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Trauma Cover Insurance
Even if you have private health insurance, chances are that if you are diagnosed with a serious medical condition, physical, emotional and financial turmoil aren’t far away. Income Protection insurance can replace the bulk of your income if you’re unable to work but Trauma insurance means you’ll have a lump sum of money to cover those unexpected medical bills or lifestyle alterations that need to be made.
Trauma cover is paid out if you contract any of the medical conditions specified on the policy. Each insurer has their own list of specified conditions but they all include serious conditions such as heart attack, cancer and stroke.
The cover is designed to help you meet your financial obligations while you recover so there are no lasting financial consequences from your illness. Diseases such as cancer in particular can leave you with significant out-of-pocket treatment related costs that can be difficult to fund even if your income is uninterrupted.
Trauma cover differs from TPD insurance in that it will pay you if you contract one of the illnesses specified in the policy to help in your recovery and getting back to work - you don’t need to be permanently disabled in order to receive the payout.
It differs from Income Protection insurance in that it will pay you on diagnosis of the condition – it provides a payout so you can pay expenses regardless of whether or not you are able to continue working.
If you’re concerned about the effect that a traumatic illness could have on your lifestyle and the welfare of your loved ones, contact Australian Global Life Solutions to discuss the options that can help you reduce the financial impact.