Trauma insurance is relatively new product in the
industry and it is also known as critical condition
insurance. Trauma insurance pays a lump sum to the
insured on the diagnosis of any of the listed insurable
diseases or medical conditions as detailed in the
policy.
Trauma insurance cover is
basically filling in the gap between term life
insurance, TPD insurance and income protection
insurance. If someone was to have a mild stroke and
was seriously ill and was only able to return to work
after 3 months fully recovered, they would not
be able to claim under their term life insurance, and
may not under TPD and income protection insurance as
the illness was not sufficiently long lasting or
resulting in an inability to work again.
Trauma insurance is receiving a lot of interest because people are becoming
more and more aware of the statistical chances of them
contracting one of
these major medical conditions, and the
associated medical costs of their treatment
and rehabilitation.
Some of the more common medical
condition for which you are able to get trauma insurance
are listed in the table below:
|
Heart Attack |
Cancer |
Blindness |
|
Quadriplegia |
Serious Injury |
Loss of Limbs |
|
Loss of Sight |
Stroke |
Deafness |
|
Major head trauma |
Coma |
Motor Neurone Disease |
|
Chronic Liver Disease |
Hemiplegia |
Heart valve surgery |
|
Major organ transplant |
Open Heart Surgery |
Loss of Speach |
Please note that a
trauma policy will have a specific medical
definition which has to be met before the claim is
accepted. You need to fully understand what
these are what they mean.
Where can I get this type of insurance?
Trauma insurance policies are available
through licensed insurance brokers. The benefit of using an insurance broker is that
you can get a number of quotes from a range of insurers
at the same time ensuring you receive a range of quotes
from selection of insurance companies.
Disclaimer
This web site is not designed to
provide personal financial or investment advice. The
information provided is general in nature and does not take into account your
particular investment objectives, financial situation or
investment needs. We recommend that you speak to a licenced financial advisor
or life insurance broker before you make any decision
regarding risk insurance.
