Things to consider when obtaining Trauma Insurance

Things to consider when obtaining Trauma Insurance

How would you and your family cope if you were suddenly diagnosed with a serious medical trauma? What if you had to be off work for quite some time to recover? If you are an income earner, how long could your family's lifestyle and financial commitments be maintained without your income to sustain it?

In Australia especially, we don't like to talk about serious "what if's". It's considered "depressing or pessimistic". However, if you were to ask the huge number of families who have been through a medical trauma you would find that the one's who didn't talk about it or prepared for it, wish they had. So, let's compromise! We'll talk about it briefly for a moment now and then you can just take the action you need to take to make sure you won't even have to think about it again!

Trauma Insurance is very specific in what it covers and so eliminates most of the concern over the financial burden that would occur should any of those listed traumatic events happen. It covers diseases such as cancer, stroke, dementia, Parkinson's and MS as well as heart attacks and other heart disorders, major organ problems and a wide range of other serious medical traumas with normally around 30 to 40 definitions depending on the product disclosure statement (PDS).

A major benefit of trauma insurance is that it pays out a lump sum upon diagnosis, which means you get a pre-determined amount of money up front so you don't have to worry about how you will afford specialist treatment or manage your financial commitments during your recovery.

Trauma Insurance can also cover you for modified total and permanent disability as well, so you may not need a separate policy for that. Plus, you can elect to include life cover for death and have everything all in one policy. To purchase a Trauma Insurance Policy you need to be aged between 17 and 59 and it can then be fully renewed up until age 70, with reduced cover until age 80. Shop around for the best terms and price or speak to your adviser for help finding the best deal for you.

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