Trauma & Critical Illness Cover
Pays a lump sum because of a Major illness…
Main events covered
Trauma event such as Cancer, heart attack, stroke, and more, if you qualify with a specific definition of the policy wording this benefit would provide a lump sum payment. Each insurance company covers a different number of conditions some 7 and others up to 46 or more.
Some insurance company’s even have the benefit Total and Permanent Disablement built in to the Trauma Cover as a condition.
Benefit is paid to the remaining policy owner(s)
Inflation adjusted option
Generally guaranteed renewable till age 70 once accepted into the policy
Early payment or Standalone to life Insurance
Different ways to structure premiums
Stepped option is rated on age, the price increases as the person ages
Level Premium (payments) option is available depending on the insurance provider you choose, basically it means you can average your payments over a certain number of years, level premiums generally are not guaranteed level premiums for this type of insurance and are annually reviewable as if claims rise the insurer can raise the underlying rate.
Children cover, can be added or be automatic to some trauma policies depending on the insurance provider, which could help with costs in the event with one of your children developing a major Critical illness. ie time off work to be by your child’s side…
Diagnosis or partial payment feature, this is available depending on the insurance company you choose, the feature provides an early partial payment for meeting a lighter criteria on certain covered conditions, this is when the life assured can’t meet the full criteria but meets a lighter criteria.
Optional Trauma buy back option – this benefit is designed to offer your cover back to you a year after you claim to cover the remaining conditions, this cover is available depending on what insurance provider you choose.
Optional Life cover buy back – this benefit could be added to your Trauma and life Insurance if your trauma benefit is an early payment of your life cover, after a year your reduced life cover benefit could be offered back to you, this cover is available depending on the insurance provider you choose.
If you went through an event that would result in claiming Trauma cover, life would be easier without debt, having a holiday could help lower stress and laying a financial platform where you didn’t have to worry about money would leave you more time to focus on getting better.
Having a Trauma/Crisis Cover that provides cover for your children makes life easier if you can afford to take unpaid leave from work to be by their side if they were to suffer a critical illness.
Click here to request a quote or feel free to call us on 0800 822 122