, $334 million was paid out in Crisis Claims (Source: Risk Store, Industry Statistics)