Trauma Insurance provides a lump sum payment upon diagnosis of a specified illness to help your family with unexpected expenses such as medical bills, your living expenses and mortgage repayments.
The illnesses covered vary from company to company, though most cover the common illnesses people are affected by; malignant cancer, stroke, heart attack and coronary bypass surgery.
If you suffer from one of the illnesses covered by your policy, you will receive a cash tax free benefit. You can spend the money however you like. You are likely to have rehabilitation expenses and other medical bills.
You may also want to take a break from work and take a recuperative holiday. It may be that you need the money just to cover the bills that keep rolling in whilst you are ill.
However you want to spend the money is a welcome relief when you are going through a traumatic experience. With advances in medical research and technology, the quality of life and extension of survival periods for trauma sufferers continues to improve.
Similarly, trauma insurance has evolved into what is now a highly sophisticated "safety feature" of personal and business wealth protection plans.
Proceeds from trauma policies could be used to assist with the following costs that can be incurred following a trauma event:
- repayment or extinguishment of debt
- out-of-pocket medical expenses
- rehabilitation expenses
- costs for ongoing nursing care
- capital to satisfy income requirements when adjustments to lifestyle and work arrangements are necessary for recovery, and
- financial planning shortfalls for both pre- and post-retirement goals
Contact Morgans Milton for more information or use our online Lifequotes facility.
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