When one considers the alarming incidence of cancer and heart disease in Australia it makes perfect sense and cents to take out trauma insurance cover.
Trauma insurance provides a lump sum payment in the event that you are seriously ill or are involved in an accident. By doing so, trauma insurance can save you and your loved ones from facing financial hardship when you are no longer in the position to work.
Trauma cover also known as critical illness insurance can help you cover your debts, whether they are the monthly mortgage repayments, credit card bills, costly medical fees or even the mundane household groceries.
There are a handful of factors that must be taken into account when purchasing a trauma insurance policy. These factors include medical history, gender, age, nature of your job as well as education and status of the policy holder at the time of injury or sickness. So in order to avoid disappointment and confusion at the time of making a claim, it is incredibly important one carefully reads the terms and conditions of the policy before signing up. The nature of the disability is another factor to be aware of as certain trauma insurance policies will only honour the claim for certain conditions.
Unlike some other forms of insurance, it's worth noting that trauma insurance is not a tax deduction and thus is paid out as a tax free lump sum upon claim.