With income protection insurance a person is assured a steady income up to an age of 65 when rendered disabled. The sickness can be of any type including mental illness depression, stress or anxiety. Other insurances offer similar benefits and many other insurance policies have their limitations and benefits according to the nature of the policy that has been opted for. Whatever maybe the reason an insurance policy is always helpful and advisable.
With the trauma insurance policy if a person is diagnosed as critical ill this policy would help with the financial status for the person and the family as a whole. The income protection insurance plan pays the money in installments whereas the trauma insurance enables a person to claim for the lump sum.
This lump sum payment can be used for medical bills, any mortgages, a new vehicle for transport or even an overseas trip. The insurance company has no holds on the way in which the individual spends the money since this is paid in one lump sum and there is no hold on the insurance company after that, nor can the company put restrictions on the way in which the money is being spent by the policy holder since it is not paid in installments.
The trauma policy includes serious and sudden illnesses like chronic kidney failure, heart attacks, malignant cancer, stroke or any organ transplant. Trauma insurance in most cases does not cover accident cases. The main benefit of this type of insurance is that it allows the person to recover from their illness by providing a financial buffer which is the main requirement for recovery.
Thousands of people are opting for this type of insurance since it relieves all the physical stress by replacing it with enough finance to sustain life without causing a break or leading to bad debts.
Trauma insurance cannot be easily understood or found in the market of insurances. One needs to get the assistance of an insurance broker who is aware of the pros and cons of this type of insurance. They have the ability to examine the family’s financial status and suggest a particular value that could maximize the financial benefit for a policy holder in the event of an unforeseen sickness that could render you disabled for a longer period of time or permanently.
People around the world are always on the move either to their work spots or travelling places on excursions, picnics etc. At these crucial moments there could be enough of tension and stress that could render a person mentally ill or physically ill, as after all good health is not in our hands, but precautionary measures are within our control and it is left up to each individual to opt for the right type of insurance that could safeguard the family and the affected individual at the time of such crisis. This alone is the best peace that any healthy person can look forward to during their days of health and wealth.