Trauma Insurance
Trauma or critical illness insurance pays a lump sum benefit to those who are diagnosed with a specified major injury or illness. These illnesses include cancer, stroke, coma, coronary bypass surgery, chronic organ failures, heart attack, multiple sclerosis and loss of limbs. Insurance conditions may differ from one insurance company to another.
Trauma insurance is not a substitute for the income protection insurance or private health insurance. However, it can help pay the costs of rehabilitation, operation or surgery. As compared to other life insurance policies, trauma insurance is more expensive and there should be care in choosing an illness and injury insurance to suit your needs.
Trauma insurance is not available in super funds so it must be bought directly. Also, the benefit payment for this insurance is tax free and you can use the payment for a number of reasons. It can be used for medical bills, rehabilitation sessions, loan debts or other personal expenses.
It’s important to find the insurance deal that will cover the needs of your family. To do this, you can consider how long your financial commitments will last. Then, you can seek the help of a financial adviser who will determine the right term for you based on the cost of immediate care, the stop in income stream, ongoing therapy costs and any existing debts.
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