What it does for you
Trauma insurance offers financial protection in the event of a serious illness or disability, and depending on the policy, a full or partial payment may be made upon death. Trauma policies cover only specified illnesses and disabilities. Generally, people use them as a safety net to ensure that living expenses, as well as recovery care, is provided for in the event of a major illness or disability without serious financial repercussions to the family.
A trauma insurance policy will pay a lump sum amount. These policies have become increasingly popular as medical advances have become so successful in saving people who suffer major illnesses and accidents. As well, the public has become increasingly aware of medical statistics and rising medical costs, including medical care.
Trauma insurance is often bundled with a life insurance policy but may be taken as stand-alone cover.
Choosing Trauma Insurance that is right for you
There is a range of trauma options available through insurance companies. Variables such as, conditions covered, amount of cover, costs, conversion to or upgrade of a life policy without further medical requirements, children’s trauma, and waiting days.
Trauma claims may only be made once. Though a policy may allow you to increase the life insurance component of the policy. It is important that you and you family understand your insurance policy. One of our Financial Planners qualified in the area of risk insurance will be able to assist you to choose the most appropriate policy for you and your family.
