Cost Of Trauma Insurance

Why should I purchase trauma insurance?

Trauma protection plans protect you and your family when you are critically ill and need money to either pay for hospital bills or to be comfortable if you have a short time to live. This type of insurance plan can also ensure that you have enough money to repay mortgages or repay loans in full if you have a short time left.

These plans can prevent your family from being overwhelmed by debts you have taken during your lifetime and these plans can also ensure that you have left some money for your family after you are gone.

Trauma protection plans or critical illness plans can offer you and your family peace of mind along with a relatively stress free life since once you purchase a policy from a reputed insurer; you and your family know that the insurer will take care of you financially when you file a claim.

 How much do I have to pay for trauma insurance?

The amount you pay for trauma covers will vary depending on the insurer selected, the insurance plan selected, the cover limit selected, your medical history, your occupation and a few other variable factors such as your general risk level and habits. Each of these factors will be used to determine the final value of the cover and accordingly you will be given a quote by the insurer.

Your risk level will depend on the fact if you are a smoker, if you have any pre-existing health conditions, if you have suffered any serious illness in the past, if you are overweight, if you work in a hazardous environment, if you indulge in any risky activities that can cause either injury or illness and if you are a male who is above 40 years old.

If you are a low risk buyer then you may get a trauma insurance plan that may have monthly premiums as low as a meal in a regular restaurant. However; if you are a high risk buyer and may develop a health issue due to which you have to file a claim in the future, then your trauma cover may cost double to triple the regular premiums.

The level of cover or the compensation amount you choose will also determine how much you pay the insurer towards premiums. Buyers can opt for covers from $100,000 to $500,000 however at times; certain buyers with special needs may be offered plans with higher cover limits.

If you opt for one or more additional benefits that are charged at an additional fee then you may have to pay a few dollars extra on the base cost of your plan.

Insurers that offer cheap plans that cost as less as $10 a month; may put certain clauses or restrictions on the plan. These restrictions may include a long waiting period, exclusions, premium loading fees and a limited number of covered illnesses. By opting for a plan from a reliable insurer that offers affordable plans you can get the best cover you can afford. Always remember to go through the terms of the plan and read the product disclosure statement at least once before giving your go ahead to the insurer.

 Can I get discounts if I purchase trauma insurance online?

Yes, it is possible to get many discounts by purchasing trauma covers online. Depending on the selected insurer or insurance agent you may be eligible for a loyalty discount, advance premium payment discount, non-smokers discount or seasonal offers that are posted on these websites.

In addition to get evidently good discounts, you may also be able to save a few dollars on premiums every month by comparing plans and choosing a plan with flexible terms. Plans with flexible terms allow you to be in control, manage your policy and choose which benefits you want. Remember, although saving a few dollars every month may not seem like a big benefit now, over a period of time this amount will add up.

Both insurers and insurance agents offer a range of free consultation services to buyers who want to purchase an insurance plan or have already purchased an insurance plan and have doubts regarding the terms of the plan. Some insurance agents may also offer paid consultation services for a nominal fee to help buyers get personalized advice.

The benefit of opting for personalized insurance advice is that, the buyer can get a plan that suits his situation and the buyer can understand how the selected plan will help him and his family in the future.

In order to be eligible to enjoy premium payment discounts; the buyer has to pay the premiums yearly in advance to the insurer he has selected while purchasing the policy. The discount you will receive will depend on the premiums you pay to the insurer and your payment record with that insurer.

 What benefits Ccan I get if I opt for a trauma insurance pan with additional benefits?

The additional benefits offered by these plans include a death benefit or additional covers such as funeral expenses benefit plans which are offered for a nominal fee. The death benefit will offer an extra compensation payout to your family if you pass away due to any covered reason. The funeral expenses benefit will pay for your funeral expenses and will prevent the possibility of your family worrying about money to arrange for funeral expenses.

While opting for additional benefits can seem to be costly at first and may seem like an unnecessary precaution, it is important to remember that it is always better to be prepared for the worst. Additional benefits are not a must but can increase the value of the cover especially if you or your family files a claim later on. The compensation payment received from additional benefits can not only be used to pay for children’s school fees when you are no longer there to support your family but the compensation payment can also be used to send your children to a good college.


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Related reading about trauma insurance

Important Terms of Trauma Insurance Plans
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Trauma Insurance vs Health Insurance