Trauma Insurance Benefits

Trauma insurance fills the gap between life insurance, income protection and total and permanent disability insurance. The benefits of a trauma insurance policy will pay out upon the occurrence of a medically diagnosed condition or disease. These medical conditions & diseases are defined to ensure they are only covering you for conditions that will affect your well being and generally your financial position.

How trauma insurance benefits you

The lump sum proceeds from your Trauma insurance policy can help pay for a number of things, including:

• Modifications to the home, for example in the event of disability where ramps or lifts may need to be built for ease of access
• Specialist medical attention, whether within Australia or overseas
• Pay off Debts, such as a mortgage, personal loans, credit card bills and living expenses
• Provide you and your family with a buffer should you require your partner to take some time off to care for you while you are recovering from the medical condition.

Trauma Insurance Benefits for all

Trauma insurance is suitable for all people and all ages not just married couples with children. Trauma insurance is most important for people who are in a high risk age category or have a debt that needs to be serviced, some of these people include:

• Single persons who are unable to rely on anyone else for financial help
• Homemakers that perform housekeeping and/or look after the children & have no protection against the implications of a traumatic event happening to them
• Older persons who are more likely to suffer from a traumatic event
• Self-employed or business owners who do not have a cash reserve should they need to take extended time off to recover from a critical illness
• Those who have families or financial dependents

Bundling or combining trauma insurance – Consider the ‘Buy-back Option’

When taking out a trauma insurance cover you may want to combine this benefit with a life insurance benefit. This type of life insurance policy is called a bundled or rider policy. It offers a cheaper premium however it only pays out for either the life insurance or Trauma insurance event which ever occurs first. The buy-back option on a trauma insurance policy may be beneficial, particularly for those people who need the extra level of cover. The buy-back option allows you to re-purchase the death cover component once there has been a full trauma insurance payout. So a buy-back option can offer additional protection should you have to make a claim in the future and you know you will still need a level of life insurance should you then pass away.

Setting up your Trauma Insurance

There are a number of things to consider when setting up a trauma insurance policy such as the length of time you require the policy for, the types of conditions you need to be covered for (as each policy offers different levels and types of cover) and any other types of cover you require to be included in the policy. If you need critical illness insurance request free trauma insurance quotes contact xLife today!

Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year’s trauma protection premium.

December 2009