If you need life insurance, there is a good chance that you will also need trauma insurance.
Trauma insurance can be economically attached to your life insurance or can be a stand alone policy (without life insurance).
Main income earner within a family
If the main income earner with a family were to suffer a serious specified illness, trauma insurance provides some financial security to family members in the interim.
Stay at home parent
Stay at home parents have financial value to the family unit. If they were to suffer a serious specified illness, the children would still need care so any trauma insurance payout could help to pay for some form of child care. A trauma insurance policy would provide the financial security to enable this to be done.
Newlyweds or those choosing to live together
Once a couple gets married, or starts living together, trauma insurance cover on each person often becomes necessary to ensure any financial commitments they share can be met in the event one person suffers from a Serious specified illness. This can be particularly important if one of them makes considerably more money than the other, or if either party have other financial dependents, like parents or siblings.
New parents
It is very common for new parents to take out trauma insurance.
Those with mortgages or other debts
A bank may require you to take out life insurance as a condition of loan approval. You may wish to add in trauma insurance to ensure dependents are not left to deal with the financial burden of the loan if you suffer a serious specified illness.
Business partners
If for example you are a partner in a small business and the success of the business relies significantly on your ability to bring in clients and money, you can buy a trauma insurance policy that names your business partner as the beneficiary. In the event of your serious specified illness your business partner/s will have financial security for a period of time to help while they implement the necessary changes to operate the business successfully without you.
