Trauma insurance is one of the most important types of insurance for any individual. Trauma insurance offers you a lump sum if you cannot work due to a traumatic illness such as certain types of cancer, heart attack, and stroke.
When you are out of action due to an illness, your expenses may feel endless, especially without an income. The medical and rehabilitation costs increase, making it difficult for you and your family to continue the same quality of life. Trauma insurance helps you manage your expenses and allows you to focus on your recovery.
You shouldn’t have to think too much when deciding whether or not you need trauma insurance; however, you should do some research to determine how much cover you need and which insurer offers the best deal for your circumstances.
Here are a few things that you should know before getting a trauma insurance quote:
Conditions Covered By Trauma Insurance
This is one of the most essential aspects to research before purchasing a trauma insurance policy. The conditions covered by trauma protection insurance are very specific and are always listed. Most often, they are heart disease, stroke, organ damage and transplants, severe diabetes, meningitis, paralysis, severe arthritis, head trauma, burns and neurological conditions such as Alzheimer’s disease, severe anxiety and depression.
However, these conditions will also depend on the insurance provider. So you should find the provider that covers the conditions you believe are most important.
Decide On The Type Of Premium
Generally, there are two types of premiums for trauma insurance that you can choose from – stepped premiums and level premiums. In a stepped type, the premiums are recalculated every time the policy is renewed, which generally increases every year based on your age.
The other type, which is level premiums, the insurers charge a higher premium at the beginning of the policy, and the changes within the cost are not based on age, so the increase in premiums is much slower. For short term insurance, stepped premiums will be appropriate, but if you plan to retain the insurance long-term, level premiums will be more cost-effective.
The Differences Between Trauma, TPD And Income Protection Insurance
Most people also get confused about the difference between Trauma, TPD, and income protection insurance. None of these insurances can replace the other. Trauma insurance offers immediate financial aid in case of severe illness. It does not rely on your ability to work; income protection provides financial help for the short term if you are unable to work due to illness or injury, while TPD insurance offers long term protection. Another thing to look at when comparing trauma policies are the exclusions and limits on the cover. We often forget to check the exclusions while focusing on what the insurance offers.
This way you can make a well-informed decision when purchasing the best possible trauma insurance policy.
If you are looking to buy trauma insurance in Australia, look no further than Aspect Underwriting, they provide some of the best tailored trauma insurance policies. They offer fully customisable trauma cover at an affordable cost in Australia.
They ensure their premium details are made transparent upfront, which means no hidden charges. Not only will they help you purchase the right cover, but they also offer ongoing support if you need to claim during your cover period. Visit the Aspect Underwriting website today to learn more about their trauma insurance offerings.
