How to Protect Yourself with Trauma Insurance

Would you be prepared if one day you are diagnosed with a fatal disease? Would you have enough funds to cover your medical expenses and your rehabilitation? The truth is that even if you have saved a decent amount of money for emergencies like this, you would burn through it very quickly as your medical costs rise. Now, it would be great to have your needs covered when an unforeseen event occurs without you needing to touch your savings.

This is where trauma insurance comes in. Basically, it covers you when you are diagnosed with an illness such as cancer, if you suffer from a heart attack or stroke, or meet an accident and suffer from major head injuries. When you lodge a claim with your insurer, they will then provide you with a lump sum payment, which you can use to pay your medical bills and other financial needs. Keep in mind, however, that the specific conditions covered varies from insurer to insurer, so make sure that you read the policy carefully. This will enable you to determine if the cost of the premium is commensurate with the amount of cover that the insurer provides.

The Cost of Trauma Insurance

Aside from the amount of cover you get, the cost of the premium you need to pay depends on a number of factors. These are:

1. Your age. As you grow older, your risk for medical trauma goes higher. This makes premiums more expensive for older people.

2. Your gender. Women typically suffer from more medical conditions than men, which increases their risk factor, and consequently, their premiums.

3. Your lifestyle. If you drink and smoke, you are more at risk of suffering from heart and liver conditions than those who don't. This translates to higher premiums on your end.

4. Your personal circumstances. If you have a family, you might need a bigger benefit than if you were single, as you have your spouse and children to take care of. This would then increase the premiums you have to pay.

Get the Best Deal on Trauma Insurance

It's important not to skimp on your premiums if it means you won't have adequate coverage in the future. Here at Rate Detective, our qualified advisors are ready to help you find the best deal on trauma insurance based on your very specific needs. They will interview you, and the information you provide them will aid them in giving you a personalised rate comparison of Australia's top insurers. You deserve it, and that's why we deliver it. So don't delay. Contact us today!

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Published on January 1-th, 2013 in Trauma Cover
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

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