Is Trauma Insurance The Same As Trauma Cover In Australia?
Both terms, trauma insurance and trauma cover
, are used interchangeably in Australia. As the word 'trauma' suggests, this type of cover offers financial protection should a serious accident or illness befall you.
Trauma cover is suitable for both single people and couples. As you may already know, disease and illness do not discriminate. It is probably even more important for single people who do not have a partner's income to rely upon during hard times.
It pays a lump sum to the person insured in the event that they suffer from a disease or condition as defined in their product disclosure statement (PDS).
Each life insurance company in Australia has different conditions listed under their policy. However there are four main conditions which are typically covered by most life insurance companies including heart disease, heart attack, stroke and cancer. It should be noted that each life insurance company will have different definitions outlined in their PDS, so be sure to read and understand the policy information before buying trauma cover.
What are the trauma insurance benefits?
As with other types of personal insurance, this cover should also be considered when purchasing life insurance. The claim benefits can be used to pay for costly medical bills, maintaining mortgage and rent payments, household bills and day to day living costs.
Depending on your situation and the condition endured, benefits can also be used to pay for alternative therapies such as acupuncture, physiotherapy, kinesiology and naturopathic medicine.
Is it hard to make trauma insurance claims?
Many Australians are still under the belief that all personal insurances are difficult to make a claim on. Thus providing another excuse as to why they do not need personal insurance.
In Australia claims are processed appropriately, with the major life insurance companies paying millions of dollars per year in claims.
Where should you get trauma insurance overage?
Your first port of call when looking for coverage is the internet. Here you can peruse nearly all of the policies available in Australia. Making a comparison is easier, and you can even speak to an adviser who can narrow your search and suggest a policy best suited to your needs.
If at any time you are unsure about which policy to select, or whether you should bundle you cover with life insurance, speak to a qualified financial adviser.
by: Grant Main
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