Stroke could soon be the most common cause of death worldwide … so if you, or a loved one has recently suffered a stroke, you are certainly not alone. There will be implications for stroke sufferers under their term life, income protection insurance and trauma cover policies – today we check out what you can expect to happen under each of these.
Term Life Insurance and Stroke
Stroke victims have a vastly increased risk of mortality in the weeks after their stroke event. Most term life insurance policies will pay out if you are considered to have a terminal illness – however generally a stroke is not considered terminal.
If your term life insurance policy is linked to a Total and Permanent Disablement policy, some stroke sufferers may be able to claim on this policy depending on the level to which the stroke has affected them and the type of TPD cover that they have in place.
Income Protection Insurance and Stroke
A stroke would generally qualify you to make a claim on your income protection insurance, so long as your stroke keeps you off work for longer than the waiting period of your income protection insurance policy.
Remember that a very substantial percentage of stroke victims also have emotional disturbances, such as anxiety attacks, mania, apathy, flat effect and psychosis, and these conditions affect a person's ability to work as much as their speech and mobility.
Trauma Cover and Stroke
Most trauma insurance policies in Australia cover strokes however each trauma insurance policy will have a specific definition for stroke outlined in their policy. For a strokes sufferer to be able to make a claim you need to have suffered a stroke that meets or exceeds your trauma policy's stroke definition. An example of what a stroke definition may look like is shown below:
"Stroke means a cerebrovascular event producing neurological sequela lasting at least 24 hours. This requires clear evidence on a Computerized Tomography (CT), Magnetic Resonance Imaging (MRI) or similar scan that a stroke has occurred and of infarction of brain tissue, or, intracranial or subarachnoid haemorrhage. "
If you've had a stroke, take heart – while prognoses are widely variable, there is more hope for you now than at any time in the past. And if you still have a life insurance policy … make sure you keep it.