Trauma insurance
Trauma insurance, also known as critical illness insurance, is a type of insurance policy that provides a lump sum payment in the event that you are diagnosed with a specified critical illness or medical condition. Trauma insurance covers a range of illnesses, including cancer, heart attack, stroke, major organ failure or major organ transplant.
The payment from a trauma insurance policy can be used to help cover medical expenses, pay for rehabilitation, or provide financial support in the event that you are unable to work due to your illness. It is designed to help alleviate financial stress and provide peace of mind in the event of a critical illness.
Trauma insurance is typically sold as a standalone policy or as an add-on to a life insurance policy. It's important to carefully review the terms and conditions of the policy to understand what is covered, and what is not covered. It's also recommended to consult with a financial adviser to understand the coverage options and ensure the policy fits with your overall financial plan.
Why do you need Trauma Insurance?
By having trauma cover, you can reduce the financial stress and burden that often accompanies a serious illness, allowing you to focus on recovery and return to good health.
Here are some reasons for having Trauma Insurance:
Financial support
In the event of a serious illness, trauma cover provides a lump sum payment that can help cover the cost of treatment and recovery, as well as provide financial stability during a time of uncertainty.
Access to quality care
With the financial support provided by trauma cover, you can access quality medical care and treatment that you may not have been able to afford otherwise.
Flexibility
You can use the payout to cover any expenses you choose, whether it be medical bills or day-to-day living expenses.
Early intervention
In some cases, a lump sum payment can allow you to seek early intervention and treatment that may not otherwise be possible.
Choice of treatment options
Having trauma cover allows you to make your own choices about the medical treatment, rather than being limited by your ability to pay for it.
Maintaining standard of living
The lump sum payment from trauma cover can help you maintain your standard of living and meet your financial obligations while you are unable to work.
Peace of mind
Knowing that you are financially protected in the event of a serious illness can provide peace of mind for you and your family.
Cover for pre-existing conditions
Some trauma cover policies may offer coverage for pre-existing conditions, providing added security for you.
No impact on other insurance
Having trauma cover does not affect other insurance policies, such as life insurance or total and permanent disability insurance.
Important information and disclaimer
- Any advice on this publication is of a general nature only and has not been tailored to your specific circumstances. Before taking action on this information, please seek your personal advice. Past performance is not a reliable guide for future returns. The information on this page reflects our understanding of the existing legislation, standards, etc.
In some cases, the information has been provided to us by third parties. While the information is believed to be accurate and reliable, but this is not guaranteed in any way. - Neither AIFP nor its responsible persons or employees give any warranty of accuracy, nor accept any responsibility for errors or omissions in the information provided on this page.