What is trauma insurance?
Trauma insurance is also known as critical illness insurance and serious illness insurance. It pays out a lump sum on the diagnosis of a trauma condition such as cancer, heart attack, stroke, etc. Most comprehensive products cover over 40 trauma conditions.
How does it work?
A few of the most salient features of trauma insurance include: firstly, a policy holder has to survive for 14 days after suffering the trauma event to qualify for the claim.
Secondly, there is a stand-down period of 90 days for some conditions from the commencement date of your policy.
Thirdly, your trauma cover can be either standalone, or accelerated. Standalone cover is independent of any other benefits and a claim has no impact on other benefits on your policy. Alternatively, accelerated trauma cover is attached to your life insurance policy, and on claim your life cover will reduce by the trauma claim amount.
Why get trauma insurance?
Usually on suffering a trauma condition, you may be off work for a period of time. In some cases your spouse or partner may have to take time off work to look after you. The funds can be used to pay for living costs, medical costs, unforeseen expenses that may occur as a consequence of suffering the event, or anything else that is important for you to maintain your lifestyle.
If you would like to review your current policies or would like to have a chat to see how trauma insurance can benefit you, call Lifestyle Solutions on 0800 477 488 , email us at email@example.com, or send us a message.
Our team is looking forward to hearing from you soon.