What Is Trauma Insurance?

Trauma insurance (also referred to as critical illness insurance) stands out compared to conventional health insurance in that it’s designed to address immediate financial needs in the event of a significant injury or illness. Major illness and injury not only directly impact your well-being but can have serious economic consequences as well. It’s essential to know how trauma insurance works and what it covers to ensure that you’re prepared and well-informed.

Many Americans are living paycheck-to-paycheck, which means one severe illness or injury can take them from being able to pay their bills each month to being too far behind to catch up and possibly losing their home or vehicle. Trauma insurance can provide the cushion needed to care for your family when you are in most need.

Trauma insurance can be purchased to provide you with extra protection for a specific illness or injury. For example, if there is a high rate of cancer in your family, you may buy trauma insurance to ensure you are completely covered if you get a cancer diagnosis. You may also purchase additional trauma insurance if you have a dangerous job like working as a long-distance truck driver. 

Trauma insurance provides a lump sum payment to help cover medical bills and living expenses while you are unable to work or are waiting on settlement money. For example, if you are in an accident caused by the other driver, you can pursue legal action against the other driver to make them financially responsible for your expenses. However, lawsuits take time.  You can start by searching “truck accident attorney near me” to find a lawyer that specializes in these types of accidents. 

Trauma insurance provides a lump sum amount to help you cover medical costs and living expenses. The money you get will ensure you don’t lose your home or are unable to feed your family while you wait for a settlement from your accident or the ability to go back to work. While traditional health insurance will cover at least a portion of your medical expenses, it does nothing to help you cover your living expenses while unable to work. 

While the insurance company will not dictate how you spend the money, you need to make sure you budget it out to cover all of your essential needs. Without knowing how long you will be out of work, it can be challenging to understand how to plan your expenses, but you know what your monthly housing expenses are, and you can focus on those.

Your insurance agent can help you determine which plan is the most appropriate for your current conditions. They can also help you to set up your insurance and file a claim when needed. Some may view the extra insurance as an unneeded expense. However, when you are facing a medical crisis, you will be amazingly grateful for the additional coverage.

Unfortunately, some illnesses and accidents end tragically, and while no one wants to think about their mortality, it is crucial to make sure your family is taken care of when you are gone. Finding the best life insurance policy with iSelect to ensure your family is taken care of financially when you are no longer there.

When determining how much life insurance you are going to need, you will want to take into consideration your annual income, the age of your children, and what it would cost to pay off assets, including your house and vehicles. You may also need to consider additional factors, like schooling expenses, college tuition, or nanny help if your spouse or significant other is going to need to work.

Planning for the worst-case scenario may seem unnecessary when you are young, but the younger you are when tragedy strikes, the more overwhelming the consequences can be for you and your family.

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