Along with home loans, insurance payments are also an important part of monthly expenses paid by home owners in Perth and beyond. There are many different kinds of insurance for different events, such as life, home and automobile, but one that is less common is called trauma or critical illness insurance. This kind protects the user from serious illnesses or injuries such as heart attack or cancer and has many practical advantages to it.
Money for the Living
Probably the best advantage to trauma insurance is that unlike a life insurance policy, you can collect it while you are still alive. Because this type of insurance works to pay for illnesses of a potentially fatal nature, the idea is that you can collect on it to prevent death. In fact, people who collect from trauma insurance often fare better because they have the money to pay for the best medical assistance.
Think of it as a home loan paid in reverse to increase your chances of remaining in Perth should the worst happen. Paying for the medical costs of intense and long-term illnesses can be incredibly financially draining for you and your family, so it’s a good idea to prepare in advance since you never know when something like this could happen.
Trauma insurance is especially useful for people living under circumstances different from the typical working person. Migrants who may not have the support of an immediate family could use this insurance to protect them financially since they will have little else to fall back on should this kind of illness strike. Those who do not work and stay home to take care of the family could benefit greatly as well because the sum collected could be used for childcare and housekeeping while the person is undergoing treatment.
Trauma insurance is a very valuable type of insurance that grants the owner a large sum of money to offset the costs of critical medical issues. Although you may think such a thing won’t happen, it can and it is better to be prepared in this instance than be at the mercy of such an illness and its cost.
To learn how we can help with loans, insurance and other financial needs in the Perth area, call (08) 9472 9766.