By Paul Rattray
Trauma Insurance – also sometimes called critical illness insurance. It’s a policy designed for the unexpected: a shocking health diagnosis or a life-changing accident.
When you take out a trauma insurance policy, you set the cover – and if you need to make a claim, the insurer will give you a lump sum. Money to keep the bills paid, and ‘buy you some time’ while you consider what to do next.
The money can be used largely at your discretion – for whatever you need at the time – it can be used for medical expenses if need be, too.
It really just means you can take the focus off finances and worry about your recovery.
Medical costs – particularly those associated with something like cancer, can be in the tens of thousands, and if you can’t work for a period of time, the bills soon stack up. Trauma Insurance can take the pressure off.
Conditions that you can insure yourself for will vary from policy to policy, but will typically include as standard various cancers, heart disease and/or heart attack and stroke.
Beyond these common diseases, there are several dozen other conditions that may also be included. Some examples include major burns, organ transplant and motor neurone disease.
As always, get professional advice to find out what’s right for you.