Trauma Insurance (also known as critical illness insurance) provides a lump sum on the diagnosis of a range of medical conditions. The most common claims are for cancer, heart attack and stroke. It’s different to Income Protection as there is no connection between your ability to work and the amount of the payment. Some of the ways the lump sum could be used include:
- Paying for medical treatment
- Travelling overseas for specialised treatment
- Your partner could take time away from work to care for you, with some of the lump sum being used to replace their lost income
- To reduce any debt you may hold
There are a number of different trauma policies available that offer different benefits and have different definitions around the medical conditions they cover. It’s important to get advice to ensure you purchase the policy that’s best suited to your needs and circumstances. Remember, with insurance, sometimes you don’t find out you’ve got the wrong policy until it’s too late!
The articles below provide an overview of trauma insurance. Please call us on 8364 0066 to arrange a no obligation discussion around your trauma insurance needs.
