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Trauma Insurance - What Is It?

January 14, 2012 | Comments: 0 | Views: 163

Trauma cover (also called Trauma insurance) is an insurance product that can pay a lump sum benefit in the event of a traumatic medical event or condition. The traumatic events are pre-defined by the insurer and frequently include cancer, heart attacks, stroke and coronary artery bypass grafts. There are a number of other minor conditions that are also covered, although the bulk of claims are for these four major conditions.

Trauma cover is an essential insurance product and has a place in most financial plans, particularly for those with young families or high levels of debt.

The media is full of stories of Australians suffering from serious illnesses such as cancers and heart attacks. It rarely mentions whether they have trauma cover or not.

Whilst cancer rates are on the rise, the good news is that medical knowledge is improving which leads to increasing survival rates for many of these illnesses. Whilst this is good news if you suffer from one of these conditions, the bad news is that often the financial effects of the illness can have serious repercussions.

Whilst you may survive physically, the financial burden may remain much longer.

Why? Things like treatment, ongoing prescriptions, rehabilitation, loss of income - all these have a major impact on your financial affairs. You may be unable to work for months or even years as you fight your illness. Loss of income will seriously impair your finances.

This is why trauma cover was invented. It helps to ease the financial burden of having a traumatic illness, providing a lump sum that can be used to cover expenses like your medical bills, financial shortfalls and generally making it a bit easier to make ends meet.

Most trauma insurance policies will pay a lump sum upon diagnoses of a traumatic illness as defined in the policy document. The trauma cover lump sum is paid regardless of whether you're working or not.

Most insurers have different definitions about the conditions that they do or don't cover in their trauma cover contracts. Some types of cancers are excluded as they're considered minor by some insurers. Other insurers may include those cancers but pay out a reduced amount.

It's important to do your research before purchasing a trauma insurance product so you're confident that you're selecting a policy that's appropriate for your needs and circumstances. You don't want to purchase trauma cover and discover it doesn't do what you thought it would.

There are a lot of trauma insurance policies available in different countries around the world. You'll usually only be able to buy a contract from an insurer in your own country.

You can find out more about trauma insurance at our website.

Source: EzineArticles
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