Trauma Insurance Australia
If you suffer a serious injury or illness, you will suffer from more than just emotional and physical turmoil. You will find it very hard to continue working. This is likely to cause severe disruption to your finances too and you will need to find a way to support yourself as well as your family.
Income protection can help replace part of your income when you are unable to work due to an injury or illness. However, it is also important to have a lump sum of money to cater to your immediate financial and medical needs. This is why you need trauma insurance.
Trauma cover can help provide a financial safety net if you ever find yourself facing such circumstances. It allows you to get on with recovery and getting on with your life, without having to worry too much about your finances.
What is Trauma Insurance Cover?
Trauma cover or critical illness cover is an insurance product that provides a lump sum of money to cater to immediate medical expenses and other financial needs when you suffer a serious injury or illness. The payment is made whether or not you are able to work.
Trauma cover pays an agreed amount to cover you for multiple health issues including major illnesses that can make a significant impact on your life such as cancer, stroke, chronic liver disease, heart attack, Alzheimer’s disease, etc., depending on the policy you buy.
What Types of Conditions Does Trauma Insurance Cover?
The conditions that you can insure yourself against vary from one policy to the next but they typically include different forms of cancer, stroke, heart disease and/or heart attack. Beyond these diseases, several dozen other conditions may be included, such as:
– Alzheimer’s Disease
– Occupational Acquired HIV
– Accidental Infection HIV
– Benign Brain Tumour
– Out of Hospital Cardiac Arrest
– Parkinson’s Disease
– Chronic Lung Disease
– Loss of Speech
– Pulmonary Hypertension
– Loss of Eye or Limbs
– Chronic Kidney Failure
– Heart Valve Surgery
– Coronary Bypass Surgery
– Aplastic Anaemia
– Major/Severe Burns
– Aortic Surgery
– Total and Permanent Disability
– Major Organ Transplant
– Multiple Sclerosis
– Motor Neurone Disease
– Peripheral Neuropathy
The product disclosure statement for the policy you choose will list/explain in great detail the kinds of conditions that are covered.
It is important to understand the applicable exclusions before you buy a trauma cover policy. While the exclusions may vary slightly depending on the insurance policy you choose, there are certain areas that apply to most trauma cover policies.
Death from an intentionally self-inflicted injury or suicide is typically not covered under this type of insurance policy. Suicide clauses for trauma insurance are not valid for the first 13 months from the policy being in force, however, are waived after that by the insurance company.
It is also important to find out which traumatic events or conditions are covered under the policy you buy. If the condition that you suffer from is not to be found on the list, you will not be covered.
How Much Trauma Cover Should You Have?
The amount of trauma cover that you need is not set in stone but is rather calculated on the basis of several factors such as your:
– Income: The amount of money that you currently earn and are likely to earn in the future
– Debts: Whether you have a loan, mortgage, or other debts
– Dependants: Whether you have children or other financial dependants
– Assets: Whether you have accumulated any assets such as shares or property
The income protection policy will be your key source of ongoing insurance, so the trauma cover you buy is primarily designed to cater to your short-term financial needs. As a basic guide, trauma insurance cover may be used to:
– Provide a cash buffer
– Pay off your personal debts such as mortgage
– Provide a lump sum for immediate medical needs involved in both treatment and recovery
If you wish to get a true indication of the amount of trauma cover that’s enough, you should talk to your financial adviser. He or she can help you understand your circumstances better and will ensure that you choose the right policy and amount of cover to meet your needs.
Call Us Today for All Your Insurance Requirements!
If you are interested in Trauma Cover or any other insurance requirement, we can assist you in tailoring your policy to match up to your budget and your specific needs. For an obligation-free, competitive quote, professional insurance advice or more information on how we can help you find the best Trauma Insurance solution, please contact one of our expert consultants today!