What is a “Trauma/Critical Illness Insurance Cover”?
Trauma Cover is an insurance that pays you a lump sum amount if you suffer from a defined serious illness or condition. Life always comes out with surprises. Surprises that may be pleasant or may not be pleasant and since we are not prepared thus we call them surprises.
Preparing for the unexpected serious illness or injury is essential and this is trauma cover. Trauma cover will give you peace of mind if you have to undergo a serious medical procedure (as outlined in your policy) or if you suffer a specified serious illness or injury. The cover provides you with a lump sum payment to use any way you like.
Why do you need Trauma Insurance Cover?
During recovery, you may need to take time off work. In some cases, your spouse or any family member may also have to do so to look after you during recovery. This means no income for one or both. Debt can really pile up during this period.
Paying off these debts, freeing up your finances – by reducing your mortgage debt or hire purchase or credit card – enables you to focus on your recovery.
How much Trauma Insurance do you need?
Again this is different for every individual’s situation, this has to be tailored accordingly. Team Finance Matters can help you with this.