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If you're diagnosed with a critical illness, a crisis or trauma insurance can relieve your financial difficulties. Unlike income protection insurance, which is dependent on your inability to work, trauma cover is paid out on the diagnosis of a defined critical illness regardless of your working status. Instead of receiving a monthly income stream, you are paid a lump sum that you can spend on whatever you like – medical bills, your mortgage, an overseas trip or even a new car. The insurance company makes no demands on how you spend the money. Trauma insurance is often an adjunct to term life policies. Be careful to read the fine print on what your policy defines as a medical condition, such as a heart attack, for example. Policies include specific criteria on major illnesses. Generally the list includes heart attack, heart disease, stroke, malignant cancer, chronic kidney failure and organ transplant. In most cases trauma insurance does not cover you for an accident. The key benefit of trauma insurance is that it gives you a financial buffer so you have time to recover from an illness. If you've had heart surgery and need six months to get back to work again, it's good to know that you can afford to take that time off and not rush back into the workforce just so you can pay your mortgage. |
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| Risk Advice | Not sure about the right level of trauma cover? Life insurance advice with commission rebates. more info
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| Zurich Ezicover | Trauma insurance made easy. Get a quote and apply for cover online and in a matter of minutes. more info
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