What Classifies As Trauma Insurance And How Do I Know If I’m Covered?

 

Trauma insurance, also known as critical illness insurance, is one of the lesser-known insurance covers, and is often misunderstood. It might sound like a type of health insurance, but in reality, they are both quite different. The only common aspect about health and trauma insurances is that they both provide financial help if you fall ill.

Trauma insurance is a type of insurance that pays a lump sum amount if you are diagnosed with a specific illness or suffer through a traumatic event. The benefits of trauma insurance can range from $50000 to $500000, covering you from various illnesses such as cancer, heart attack, stroke and many others. It is a cover that provides you with essential financial support for things like your treatments or surgeries, to help with bills while you are recovering or even taking a holiday to recuperate from a stressful time.  

With Trauma insurance you can spend the amount you receive at your will. It’s not like you will only get the amount that you need for medical purposes, the cover amount is fixed when you purchase the insurance and it’s up to you how you want to use it.

Basically, trauma insurance gives you financial freedom when you are critically ill or injured and require expensive medical treatment to recover. It’ll not only cover you, but it impacts your family too. This is why, regardless of your personal situation, trauma insurance can be a crucial part of your financial plan as it has lots of benefits.

 

You never know when a trauma could impact you or your family. Protect them from any financial stress by purchasing Trauma Insurance. Credit: Unsplash

 

No one wants to think about suffering from a severe illness like cancer, a stroke or other illnesses, but unfortunately, if someone gets diagnosed with such severe illness and they don’t have trauma cover, imagine how challenging life could become both physically and financially. A medical bill, mortgage, and all those day-to-day bills will keep mounting up. Money is the last thing you want to think about when you are going through a hard time; this is why trauma insurance is there to help you. A lump sum amount, when you are unable to work, will save you from financial stress.  

You might think trauma insurance is costly, but it is one of the least expensive insurance covers. This is because it only covers specific illnesses, and you can even add on other insurance policies with your trauma insurance. The costs of your cover entirely depends on your financial situation and needs. As mentioned above, you can get up to $500000 cover

With trauma insurance, there are lots of variations so it’s good to consider your available options. You can link trauma insurance to other insurance policies, such as income protection insurance or life insurance and it will help you to reduce your overall premiums. If you already have some sort of insurance, you might only need trauma insurance as a top-up to that. It will differ from person to person as per their lifestyle, so it’s always better to speak to the professionals before making any decisions.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.

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