Trauma Insurance should be a key component of a most peoples’ personal or business insurance plans. This cover pays a lump sum if you suffer from one of a number of specified trauma conditions such as cancer, heart attack, stroke or loss of limbs just to name a few.
The diagnosis of a trauma event is devastating in any circumstances but the burden will be far greater if your financial security is also put at risk.
The cover is designed to ensure you can cope with the financial effect it has on your lifestyle, family and work which means that you can focus on your recovery without the worry of your finances.
You could use the benefit to:
- pay for private medical costs
- reduce debt or allows you to continue to meet your ongoing finacial commintments
- make lifestyle changes so you can focus on recovery – like permanently reducing the number of days you work
- take some time off work or take a stress-free family holiday
- allow a support person to take time off work to help with recovery
- bring some of your dreams to fruition
- or anything else that is of importance to you and your family
There are more than 40 specified conditions covered – depending on the insurer. The most common conditions of cancer, heart attack and stroke make up over 90% of all claims. Advances in medical treatment mean that you have a greater chance of surviving a major illness than previous generations. However, the importance of having Trauma Insurance is highlighted by the increased rates of cancer & heart disease in New Zealand.
Trauma Insurance is also know as – Major Illness, Living Assurance or Critical Illness