Trauma insurance cover is something that you arrange for the protection of your financial situation, if you are diagnosed with a nasty traumatic health condition.
Trauma insurance anticipates that you are going to live through that health condition, and is designed to provide you with the funds to get through, without adding financial stress to the stress of your traumatic health situation.
The most common payments made for trauma insurance cover are for heart attack, cancer and stroke. Trauma insurance is also sometimes called Critical Care Insurance, Vital Care Insurance or Living Assurance.
With Trauma insurance, you select the sum that you want to be insured for, and it will be paid out if you are diagnosed with that traumatic condition.
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All trauma insurance policies are NOT created equal
Trauma insurance is a more complicated product than life insurance.
There is a wide difference between the quality of insurance cover. Some cheap policies only give you cover for five or six conditions. The better quality insurance covers can cover over 38 conditions.
In addition, the actual wording of the policy is different between each insurance company. So there may well be a difference as to how sick you actually have to be before your trauma insurance policy will pay out.
It is important to make sure that you are getting the best value for your money, which is where our analysis and research will assist you.
How much trauma insurance cover do I need?
This will depend on your personal situation. But the amount of cover that you should have will depend on a range of things, including:
- Other insurance cover that you have in place (eg income protection insurance)
- The amount of debt that you have
- Whether there are two incomes in the family