We all know we need insurance and we accept that we must have it for our house, car and often our lives but have you ever considered trauma insurance?
What is trauma insurance?
Before we get into what exactly trauma insurance is ask yourself this question??
If you or a family member like your husband or child suffered a serious illness, would you be able to take time off work, pay your mortgage or simply pay the bills? If the answer is No then you may want to learn a little bit more about trauma insurance.
Trauma insurance provides a lump sum payment should you suffer from a serious and potentially life-threatening condition. It is designed to help alleviate financial strains and to get you through a difficult and often stressful time.
How can the lump sum be spent and why would I need it?
The lump sum can be spent and used however you see fit, it is entirely up to you but in our experience it is often used to:
- to help reduce debt
- to cover medical costs
- to pay for home modifications
- to provide additional care
- to get extra help at home whilst you support your family member through treatment
- to create an investment fund to generate an ongoing income
- to enable a business restructure
- to purchase specialised equipment
There are many ways this money can be spent but it is designed to help you deal with your new situation.
What types of trauma insurance are there?
As with all insurances there are varying types of trauma insurance out in the marketplace. Choosing the right one is down to the individual and their current situation. Some can be bolted on to your current health or life insurance and some are individual policies.