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Trauma Insurance – include the kids

Uncategorised

Trauma Insurance – include the kids

By , March 29, 2011

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.

Craig West

Craig West

Executive Chairman | Succession Plus

Craig West is a strategic accountant with over 20 years of experience advising business owners. His background as a CPA in public practice has provided invaluable experience in the key issues of concern to business owners.

In March 2014, Craig was appointed Executive Chairman of the SME Association of Australia, Australia’s largest small business organisation representing over 300,000 business owners.

In October 2014, he was awarded the Exit Planner of the Year at the Exit Planning Institute Annual Conference in Texas, USA, due to his innovative development of an exit planning process to help business owners maximise business value and achieve a successful exit.

Craig’s proprietary structure - a Peak Performance Trust - has won the Australia-wide award for the Employee Share Ownership Plan of the year twice in four years.

In November 2018, Craig launched SME Experts in partnership with Mark Bouris’ Mentored on Podcast One and quickly grew the monthly podcast audience to over 26,500 downloads; in October 2019, he released a new podcast focused on medium-sized businesses - Mid-Market Matters.

In July 2021, Craig joined the NSW Committee for STEP (Society of Trust & Estate Practitioners) – focusing on advising families across generations.

Craig has also launched a SaaS platform, Capitaliz (which captures the 21-step process), to assist other advisers internationally deliver advisory services at scale.

In November 2021, Craig was appointed Executive Chairman of NSW Leaders, a business mentoring group for leading NSW businesses.

In July 2022, Craig West received the award of Doctor of Business Administration for his research thesis titled “Examination of the key factors driving business exit options in Australian Small and Medium Enterprises.”

Craig is passionate about encouraging business owners to think strategically, maximise the value of their business and achieve a successful exit.

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