There may be financial advantage in buying life insurance cover as part of a trauma cover package rather than as a standalone policy.
However one disadvantage of this insurance option is that generally, you can only ever claim it once. It may also make your death cover void so you need to ensure that you have enough cover from Trauma or TPD payout to live for an indefinite period in case you are no longer insurable.
Consider the Buy Back Option in this case.
Buy back option gives you the ability to repurchase an insurance benefit 12 months after benefits have been claimed and paid to you under this policy. The insurance can be purchased without the need to provide additional medical information. The type of insurance you can buy back will depend on the specific policy you have and the amount of cover.
Our advisers will be able to let you know the terms of any buy back option available to you.
According to statistics illnesses which account for most claims are:
It is imperative to read the exclusions and other conditions for the traumas covered. Pre-existing conditions must be declared.
Main reasons of claims being declined are the following:
Contact us on 1300 793 143 if you need more information on Trauma Insurance as adjunct to Life Insurance.