A Short Guide To Trauma Insurance

Trauma insurance, sometimes referred to as critical illness insurance, is intended to give the holder a lump sum of money if they have a serious medical event or condition that is covered by the policy. These include many of the events and conditions that affect most Australians, including such things as cancer, strokes, head trauma, loss of limb, quadriplegia and heart attacks.

The money is intended to help you out with medical costs and the costs of adapting your home to your new circumstances. It is often taken out in combination with some form of income protection, so that if you are struck down by something, you can pay for both the medical expenses and are able to draw on a source of income for living costs.

Generally speaking, the better a trauma policy the more events or illnesses covered. A cheap policy might only cover five or so whilst a top flight one may have forty or fifty different events or illnesses covered. As well as those listed above, common events and illness covered are: Alzheimer’s, aplastic anaemia, severe burns, cardiomyopathy, coronary bypass surgery, deafness, dementia, encephalitis, hemiplagia, kidney failure, lover disease, loss of speech, lung disease, organ transplants MS, Parkinson’s and terminal illness. Often people will choose a policy that covers events or illnesses that are prevalent in their family history or that their job may predispose them toward.

The cost of trauma insurance will usually depend on your age, medical history, smoking status and gender. Make sure you shop around when looking for a policy as there can be a lot of variation in events and illnesses covered and there will often be one policy that suites your particular situation and needs.

Trauma insurance is about making sure you are ready for any eventuality. A major event or illness is horrifying enough even when you have the financial ability to weather the storm, without financial security, it fast becomes a nightmare.