When a family gets hit with the news a loved one has been diagnosed with a major illness, it has a severe emotional impact on everyone.
What we often don't see coming is the financial strain this causes.
Trauma Insurance is a one-off, non-taxable lump sum payment that is paid after the insured suffers one of the covered traumatic instances, and does not pass away from it after a set period (usually 14 days). In this occurance, Life Insurance <= (hyperlink) would take affect.
The lump sum Trauma Insurance provides can be spent however the insured see's fit. Most often it's used to cover hospital bills, rehab and testing costs, loss of income, or to cover a loved one's loss of income who may need to look after the insured.
There's a plethora of traumatic illnesses and diseases one can succumb to, all of which have severe financial implications.
The immediate financial strain could be the loss of income one faces when succumbing to a traumatic event. Having Trauma Insurance in place means this financial gap in your income can be filled.
The ongoing strain of a traumatic event often comes in the form of specialised care and testing, all of which can be very pricey. Whether it be the need for an urgent transplant, surgery, or the need for ongoing chemotherapy, the costs associated with this care can be astounding, and financially crippling.
Here at MakeInsure we will educate you on what kind of ramifications major trauma would have on you and your family, and the best ways to protect you from the most tragic of circumstances.