Trauma (also known as Critical Illness) insurance is designed to provide a lump sum payment if the insured person dies or is diagnosed with a serious, life-threatening illness (such as heart attack, cancer – including breast cancer, and others). The lump sum payment is designed to meet medical costs (which, in many cases, are not covered by medical benefits insurance) and costs associated with changing one’s lifestyle if a life-threatening illness occurs. In many cases, people who suffer these illnesses are capable of returning to work in a relatively short period of time, making them ineligible for other forms of insurance payouts.
If such a catastrophe were to occur, this form of insurance can provide funds to ensure that you survive the illness financially.
