Trauma insurance is living insurance. This means that where term life insurance only pays out on your death, trauma insurance pays out while you are still living, but have unfortunately suffered a traumatic experience of some nature. To be struck down with a serious illness such as a heart attack, stroke, or cancer, while you are still in the process of paying off your family home and raising a family without having sufficient trauma insurance, you and your family could be left destitute and languishing on nothing more than a government pension for many years into the future, if not forever. This is why obtaining the right trauma insurance quote is so important to the ongoing welfare of your family unit.

Trauma Insurance Offered Online

In order to find the best trauma insurance quote you would be well advised to search through the many life insurance company offers online. Life insurance companies handle trauma insurance and can have the cover added to your existing life insurance policy or offer the same cover as a stand alone policy. It is usually cheaper to have the trauma cover added to a life insurance policy but this is not always the case. You will have to look around to see what is offered that best suits your particular circumstances.

Not all life Insurance Companies Cover the Same Events

The reason why you must search for the best trauma insurance quote that best fits in with your own particular situation is that not all life insurance companies offer the same cover. Most companies cover the most common claims such as that for stroke, heart attack or cancer and a myriad of other illnesses, but there are differences, and you will have to read exactly what is offered so that you know you are fully covered against falling foul of an illness that you could be more exposed to, rather than an event that you would be unlikely to ever come across in your entire lifetime. If a certain illness that you feel you should be covered against is not on the insurance company’s list of occurrences, you can ask for it to be included but there will be an extra cost made to your premium charges to accommodate it.

ASIC Tips

Before embarking on your search for the most suitable trauma insurance quote you should take note of the following advice given by the Australian Securities and Investment Commission (ASIC):

• Check the offer out for any restrictions that may be imposed such as those to do with maternity leave, casual or part time work, dangerous jobs and age.
• Make certain that the policy you are interested in is fully indexed for inflation so that any proceeds that may be paid out are able to keep up with any rises in the cost of living.
• Remember that you have what is known as a ‘duty of disclosure.’ This means you must answer all the questions put to you by the life insurance company representative, truthfully. You must be honest about any medical condition you might be suffering from and whether or not you smoke. If you are dishonest here it will ultimately be found out and the company will be within its rights to not pay any future claim you may need to make in the event of a trauma.
• Before making any decision on which trauma insurance quote you feel is the most appropriate, discuss the matter with your partner and family so you all know exactly what is happening.
• Don’t put all your eggs in the one basket by deciding to cover only one member of the family with trauma insurance. Both partners need the cover as both are equally susceptible to suffering a major trauma during their lifetimes. The family would suffer the same financial effects if either parent was to suffer a trauma, whether they were the primary income earner or not.
• Before doing anything at all find out exactly what cover you presently have under the life insurance portion of your superannuation fund. You may find it will be cheaper to buy extra cover through your existing superannuation fund than to buy it yourself outside the fund.
• Whichever way you decide to go, make sure you know how much extra cover you need. You can do this by taking into account the amount of mortgage you are carrying, any other personal debts you may have like credit cards and personal loans as well as the number and ages of your children.
• Once armed with the knowledge of how much trauma cover you will require should disaster strike, you can then begin to look around and compare trauma insurance quotes from the various life insurance companies.
• Make certain you read the policy product disclosure statement (PDS) and that you fully understand its contents as well as any costs involved such as extraneous fees and charges.

If you consider all the advice given by ASIC in a sensible and responsible manner you should find the whole process of finding the right trauma insurance quote much easier and find a quote which is more suitable for your specific lifestyle than you otherwise would.