Your friend has long been telling you to get Trauma Insurance coverage since your family has a medical history of cancer. But you keep on putting it off as you believe that your Life Insurance is enough to cover this. So, do you really think that serious illness is covered by Life Insurance? Some insurance companies may have coverage including it but if your Life Insurance has none, then it’s time you get some.
Trauma Insurance, also called Critical Illness insurance, is a form of insurance that provides payout if you are diagnosed with a serious disease, which renders you incapable to work.
Do not get confused, however, thinking that this will also cover traumatic experiences such as divorce or being a victim of crime in which you’re not injured. So not to confuse you, better use the term Critical Illness insurance then.
In some cases, Trauma Insurance is also referred to as Recovery Insurance. This is because Trauma Insurance serves as a form of financial assistance until one recovers from the illness. Medical costs can be pretty expensive, add to that the thought of not being able to provide the family with their basic needs because of your inability to work and you’ll feel worse, if you’re not covered by this type of insurance. With this, you can lie in that hospital bed without worrying how your medical bills will be paid and how your family will be able to cope without any financial support from your income.
Who needs Trauma Insurance? Anyone who wants to enjoy peace of mind, knowing that in the event of serious illness or injuries, there’s financial assistance simply waiting to be claimed. Also, if you have families relying on you for financial support, all the more you need this to secure their future. And if a certain illness runs in the family, then it’s better to be prepared by having this insurance. Who knows, tomorrow it might also be you who would be suffering from that illness? So, it is good to get coverage.