What is Trauma Insurance?
Trauma insurance serves as financial support for an individual while they are recovering from a major illness and to allow for a change in lifestyle if needed. The benefit is paid as a lump sum to the policy holder. Payment may be made when a particular event occurs. Common events covered by the majority of trauma insurance providers are heart attack, coronary by-pass surgery, cancer, MS, paralysis, stroke, major organ transplant and Alzheimer’s disease. Other events are covered, with some policies covering more than others.
Trauma insurance benefits can help an individual with their out of pocket medical expenses such as specialist and doctor visits and rehabilitation costs. It can also cover financial needs such as debt repayment or reduction, which can help to reduce financial stress in a time of need. It can also be used to fund any lifestyle changes that are required as a result of a trauma event occurring, such as providing nursing care or wheelchair access to an individual’s home.
Understanding Your Needs
Trauma insurance policies differ for each provider. Policy definitions also vary between providers. The definitions of the policy need to be scrutinised with the insurance provider before purchasing the policy. It is ideal to check the exact detail and enquire directly as to definitions, qualifying periods and exclusions to avoid problems with a policy in the future.
In order to find out what type of policy and which provider is right for you, it is best that you seek advice from someone with expertise in this area. Here at The Money Edge, we can provide you with a detailed and accurate analysis of your needs and help you take up the right insurance for your current situation.
Benefits and Functions of Trauma Insurance
Trauma insurance offers various benefits to the policy holder. The financial support can be used for different reasons and ensures that funds are there to cover costs when needed most. Trauma insurance can be taken out by an individual up to the age of 60, so it is never too late to look at insuring against an unexpected illness. The major benefit of this type of insurance is the reduced stress over financial matters, which in turn helps the recovery process. Below are some of the benefits of trauma insurance:
- Replace funds which have been used for medical costs.
- Cover rehabilitation costs without it eating away at savings.
- Pay any outstanding bills, mortgage or loan repayments.
- Make-up for insufficient income during recovery.
- Cover any capital costs caused by a change in lifestyle.
- Provide funds for a holiday to help you recover sooner.