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Trauma Insurance

Trauma insurance is one of the most preferred types of insurance in Australia since trauma policies ensure that people do not have to suffer financially if they are struck with traumatic events such as cancer, stroke or heart attacks. This type of insurance pays out an insured amount in one lump sum payment to the policy holder after a confirmed diagnosis has been made by a doctor. Some insurance companies that offer trauma insurance take 7 – 14 days to pay the lump sum amount, but in most cases this payment is made when the diagnosis is made.

In Australia, buyers are offered an option to choose between two types of trauma policies. The first type of policy is the basic policy and is cheaper since this type of policy covers only a limited number of medical problems. Depending on the insurance company the buyer chooses, basic policies cover between 10 – 15 medical problems.

The second type of insurance plan offered to buyers is the extended or comprehensive plan that costs a little more than the basic plan since this type of plan covers 5-8 additional problems such as partial blindness, partial hearing loss and partial loss of speech. Buyers should remember to ask the selected insurance company for a list of problems that are not covered by both basic and extended plans before deciding which plan to opt for.

Buyers who want to enjoy additional benefits but want to pay a fixed amount every fortnight or year should not only consider asking for multiple quotes but also compare these quotes to get the best deals. Since there are many insurance companies in Australia that offer trauma policies buyers can easily get this type of insurance without going for medical tests or answering too many questions about their health. Buyers should note that when insurance companies do not ask for tests or ask questions then the buyer may be asked to pay a high price for the policy, but this is not always a bad thing since such policies ensure that buyers get protection even if they are older, have many pre existing medical conditions and smoke.

Before buying trauma insurance buyers should remember that by spending a little extra every month they can get cover for additional problems. Trauma policies are not cheap however these policies ensure that both the buyer and his family do not have to worry about money matters when the policy holder falls ill due to one of the medical conditions covered by the policy.

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