Home 
Education Centre How does Trauma Insurance protect my loved ones?
Education Centre How does Trauma Insurance protect my loved ones? | How does Trauma Insurance protect my loved ones? |
|
Even as the Life Expectancy in Australia is going up the threat isn’t really gone entirely. Men and women even if they live longer stand chances of some form of illness or disability as they grow older. Though most of the people hope that they will NOT have a trauma condition, but this NOT ME attitude can be dangerous. The risks of growing older may include cancer and heart attack, stroke and paralyses as well.
Medical advances have now increased the chances of survival of people who have had a heart attack or suffer from cancer. A Life Insurance in this case isn’t helpful because the person is still alive and needs all the care and support. To deal with such situations a new type of Insurance protection has evolved which is known as Trauma Insurance or Critical Illness Insurance. What is Trauma Insurance? Trauma Insurance is a type of Insurance which protects you by paying a lump sum payment if you happen to get diagnosed with one or more of medical conditions specified in the policy. This money takes care of the need for specialist medical attention as well as the prescribed medication during the period of health recovery. This ensures that a person’s family doesn’t come into unnecessary financial strain even while they are still under the shock and emotional trauma given the medical condition of the person suffering. The medical conditions give a range of around 30-40 conditions which include: Cancer Heart Attack Coronary Artery Disease Heart By-pass surgery Paralyses; and Other specific Injury and ailments as prescribed in the company policy Trauma Insurance can be taken as stand alone policy or can be clubbed with a Life Insurance Policy. Trauma Insurance will pay you a lump sum which you can use at your discretion in an unfortunate even of you being diagnosed with any of the critical condition. You can use the money to pay off your medical bills, pay off your mortgage, or take a holiday to relax. An Index linked premium payment plan will ensure that your cover does not lose its power because of Inflation. Trauma Insurance is important as it provides help to you in times you need it the most thereby reducing the financial impact your condition can have on your loved ones. However you must remember that this type of Insurance has no cash value as in case of Life Policy and you will not remain covered if you do not pay your premium as per the due dates. Trauma insurance is preferable when you do not have that extra cash at call in case of a trauma condition. It will also be worth if your family is dependent on you and if you own a business. What to look for in a Trauma Insurance Plan? You should go for a lump sum plan which covers: Your debts including mortgage Medication expenses Medical Specialist expenses Living expenses to support your lifestyle You might as well choose to take advice of your financial advisor to estimate the amount of cover you need. It is also important that you check out the age eligibility criteria, the maximum age till you get the cover and the premium. You must also be aware of the fact that your medical condition must be in accordance with the company policy if they are to pay you. The definitions of medical condition may be narrow and just having symptoms of a medical condition might not make you eligible for claiming benefits. Trauma Insurance is also available for Children and they can claim benefit if they happen to suffer from the given range of medical conditions. |
| < Prev | Next > |
|---|
Subscribe to Newsletter
Latest news and advice
Part of the Green Tea Media Network