Melbourne, Australia, August 22, 2011 --(PR.com
)-- In the event of a critical illness, the effect on your health isn’t the only thing to be prepared for. From expensive medical treatments, to loss of income from time off work, illness can also be a huge financial drain, leaving families in real hardship. To prevent this, leading insurance comparison service Rate Detective recommends Australians protect themselves by taking out trauma insurance coverage
Trauma insurance also sometimes referred to as critical illness, recovery or living insurance, ensures that you will be paid a lump sum of money in the event of serious illness, giving you the financial support you need throughout a difficult time. This payment can be used to substitute income, cover medical expenses, make any necessary modifications to your home, or pay for a professional carer.
David Kaplan, CEO of Rate Detective, explains that conditions typically covered by trauma insurance include cancer, heart attack, deafness, dementia, loss of speech, loss of limb, loss of sight, multiple sclerosis, major head trauma and blindness. “A comprehensive trauma policy should cover 33 different illnesses,” Mr Kaplan advises. “However, different trauma policies in the market cover between four and 44 different illnesses.”
Any healthy individual aged between 18 and 65 is eligible for trauma insurance, and Rate Detective suggests that anyone who may not be able to sustain themselves and their families financially in the event of a critical illness take out this coverage. Australian Bureau of Statistics data from 2008 indicates that two in three men and one in three women are likely to suffer a traumatic event during their working life - so it pays to be prepared for any circumstances.
By taking out trauma cover, you can protect your family’s lifestyle and have the financial freedom to make choices. In the event of a health crisis, having the choice to receive the best treatment available, to allow your spouse to take some time off work to help you rehabilitate, and to ensure you don’t fall into debt can take a lot of the stress and suffering out of a difficult situation.
Trauma cover is available in conjunction with life cover, or as a standalone policy. Mr Kaplan explains that trauma insurance payments are not related to work status or occupation. “The benefit is paid upon diagnosis of a critical illness,” he says. “Trauma insurance premiums are not based on occupation - they are based on age gender, smoking status, state of residence and health at time of application only.”
To find out which trauma insurance policy is best for you, Rate Detective provides online insurance rate comparisons, helping you to get the best benefits. The trauma cover professionals at Rate Detective can direct you towards the services of some of Australia’s best trauma cover providers, and are available for a free one-on-one consultation to identify your needs.
About Rate Detective
Established in 2007, Rate Detective is run by a team of experience financial professionals. Along with online insurance rate comparisons, Rate Detective also provides free resources and information for consumers about home loans, credit cards, personal loans and insurance. These resources include a set of financial calculators designed specifically for the Australian market.
In addition to the comprehensive database, Rate Detective publishes original articles on personal financial topics to help consumers stay informed, no matter what their financial status.