Trauma insurance (also known as Critical Illness insurance) pays a tax-free lump sum on the diagnosis of a defined medical illness to the insured. Examples of such medical illnesses are heart attack, cancer, stroke or by-pass surgery. Trauma insurance may also cover less severe medical illness including back injuries or stress.
Trauma cover may be regarded as the most expensive type of personal insurance – with good reason, because it covers the most likely events to occur, and some policies are very broad in their coverage of events.
The benefit of trauma cover is that a lump sum cash payment in the event of diagnosis can provide a financial resource for a period of time. This can cover medical costs and/or allow a partner to stop working and care for the ill partner.
If you would like more information please contact us.