Have you secured the life of your loved ones for any trauma incident

Trauma insurance is basically an insurance that pays out in case you come across an unfortunate trauma like an illness or an accident. Most basic trauma insurances cover 7 diseases, but others can go up to almost 44 diseases and disabilities which is a better option as this is an added benefit.

Most trauma insurances payout a lump sum amount in case you are undergo a trauma and if in case you survive the trauma then they sometimes also payout another lump sum amount, but this is in varying policies. This is unlike a life insurance policy where the claim can be made only in case of death. Many times people found that even though they had a life insurance policy and they were diagnosed with life threatening diseases, their policy was of no use to them as they could not use that money. In such cases trauma insurance took over this dilemma and offered an easy solution. Income protection insurance didn’t cover all kinds of diseases as many times you could still be able to work, like say in the case of cancer where the patient could work till the treatment was started in most cases.

Most trauma insurance policies have a 3 month to 90 day qualifying period in order to claim full insurance in case of certain conditions like listed under. Though this can change from insurance company to company and so it is important that you read their PDS that is product disclosure statement carefully.

• Open Heart Surgery

• Cancer, some companies can make you wait as long as 6months before settling the claim

• Heart Attack

• Aorta Repair

• Coronary Artery Bypass Surgery

• Stroke

• Coronary Artery Angioplasty

• Triple Vessel Angioplasty

• Heart Valve Surgery

A common question asked by everyone is how much trauma insurance do I need? Well the answer to this lies with how much your monthly income is and how much of an outgoing expense you incur every month. These expenses need to include car leases, mortgages, loan instalments, living expenses, medical expenses, etc.

Today in Australia you can even get life insurance with your trauma insurance. In fact the Australian government levies a stamp duty on your trauma insurance if it is not clubbed with your life insurance and in most cases this stamp duty amounts almost as much as the life insurance premium.

It is very important that you protect the lives of your loved ones and of yourself with trauma insurance as we can never predict the future and it is better to take care while we still have the time and energy to do so.