A serious illness not only puts stress on your mental and emotional wellbeing, but can also be financially devastating for you and your family – even after you’ve recovered. So it makes sense to cover yourself financially if illness means you can’t work for some time.
What is Trauma Insurance?
Trauma Insurance – sometimes called Critical Illness Insurance – provides a one-off, lump sum payment if one of the many insured trauma events were to happen to you, such as being diagnosed with advanced cancer, or having a major heart attack or stroke.
Trauma Insurance can help ensure you get the treatment you need – and get back on track more quickly as your health improves.
You’ll receive a lump sum payment that you can use to cover things like out of pocket medical expenses and regular living costs. This means you can focus on getting well, without worrying about how you’re going to get by once you recover.
Who should consider it?
If a serious illness or injury could put you and your family into financial difficulty, you should consider taking out Trauma Insurance. That way, you won’t have to use up your savings or borrow money if you suffer an unexpected physical setback. It can be particularly helpful if you don’t have other forms of financial assets and protection such as Income Protection Insurance, Life Insurance, Private Health Insurance and Employee Benefits.
How it works
Trauma Insurance provides you with a lump sum payout if you suffer a serious illness or injury, as specified in your policy. You work out how much you’ll need, based on you and your family’s cost of living and any debts you have. When you apply for cover, you may have to provide information about your lifestyle and medical history.