Financial stability when serious illness strikes.
What is trauma insurance?
Trauma insurance, sometimes referred to as serious illness cover, is a lump sum that is paid out when you suffer a critical illness or medical trauma.
There’s no doubt that suffering a serious illness or critical injury is challenging, especially as life carries on around you. Trauma insurance ensures that you and your family can fare as well as possible – covering medical expenses and care you might need, replacing lost income, and reducing your financial commitments if the worst were to happen. When trauma strikes, you need to be able to focus on healing and recovery; trauma insurance frees up funds to take care of what matters to you most.
What conditions are covered by trauma insurance?
Different providers cover different conditions, with some policies being more comprehensive than others. Some also provide a payout if you lose the capacity to perform several basic daily activities, even when this isn’t as a result of one of the included illnesses or injuries. Your advisor can address all of your concerns and help you to determine the best policy to suit your needs and budget.
Is trauma cover different from income protection?
While you can use the cash you are paid out on your trauma policy to cover things that your income might take care of otherwise, this isn’t the same as income protection cover. Trauma insurance payouts can be spent as they are needed – whether to cover medical expenses or rehabilitation you need, or to pay off debts or your mortgage.
Is it hard to make a claim for trauma?
Our specialty is working with clients to get them paid out in the event that they need to make a claim, so your advisor will walk you through this and take the pain of dealing with insurers away. Your advisor will also help you understand what conditions are covered and to what payment level – some receive a 100% sum where others have a partial payout.
Is my current health taken into account in getting cover?
Your current health and your lifestyle will both be taken into account when you’re being assessed for trauma cover. Although exclusions can sometimes be applied (all of which will be discussed with you), change to “if you are in good health and live a healthy life style you may find that your premiums are fairly low.