Trauma Insurance – include the kids

As part of managing our business risk and protecting our valuation we often use Trauma insurance – created in South Africa in the 1980′s as a new form of Personal Insurance to help families who suffered a “Traumatic Event” and needed a lump sum of money to help recover. Most insurance companies offer policies that trigger a payment when any of the 30 to 40 listed events, the most common being Cancer, Heart Attack and Stroke occurs to the insured. One benefit that may be of interest to families is Family Protection (AIA) or Child Trauma benefits. Starting from as little as $5 per month a lump sum of $50,000 to $200,000 could assist a family when an unfortunate event effects a child between 2 and 16, by suffering a listed ‘Child Trauma’ event. This could be very helpful for parents needing to take time off or need a lump sum of money to help children with the right medical treatment and time to recover. In many ways whilst we manage unplanned events and often use insurances to fund this aspect of a strategic business succession plan – having a child suffer a trauma could severely impact upon your time and energy available for the business – not to mention the stress and grief at having a sick/injured child – this funding is designed to reduce that pressure.

Dr Craig West

Founder & Chairman | Succession Plus

Dr Craig West is a strategic accountant who has over 20 years of experience advising business owners.

With a background as an accountant in practice and two master’s degrees, Craig formed a strong view that the majority of business owners (and often their advisers) were unprepared and unaware of the steps required to prepare for exit. He then designed and documented a unique 21-Step Business Succession and Exit Planning process to assist owners and their advisers in navigating this process.

Craig now acts as a strategic business and financial mentor for mid-market business owners. Craig has written four critically acclaimed books educating business owners on employee incentives, succession planning, asset protection, and exit strategies. Additionally, he has completed doctoral research on Employee Share Ownership Plans (ESOPs) for succession.

Craig is a Member of the Forbes Business Council where he leverages his extensive experience to contribute valuable insights on helping business leaders navigate the complexities of growing and exiting their businesses.

In April 2024, the Exit Planning Institute admitted Craig to the International Exit Planning Circle of Excellence.