Ever thought about what would happen if you got sick and couldn't clock in at work? How would you pay your bills? And let's say it's not just a little flu, but a serious, life-changing illness. Would you be able to cover the medical expenses?

Aussies are a tough bunch. We like to think of ourselves as being able to handle anything that comes our way. But the truth is, sometimes life throws us a curveball—which brings me to this next point about trauma insurance.

What exactly does "life insurance" entail anyway? Let’s get down to business as I try to explain the basics of what it is, how it works, the different types of policies available, and some of the frequently asked questions about it.