Sunday, September 22, 2013

Trauma Insurance Part Two: Add Ons

Following on from our earlier post dealing with what you need to know about Trauma Insurance in the wake of its growing popularity among New Zealanders, this post will deal with the different types of Trauma Cover, and the optional add-ons to your cover that can help you get the most out of your insurance.

Most providers trauma insurance comes in two distinct types; Comprehensive and Essential (these names will sometimes vary between insurance companies). Comprehensive provides you with insurance cover for a large number of defined medical conditions, with the full payment of your sum assured if you suffer any of these conditions. Essential provides you with insurance cover for the same amount of conditions, however, you will only get paid out the full sum assured for small group of those conditions. For the others, you will only receive a partial payment. Think of 'comprehensive' as exactly what it says. It covers almost everything, but it comes with a higher cost. Think of 'essential' like 'the bare essentials', less cover but at a lower cost.

Cheaper with partial payments? Or more comprehensive with higher premiums? The choice is yours.
Now let's explore the add-ons to your insurance that can be arranged for either comprehensive or essential trauma insurance.

Specialist and Diagnostic Testing

This add-on benefit is designed to pay for your consultations and appointments with a specialist, which gives you the freedom to avoid the public health wait, get immediate treatment and have it paid for by your insurance. With a Sovereign policy for instance, each person covered by the policy get your specialists and diagnostics covered by $3,000 per policy year.

Children or Maternity Benefit

If you have children and you would like them to be protected under your trauma insurance policy, this is the option for you. If you purchase this add-on and your child suffers one of the defined conditions, it will provide a financial buffer to support you, which generally means that if you have to stop work or your child required specialised care, you are financially covered.

Buyback Benefit

This benefit allows your policy to be reinstated once again after you have claimed on it for one of the defined medical conditions. This is an option for those who wish their policy to continue or if there is more than one person covered to ensure that the others still have protection after one member has to make a claim.

Business Safeguard

This is an option that you can purchase if you are attempting to insure a growing business. Basically, it allows you to increase your sum assured as your business grows or your own personal value to your business increases.

Waiver of Premium Benefit

Perhaps one of the most important add-ons and the one that we certainly recommend the most. Waiver of Premium means that if you are injured or ill, but not with one of the conditions that will trigger your insurance claim, waiver of premium will pay your trauma insurance premiums for you, so that you can keep your insurance cover going.

Total and Permanent Disablement Benefit

If you suffer an illness or an accident that is not covered by your policy, but is serious enough to render you unable to work ever again, then this benefit will kick in and you will receive a full payment of your trauma cover.

That covers most of the add-ons that are offered in the NZ insurance market for your Trauma Insurance. If you have any further questions about trauma or any other forms of insurance cover, don't hesitate to ask.

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