What Trauma Insurance Covers

what is trauma insurance

To understand what trauma insurance covers, we first need to look at what trauma insurance is. It is an amount of money paid out to you as a tax free lump sum, upon diagnosis of a critical illness. Each insurance company varies with what illnesses they will and won’t cover. Within those illnesses there are guidelines to say whether they partially or fully cover the conditions within the illness.

For the most part there is no waiting period on trauma insurance policies. If, within the first 3 months of holding a trauma insurance policy however, you fall ill with cancer, a heart condition or a stroke, you will not be able to claim immediately. This is due to insurance company’s reasoning that if you fell ill with one of these conditions, you would most likely have suffered some symptoms leading up to taking out the

insurance. Once the 3 month period has passed however, you are able to claim on any of the illnesses included within your trauma policy, including the 3 excluded in the first 3 months.

For a standard trauma policy, it does vary from company to company. Speak to one of our insurance consultants to obtain a full understanding of what will be covered under the policy.

Conditions Usually Covered

  • Cancer
  • Coronary By-Pass Surgery
  • Heart Attack
  • Stroke
  • Benign Tumours
  • Blindness
  • Cardiomyopathy
  • Chronic Kidney Failure
  • Chronic Liver Disease
  • Chronic Lung Disease
  • Coma
  • Dementia & Alzheimer’s
  • Loss of Hearing
  • Loss of Limbs
  • Major Head Trauma
  • Motor Neurone Disease
  • Muscular Dystrophy
  • Osteoporosis
  • Severe Burns

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Source: www.lifebroker.com.au

Category: Insurance

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