Trauma Cover Insurance pays a lump sum in the event of a diagnosis of incurable condition, e.g. cancer, stroke, heart attack, major head injuries.
If a person suffers a medical trauma, term life insurance won't help as the person is still alive. Suppose a person has a mild heart attack and is seriously ill but is able to return to work after two months. Will he or she be as productive as before or stand the stress associated with working as hard? Policies like income protection and TPD Insurance may not be suitable since pay-out depend on the effect of the event after its occurrence. What is needed is a cover like trauma insurance which pays out on the actual occurrence of the incident.
Trauma insurance (also known as critical illness insurance) provides a cash lump sum in the event of contracting a specified disease or trauma. The number of conditions covered (benefits) varies widely, cheaper policies often offering less benefits.
In most cases "accidental" types of traumas are covered immediately, although many insurers impose a waiting period (commonly 90 days after the policy is accepted) for certain illnesses. Typically trauma cover policies will pay benefits in the case of some or all of the following critical illnesses:
Heart valve surgery
At Rate Detective we compare Trauma Cover from 11 Insurance Companies, so we are able to provide you with the most competitive price from our Insurance panel. If you are interested in Trauma Cover Insurance, or any other forms of income protection insurance, please feel free to make an enquiry and we will put you in touch with one of Trauma Cover Insurance consultants.