The financial implications of a sudden illness or injury can be stressful, overwhelming and terrifying - especially if you have dependents and financial obligations that you have full responsibility for.
While we do not know if or when we may find ourselves in a situation where we are subjected to physical trauma or a serious illness, we can put some safety nets in place to ease the burden if this does unfortuately occur. Trauma insurance can offer financial support to the policy holder and their families, and can ease the burden of financial obligations whilst affected individuals focus on recovery.
What is Trauma Insurance?
Trauma insurance, or serious illness insurance, if a form of insurance that pays out a lump sum upon the diagnosis of a serious illness or traumatic injury that is covered by the chosen policy.
How does this differ from Health Insurance?
Unlike health insurance, which covers medical expenses and fees, trauma (or serious illness) insurance provides a payout in the form of a lump sum. This sum helps affected individuals and their dependents in the aftermath of a major incident or serious illness diagnosis, helping cover medical fees, loss of income and seeking specialist support to help aid recovery if public treatments are inadequate or inaccessible.
Who should consider Trauma or Serious Illness Insurance?
Trauma Insurance could be considered by anyone with financial obligations, regardless of their occupation, age or living situation. However, trauma insurance would be particularly appropriate for individuals with the following circumstances:
1. Those who have dependents - such as children or dependent family members who are unable to earn a living and take care of financial obligations in the event of loss of income due to illness or injury.
2. Lack of financial security or large financial commitments - for those who do not have sufficient savings or their income is limited, or for those who have high financial obligations such as loans or mortgages. Trauma insurance can support financially if you are unable to work for an extended period of time due to an injury or illness.
3. High risk occupations - for those working in an occupation that could be considered physically demanding or could potentially have higher health risks associated with that profession.
If you have considered trauma or serious illness insurance, or if you would like further information or advice on whether trauma insurance is right for you, get in touch with the team at imsure. They will help you make an informed decision and will help you find a trauma insurance policy that is tailored to your specific situation.
