Cancer. Heart attack. Multiple Sclerosis. These are just some of the nasty diseases or conditions that a trauma insurance policy can pay out on.
Naturally, being diagnosed with a critical illness would send your world into a tailspin.
The last thing you’d want to have to deal with at that time would be money worries.
That’s what trauma insurance is for. It pays the insured amount when a diagnosis for one of the defined conditions in the policy is confirmed. This makes it different to life insurance where the payout is made after death.
Trauma insurance gives you a financial buffer to get on with the business of living. And if your life is looking like it will be curtailed, this may give you the means to follow a long held dream, such as to travel or to pay off your home to reduce the financial strain on your family.
It should also give you the means to live comfortably and well supported – and not have to worry about working or meeting the bills.
With trauma Insurance, premiums are not tax deductible, however tax does not apply to benefit payments.
The terms and conditions that apply to trauma insurance vary from policy to policy. A Financial Planner can help you figure out what cover you need, and recommend the policy to apply for. They can also guide you through the application process to make it as fast and easy as possible for you. Contact us today and we can refer you to a Financial Planner.