What is Trauma Insurance?

Insurance is available in all forms. Among the most popular insurance options are life and income insurance. These insurance options play a vital role in ensuring one’s well-being and ability to ‘bounce back’ or recover should there be an unfortunate event. One type of insurance that is hardly ever considered, however, is that of trauma insurance.

What is Trauma Insurance?

Trauma insurance is insurance that will provide you with a lump sum insurance payout in the eventuality that you are diagnosed with what is considered a traumatic medical condition. Such traumatic medical conditions include heart attack, stroke, or cancer to name a few. Below, we take a closer look at how having trauma insurance will work for you, your family, and your loved ones.

Why Do I Need Trauma Insurance?

If you are a perfectly healthy and fairly young adult, you may be wondering why you would need trauma insurance. You may be surprised to know that many young people make use of trauma insurance in Perth. Unexpected health conditions can affect you even while you are young.

What is Trauma Insurance
Here at Absolute Insurance, we identify the best, most comprehensive, and affordable trauma coverage for you.

Some of the common medical conditions covered by most trauma insurance policies include:

Heart attack
Multiple Sclerosis
Coronary artery bypass surgery
Sight, hearing, or speech loss
Parkinson’s Disease
HIV, Hepatitis B or C acquired occupationally
Severe rheumatoid arthritis

In addition to being traumatic, many of the illnesses listed above are life-threatening. For all these reasons, obtaining a trauma insurance quote will prove to be beneficial.

How Trauma Insurance Coverage Works?

As beneficial as trauma insurance is, however, surveys show that approximately 93% of Australians would have no coverage in the event of a critical illness diagnosis. Trauma insurance was developed out of the realisation that certain trauma conditions have an up to 80% survival rate.

However, treatments after survival often continue throughout the life of the survivor – thereby increasing their daily living expenses. Trauma coverage was developed to address this rise in living costs and allow for some relief to those suffering from the trauma by covering the medical expenses and funding any other medical care.

Importantly, any given Trauma Insurance policy can cover up to 30 trauma conditions or as few as 10 or 15. As such, policies should be studied carefully. Here at Absolute Insurance, we identify the best, most comprehensive, and affordable trauma coverage for you.

Related Post: How is Trauma Insurance different from Total Permanent Disability Insurance?

Greg Maguire

Greg Maguire

Greg is an experienced Insurance Broker in Perth, WA, with an Advanced Diploma of Financial Planning from Deakin University and a Bachelors Degree from Edith Cowan University. He is a member of the Chamber of Commerce & Industry WA and Baldivis Rotary, as well as Vice President of the local high school's Parents & Citizens Association. Greg provides personalised and dedicated services to his clients that bigger firms are unable to match.