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Compare Trauma Insurance

If you’ve made the smart move to consider getting yourself some life insurance, congratulations! But it’s not all about getting cover in case of death. There’s other types of life insurance out there, and trauma insurance is just one of those. Even better news, Billy Explores is an expert in all sorts of insurance. So if you’re ready to compare trauma insurance, here’s what you need to know.

What is Trauma Insurance?

Trauma insurance can sometimes be known by another name – critical illness insurance. Trauma insurance is there for you if you’re critically ill or seriously injured. To get the best policy, it’s a great idea to compare trauma insurance policies.

Illnesses like cancer are becoming far more frequent these days, so let’s use that as an example. Imagine if you’re diagnosed with cancer. The prognosis of recovery is good, but the treatment is going to keep you out of work for several months. While you might have some sick leave or even personal leave available, you don’t have enough to cover the whole time you’ll be off work.

When you think of all the essential, ongoing expenses your wages pay for, can you be without that income for several months? Most people can’t, and that’s where trauma insurance comes in. You want to be able to receive your treatment and complete your recovery without stress. Trauma insurance provides peace of mind that your family’s financial obligations can still be met while you get better.

Trauma insurance benefits are paid in a lump sum. This gives you and your family the flexibility to cover the most important costs.

The cost will depend on your age, lifestyle factors, medical history and gender. It will also depend on the amount of cover you want to receive. People with pre-existing medical conditions may have difficulty obtaining trauma insurance, so make sure you read the product disclosure statement carefully.

Does Trauma Insurance Cover any Condition?

Depending on your insurer, there’s over 50 conditions that could be covered by trauma insurance.

As a starting point, here’s some of the more common conditions people are using trauma insurance for:

  • Strokes
  • Cancer
  • Heart attacks (and other heart conditions)
  • Blindness
  • Kidney failure
  • Liver and lung diseases
  • Brain conditions like Alzheimers and dementia
  • Extended hospital stays (such as Intensive care)
  • Paralysis
  • Nervous system conditions (motor neurone disease and multiple sclerosis)

The list above is far from exhaustive, however these situations account for the majority of trauma insurance claims in Australia.

Unfortunately, some of these conditions may not just require some recovery time before going back to work. As much as we don’t like to think of the worst, in some cases you may be unable to work again. This is why it’s important to spend the lump sum payout in way that best suits your family’s long-term future.

How Does Trauma Insurance Get Paid?

Trauma insurance benefits are paid as a lump sum. As stated above, you can use it however you like. If your condition is such that you won’t be able to work again, you may choose to secure your family’s future by paying off a house or putting it aside for children’s education. Listed below are some of the common conditions people use trauma insurance for.

  • Mortgages
  • Rehabilitation/medical costs
  • Paying off loans and debts
  • School fees
  • Investments to secure a future income
  • Everyday living expenses like rent, rates, utility bills

While trauma insurance is a great idea for you and your family’s peace of mind, it isn’t the only insurance to consider. Once trauma insurance is used, there’s no more to come because its paid in a lump sum. In the circumstance where your condition is serious enough to prevent you returning to work, there’s other options for you. Read on to find out some more about the other types of insurance you may consider in addition to trauma.

What are Some Similar Types of Insurance?

Obviously, a lump sum payment to help with your recovery is going to be a huge benefit. But what if it’s not enough? Fortunately, there’s other types of insurance which can help in similar circumstances.

Income Protection

When you compare trauma insurance, you may like to consider income protection too. Depending on your policy, income protection pays up to 75% of your wage if you’re injured or ill and can’t work for a temporary period. Income protection is extremely popular, and can take away the financial stress while you recover.

Total Permanent Disablement (TPD) Insurance

TPD insurance is another one to look at when you compare trauma insurance. This has more of a long-term focus. If you’re permanently disabled and can no longer work in your usual occupation (or any occupation), a lump sum benefit is paid. In that way, it’s similar to trauma insurance and gives added help to your family during a stressful time.

I’ve Got Private Health Insurance – Is That Enough?

Private health insurance is terrific, but for extremely serious conditions it may not be enough. If you have top-level cover, you may find all the medical costs associated with your treatment and recovery are looked after. But the medical expenses aren’t everything.

Consider you’re unable to work for a long period. Six months? A year? If you took a person’s whole annual income away from most households, there would be a huge gap. Covering loan payments, utilities, groceries, school expenses and all general everyday costs would be extremely difficult. So while some people may compare trauma insurance with private health cover, they are two very different things.

How Do I Compare Trauma Insurance?

It’s much easier than you think to compare trauma insurance policies from our panel of providers. You don’t need to check every insurer’s website – who has that sort of time? Well, Billy Explores has that sort of time. He loves it because he wants to help every-day Australians save money. To compare trauma insurance, click here and let Billy Explores find the best policy for you from our trauma insurance providers.