A serious illness or injury can prevent you from working for a period of time and may require expensive medical treatment.
Trauma insurance (also known as critical illness, crisis or recovery insurance) aims to provide a lump sum upon the diagnosis of a specified illness or injury such as life threatening cancer, stroke or heart attack.
There are usually between 35-45 different trauma/critical illness events covered and they are in the areas of heart conditions, stroke, cancer and neurological diseases.
When someone has suffered from a trauma/critical illness they generally may be able to go back to work within 2 to 3 years, therefore when looking at amounts of trauma/critical illness cover, things you might want to take into account are;
- Providing for 2 to 3 years of debt maintenance
- Providing for 2 to 3 years of educational/childcare expenses for your children
- Providing for incidental and medical expenses not covered by private health insurance
This payment is made regardless of whether you are able to return to work, and is designed to relieve financial pressure at a time when you are under great stress.
Child Trauma insurance can be added to your policy to cover a seriously ill or injured child. This provides a lump sum to help you cover medical treatment and eases financial worry for parents who may need to take time off work to provide care.
To enquire about Trauma cover, click here