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Types Of Trauma Insurance

Many people opt for trauma insurance these days since this type of insurance pays out a lump sum amount to the policy holder when he falls ill and has to be hospitalized due to illnesses such as cancer, stroke, heart disease or Alzheimer’s. Trauma policies also cover problems such as loss of limbs, loss of hearing, loss of speech and loss of sight. Many insurance companies also offer cover for Parkinson’s, complete blindness, complete loss of speech, complete loss of hearing and a few other conditions.

There are two types of trauma plans offered to buyers in Australia. The first type of plan is cheaper but offers only basic benefits. The basic plan offers cover for limited medical problems such as the ones mentioned above. This type of cover is preferred by people who do not want to spend much on insurance but want to be covered for a few medical conditions.

The second type of trauma plan costs more but offers additional benefits. The comprehensive or extended plan offers cover for additional medical problems such as partial blindness, partial hearing loss and partial loss of speech. The number of additional medical conditions depends on the premium the buyer pays and on his own requirement. This type of plan is ideal for people who have pre existing health conditions, who want to be protected for certain illnesses and who have dependants in the family. Buyers should remember to ask the insurance company for a full list of medical conditions covered by the policy before opting for either basic or extended insurance.

Some insurance companies allow buyers to not only select the type of premium but also when the premiums should be paid. In addition, some insurance companies allow buyers to pay the premium on a specific day of every month. Usually better policies offer this feature and cheaper policies are less flexible.

Buyers often wonder which type of trauma insurance is right for them. To answer this question, buyers have to first understand their own needs and then decide if they want a basic plan or they want to be covered for additional illnesses. Buyers should not only consider price as a factor while making this decision but they should also consider their own age, their smoking status and their medical history. By opting for the right type of insurance plan, buyers can ensure that they will get the required medical care they need when they are struck with one of the medical conditions mentioned above.

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