How would you and your family survive financially if you met with an unforeseen illness or accident that prevented you from earning an income over an extended period of time? Today’s younger families do not often consider trauma insurance, income protection and TPD as many struggle with education costs, mortgage, living costs and repayments due to the financial climate.
How would not having an income affect you, without adequate insurance how would you cope if you suddenly found yourself without an income for six months to a year or more? Not having an income would mean that you and your family would be facing real hardship to a point where the bank may foreclose your mortgage, due to all the extra stress your health would deteriorate and more.
In the event of unforeseen incidences such as accidents or illness, all families need to have adequate insurance cover. For example on the diagnosis of a critical medical condition or in the event of an accident this type of insurance provides a cash lump sum. The most common claims made are for coronary bypasses, cancer, strokes and heart attacks, although many other types of conditions are covered.
There are several different types of trauma’s that can be covered such as blindness, lung disease, MND, major organ transplants, dementia, Alzheimer’s disease, major head trauma, terminal illnesses, brain tumours, Parkinson’s disease, accidental or occupational acquired HIV infection and many more. Once there is a confirmed diagnosis, the benefits are paid out immediately.
Trauma insurance provides your family with a cash lump sum which can be used as needed and can help to relieve the financial burden if there is no income coming in. A terminal illness can be just as devastating as a death and if you are at pre retirement age or are carting heavy debts, this could have a devastating effect on your family and your health if you are not covered by an insurance plan. However, if you should contract an illness that is not specified, you will not be covered. On the other hand income protection insurance covers any accident related injury or sickness. Trauma insurance on the other hand is the best option for those currently not working.
You can compare trauma insurance quotes online in order to find the best cover possible. There are also trauma insurance options whereby include death benefits and will pay out the same value either on death or a trauma. In such cases only one pay out will be made. As opposed to a stand alone policy, buying life cover as part of a trauma packages will afford you savings in the long run. When searching for trauma insurance it is wise to consider a buy back option.
Standard trauma cover usually only pays one trauma benefit, and after payout one may become uninsurable and you may not be able to purchase TPD, income protection, death insurance or another trauma insurance. It is important to have sufficient cover or purchase a buy back option which will enable you to live out your remaining life on the claims proceeds.