Choosi Investigates Trauma Insurance
February 04, 2013 (PRLEAP.COM) Health NewsWhen you're diagnosed with a serious illness, your first priority is to get the treatment you need to make a full recovery. Then comes the realisation that between the medical bills and time off work, it may have a major impact on your family's finances. This is where trauma insurance comes in.
What is trauma insurance?
Also known as critical or serious illness cover, trauma insurance provides a lump-sum payment if you suffer from a serious illness. The conditions covered differ between insurers but generally include heart defined attacks, malignant cancers, strokes, coronary and artery bypasses.
Of the products Choosi offers, the cover varies between $50,000 and $750,000. These funds can be used for any purpose, be it covering medical costs, paying off debts or taking a much-needed holiday. It's important to note that payments are only made if you survive, which means a 'survival period' ranging from a few weeks to more than a month applies.
Do you need it?
We all have plans for our family's future – the question is how would your family cope financially if you were to become seriously ill? Trauma insurance is different to other forms of life insurance in that it pays out on the actual occurrence of the incident – policies like income protection and ]total and permanent disability (TPD) insurance depend on the effect of the illness after its occurrence.
So if you are concerned about how your family would pay medical bills, cover living costs and repay debts if you were to suffer from a medical trauma, then you may need to consider taking out trauma insurance.
Tips to reduce your premiums: -
Trauma insurance can take away the financial troubles you may face if you suffer from a serious illness, allowing you to focus your energy on making a full recovery. If you do decide to take out trauma insurance, it pays to use Choosi's free comparison service to find a policy that gives you the appropriate level of cover.
This is general advice only: Choosi is owned by Hollard Financial Services Pty Ltd (ABN 53 128 692 884), the information on this website does not take into account your personal objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) for more information and to ensure the product suits your needs.
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