Everyone knows how life insurance works but do you know how trauma insurance works? Life insurance pays out if you die. But what happens if you get cancer and you don’t die? Lots of cancers can either be beaten or held at bay for many years but that’s probably because you have some months of heavy treatment. Perhaps you can keep working but, trust me, it won’t be ‘normal’. Perhaps your partner can keep working but, again, it won’t be normal. During all this time you’ll be taking a physical, mental and financial hit.
That’s where trauma insurance comes in – it pays a lump sum when the condition is confirmed. The money pops into your account and buys you and your family some financial peace of mind leaving you free to concentrate on getting better. Let me tell you about two recent cancer claims and see if there’s any part of their stories which makes you think you should check yours and your partner’s own trauma insurance.
Lady in her early 50’s with breast cancer. Children have left home and husband a rep so out on the road all day. He simply couldn’t/wouldn’t leave her home alone all day worrying about the cancer and suffering all the side effects of the treatment. So he just stopped working to be with her. She was paid the $40,000 from her trauma policy which covered all their bills for a few months until she was through the worst of it.
A nursing client in her early 40’s with ovarian cancer. Two teenage boys and a farming husband. She’s been able to ‘work round’ her treatment, taken time off where necessary and they’re using their trauma money to take more time off and do more ‘stuff’ with their boys to distract them. It doesn’t look as though she’s going to make it and they may be able to claim advance payment from her life insurance too. She’s putting on a brave face but, when talking to us, has said how much it has meant to her to have more time with the family and know that their finances are sorted.
That’s how trauma insurance works.