Trauma insurance, help with diagnosis of a major illness

Trauma Insurance Cover

Trauma or critical illness insurance is for those who are are diagnosed with major injuries or illness such as cancer, stroke, coma, coronary bypass surgery, chronic organ failures, heart attack, multiple sclerosis and loss of limbs. It provides a lump sum payment at the time of diagnosis. This is not a substitute for the income protection insurance or private health insurance though it can help pay rehabilitation costs, operation or surgery.

It is important to find the insurance deal that will cover the needs of your family. To do this, you must think what your your financial commitments are. The right insurance policy cover will be based on the cost of immediate care, the stop in income stream, ongoing therapy costs and any existing debts. It can be an expensive policy, so you can keep costs down by selecting the illness and injury insurances that you think might apply to you but make sure that the basic claims are covered such as major surgeries, stroke, heart conditions. Trauma insurance is not available in super funds and the benefit payment is tax-free.

It’s very important to be honest about the medical history or occupational risks so that they may be included in the insurance policy. Check if the insurance policy has a trauma reinstatement option that allows the trauma cover to be given back after making a claim.