This is the financial version of a 'get out of jail free' card. It's for when someone goes down with a doozie of an illness, along the lines of Cancer, Heart Attacks and Strokes.

40-50% of us will suffer a trauma related event before we turn 65 years, so the question is, why wouldn’t you have trauma insurance?

It will cover up to 50 illnesses and events listed by the insurance providers I use, these include meningitis, blindness, deafness, and the list goes on and on.

This one packs a punch and pays out a lump sum cash payment of your choosing if you happen go down with any of the covered events.

The good news is, for some it has been like winning lotto with the side effect of having a serious illness at the same time, which is often very conflicting and confusing. Most of the insurers will add an extra bonus cash payment to encourage you to seek a financial adviser or planner, who will help guide where to best invest the cash so that it can last the distance.

Don’t forget to cover your kids too, most people forget about their children, the thing is, if a child falls sick with a serious illness and needs treatment in hospital, in most cases both parents feel the need to be off work to be with their child.

All of the insurers I work with now provide $50,000 FREE trauma to each child if one of their parents have a trauma policy – it is an absolute NO BRAINER.