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The cost of survival - Big Sky Financial Solutions

The cost of survival



Whether you realise it or not, you probably have some kind of insurance cover through your employer’s preferred superannuation fund.

Typically this is for life insurance in the event of premature death and probably some TPD cover should you be totally and permanently injured through illness or an accident.

In some cases, Salary Continuance Insurance may also be offered to you, providing an income for an agreed timeframe should you be unable to work for an extended period.

But what if you survive some kind of significant scare, like a stroke, a heart attack or a cancer? Will you be able to cope financially?

Grim as they are, the statistics around these events can’t be ignored:

  • 1 in 3 men and 1 in 4 women will suffer from cancer before age 75.
  • An Australian dies every 10 minutes from cardiovascular disease.
  • A 40 year old male has 1 in 2 chances of having some form of coronary
  • heart disease in their life.
  • Nearly 1 in 10 men will develop prostate cancer during their lifetime. Around 10,000 Australian men are diagnosed annually with the disease and 2500 die of it.

If you’re not totally and permanently disabled as a result of one of these illnesses, there’s no insurance payout. In addition, salary continuance insurance may have a 2-year limit so if you’re unable to work, or work enough hours to sustain yourself and your family after this time, and you’re ineligible for a TPD payout, you could be in strife financially.

Trauma cover



These possible insurance gaps have led to the development of trauma cover - to provide you with a lump sum payout on diagnosis of a defined and serious medical condition like breast cancer.

Trauma cover fills that gap where other types of insurance cover can’t apply to you.

Consider this:



The average cancer patient is admitted to hospital 5 times, uses Outpatient and Emergency Services 21 times, visits a GP 26 times, uses other medical services 36 times and has 14 prescriptions for drugs.

That can add up to a serious amount of money in medical and other bills. When you’re out of action recuperating for a significant length of time after a serious illness it’s inevitable that you’ll experience a loss of work or even a downturn in your business over this time.

A lump sum trauma cover payout can help you reduce financial pressures. What you do with your payout is up to you, e.g. pay off a debt or mortgage, modify your home if needed, undergo specific medical treatment, or even take a well-earned holiday.

If you’d like to learn more about trauma cover, please contact us for a free insurance review. Discuss your personal insurance arrangements with a Big Sky financial adviser by calling 1300 700 189.

* Details at www.nbcf.org.au
** Details at www.prostate.org.au

Life cover


If you die, your surviving beneficiaries receive a payout to cover any outstanding debts, such as mortgages, personal loans or credit cards, and possibly funeral costs.

Pays a lump sum to the nominated beneficiary.

Totally & Permanently Disabled (TPD) cover



Covers you if you lose your mobility, sight or another defined event due to misadventure. It’s expected that you’ll be unable to work in the same or a similar occupation, if indeed ever work at all, in the future.

Pays you a lump sum.

Trauma cover*



Covers you if you are diagnosed with a serious medical condition such as cancer, a heart attack, or a stroke, that prevents you from working for an extended period of time.
Pays you a lump sum on diagnosis of your condition.

Salary Continuance



Provides you with a regular income in the event you suffer an accident or illness and are unable to work for an extended period (and will use up all your sick leave entitlements).

Pays up to 75% of your pre-disability gross income, up to a defined time period.

* Trauma cover payouts are tax-free if the policy is taken out by an individual.
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