What is Trauma Insurance? A trauma Insurance is a lump sum benefit that pays off financial debts and mortgages, and other household expenses during a critical illness or injury.
Features of Trauma Insurance:
A trauma insurance is a must to help a person cope with an unexpected occurrence of an illness or injury such as cancer or a life-threatening accident, which renders the person non-working for a period of time, during which the trauma insurance cover provides a lump sum benefit to the person to help overcome the mortgage and financial burden. Its key features area trauma cover is different from a medical insurance. The medical insurance only covers the medical expenses of the illness or injury, while the trauma insurance provides a lump sum benefit to the injured person to cover the medical expenses and to help him/her in other financial obligations caused due to the suffering, until he/she is able to get back to work. Medical insurance is provided by a person’s employer, but for trauma indemnity, only a handful few employers provide this facility, because of its high premiums and lump sum expensive payment covers. A trauma cover is usually taken by a person on their own, whether they are employed or self-working.
The trauma insurance cover is non-taxable.
The trauma cover is required mostly by those people, whose family depends entirely on them for their financial burden, and it helps to cover almost all routine financial liabilities, from medical expenses, payment of mortgages, household expenses to children’s education costs.
A trauma indemnity covers various critical conditions and illnesses, such as: CancerStrokeHeart attack Accidental injury Lung disease Breast Cancer Parkinson’s disease Alzheimer’s Deafness Blindness Severe burns Multiple Sclerosis Terminal Illness And Many more Usually a trauma cover might provide benefits for almost all types of serious conditions as stated above, or sometimes it may provide financial lump sum benefits for only a handful few.
There are different types of trauma cover policies provided, which can be availed by a person according to his/her choice. Different trauma policies incur different premiums. Usually, a trauma indemnity providing cover for wider illnesses and situations will require a higher premium amount policy that a policy with less premium covering few critical conditions.
A trauma Cover can be availed by a person, based upon various factors, such as: Age (For higher-aged persons the policies are usually high-priced with lesser covers)Gender (The trend shows that women usually go for higher policy plans)Smoking habits (a smoker gets high premium policy cover)Working environment (People working in risk industries like mines and transport usually opt for high premium policies)Different insurance providers have different definitions and structure of Insurance cover policies. Some provide only basic cover facility, while others may provide comprehensive policy cover. In addition, different insurers have different definitions for each medical condition that should be taken care of before opting for the insurance party, to choose the one that fits you.
There are various benefits that a trauma cover has in place for a person: Assistance of cover for all medical expenses, as critical conditions require premium treatment that incurs huge financial payouts.
Financial assistance to cover the loss of income during the illness or injury time, until the person is deemed fit to get back to work Educational cost cover to children Financial lump sum assistance also allows the spouse or another partner to take break from their work and help in the recovery period Opting for a trauma cover, it is always advised to contact a professional Before insurance expert who can guide the person on availing the best possible insurance policy based on their lifestyle, work structure and medical history.
A Trauma Insurance is usually availed by very few people while the issue of people getting critically ill has been on the rise in the past few decades. Therefore, for a financially secured future to cope up with critical times, it is always advised that along with life insurance and medical insurance people should also look forward to a Trauma Indemnity.