Did you know that cancer is currently the leading cause of death in Australia and not only that, it keeps on increasing at an alarming rate every year? Are you aware that more than seven women die of breast cancer every single day; that one Australian dies of cardiovascular disease every ten minutes, and those who survive it try to get out of the debt they find themselves in and struggle financially after these types of illnesses? A scary picture isn’t it? That is where Trauma Insurance comes in to help your family and you get through this difficult time by providing a lump sum in the event one of these illnesses happen to you.

WHY Trauma INSURANCE IS IMPORTANT?

Trauma insurance policy or commonly known as Critical Illness Insurance can take care of debts like credit cards, house loans, mortgages and personal loans. All these can be paid off in one lump sum if you decide to take for this insurance policy. It can also provide finances for medical expenses required by the policy holder for recovery. Apart from that it can also in some cases provide a regular income stream so that the family does not struggle financially.

FACTORS CONSIDERED IN A TRAUMA INSURANCE

In a majority of cases, TRAUMA is covered under Life Insurance therefore factors like nature of the job, education and status of the policy holder at the time of ill health are taken into consideration. However, age, medical history and sex are the main factors that are looked at when acquiring a Trauma Insurance. Lifestyle and occupation are other important factors.

One has to read and understand the norms and factors before entering this type of policy, to avoid any confusion and disappointment at the time of making the claims. Trauma insurance is generally not tax deductible and therefore is paid out as a tax free lump sum upon claim. The nature of disability is a very important factor when making this insurance claim and will only be paid out if it is covered under the policy terms and conditions. Illnesses such as heart attack, stroke and cancer are the 3 main illnesses that trigger a trauma claim.

Insurance kings will assist you to find the plan which suits your requirements in the best possible way to safeguard yourself and your family.