Why You Need It
Trauma cover provides a lump sum payment to the policy owner upon the life insured suffering from one of a number of defined critical illness and conditions.
The diagnoses of a serious illness can be devastating to family and loved ones, but the burden can be far greater if your financial security is also put at risk.
Although there is a one in three chance of suffering from a serious illness before age 65, current survival rates means that many people go on to make a full recovery and enjoy a good quality of life, despite suffering a trauma. 1
A person that suffers from one of the four main critical illnesses (heart attack, heart disease, cancer or stroke) has a nearly 50% chance of surviving for up to 10 years beyond the critical incident. In many cases, this may mean reduced working hours and significant lifestyle changes. The last thing you need when recovering from a trauma is a financial set back, which is where a lump sum benefit can make a real difference to assist with costs associated with these changes.
Data Sources:
1 Fidelity Life July 2010