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Why Is Purchasing A Trauma Insurance Policy Worthwhile?

Why Is Purchasing A Trauma Insurance Policy Worthwhile?

Trauma insurance is insurance you can purchase to help protect yourself in case of serious illness, such as cancer, heart attack or stroke.

As life is full of unpredicted twists and turns, who knows when they may be unable to work due to a serious medical situation and will need financial assistance?

There are various reasons why someone may no longer be able to work. The thought of a severe illness or disease comes to mind. It might become progressively difficult to maintain yourself and your family in these circumstances. That’s before you throw in medical bills or rehab expenses.

Trauma Insurance can help in this situation. It’s an insurance that pays out if you’re diagnosed with a serious sickness mentioned in the policy’s terms.

Is It Worth It to Buy A Trauma Insurance?

Most insurers will provide you with a lump sum cash pay out to assist you in paying for medical expenditures and other expenses if you have trauma cover. The lump sum can be used for anything you like, including living costs, counselling, and even debt repayment. You may even contemplate modifying your house to improve your quality of life.

Do you, however, require Trauma Insurance? Read on to learn why purchasing Trauma Insurance could be an intelligent choice and where to find financial planning services in Sydney.

3 Points to Consider When Choosing a Policy

There are many insurance companies in Australia, each offering Trauma Insurance with unique policy conditions and prices.

Here are tips to aid you in choosing the right policy for your scenario.

Choose Between A Stand-Alone Or Bundled Policy

Trauma insurance can be offered as an option that may be purchased in conjunction with term life insurance. In this situation, the insurer would generally subtract the trauma claim from your life insurance claim. A bundled insurance, on the other hand, is less expensive.

However, suppose you had previously claimed on a trauma policy purchased as an option with your life policy. In that case, your term life insurance beneficiaries will likely get less money after your death. A single policy may be more expensive, but it may also provide a bigger benefit. It also doesn’t have to impact any of your other policies.

Figure Out How Much Coverage You’ll Need

It’s important to ask yourself how much you need to cover before trying to determine your Trauma insurance sum insured. Total up all your financial responsibilities, including living expenditures, debt repayments, and child care costs. Also, remember that insurance calculators should only be used as a guide to assist you in determining what levels of coverage you may require.

Then determine what is already covered by the other forms of insurance you have and under what conditions other insurance will pay a claim. To understand your financial situation, make a list of your bills and savings and ask for life insurance advice. It might assist you in determining how much coverage you require from your trauma insurance and also save you some money in premium costs.

Remember That Trauma Insurance Only Covers the Conditions Listed In The Policy

Before you sign up for Trauma Cover, you should know that not all conditions are covered. Only the ailments stated in the policy terms are usually covered. You must fulfil the listed condition criteria to submit a successful claim due to a medical condition.

That’s one of the reasons why, as previously said, it’s always a good idea to review your medical history. You should find out whether you are more susceptible to specific ailments.

Also, speak with your financial adviser in Sydney to obtain a list of covered ailments for the policies you are interested in comparing. Read the fine print in the PDS as well because if you develop a disease that isn’t on the list, you won’t be able to file a claim.

Ready to buy Trauma Insurance?

Like any other sort of insurance, Trauma Insurance can assist you in getting out of a difficult financial situation. It can help you and your family in a variety of ways.

At Sydney Wealth Advisers, your financial adviser in Sydney will work closely with you, selecting suitable strategies to give you peace of mind that you can have the ability to finance the lifestyle you desire. Contact us today!


DISCLAIMER: The views expressed in this publication are solely those of the author; they are not reflective or indicative of RI Advice Group’s position and are not to be attributed to RI Advice Group. They cannot be reproduced in any form without the express written consent of the author. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice. Newcastle Financial Planning Group, Central Coast Financial Planning Group, Sydney Wealth Advisers, Coastal Advice Port Macquarie and Coastal Advice Ballina Byron are subsidiaries of Coastal Advice Group Pty Ltd which is a Corporate Authorised Representative of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.
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