Benefits of Trauma Insurance
Trauma insurance is a very handy tool to protect you should you suffer from one of the many traumas described in the policy.
Not everyone has trauma insurance, but these days more people are seeing the need for it. Trauma insurance has several benefits that other kinds of insurance do not cover. For a start, you can receive a payment immediately if you suffer any of the critical traumas described in the policy. This helps a great deal with all those extra medical and hospital bills that spring from the trauma. It can also be used to make modifications to the home if that is necessary to help you cope with the results of the trauma. Trauma insurance payments are not linked to your ability to work. If you suffer an illness but can continue to work full-time or in a reduced capacity, you will still be paid and the payments will not be reduced from the agreed sum as is the case in some other kinds of insurance. Nor will any other kind of income during this period have any effect on your payment.
There are many cases where significant illness is suffered by a person without it being terminal. Life may well go on for years. Having trauma insurance will certainly help you get through this time and cope with all those debts that mount up. This kind of insurance actually fills a gap that is left, even though you may have other types of insurance.
For instance, with TPD insurance you have to be totally and permanently disabled from working to make a claim. And it can take quite a time to prove this. But there are many serious illnesses from which full recovery is possible. And of course, life insurance can only be paid after your death, so that is of no use to you while you are still alive and need finances to help pay the bills. Income protection insurance is also good but you can only have that if you are employed. So you can see that trauma insurance is something that can be of great use in protecting you from financial risk.