Trauma Insurance
Trauma cover pays you a one-off lump sum cash payment if you are diagnosed with one of numerous specified illnesses or injuries.
The effects of an illness or injury can be debilitating, and could mean dramatic changes in lifestyle. There are possibilities of time off work, prolonged hospitalisation or even early retirement.
When your illness or injury is serious, the only thing you want to worry about is your recovery. Trauma cover provides financial stability to help meet the costs you are likely to face in getting back on your feet.
What You Need to Consider for Trauma Cover
Like Life Insurance, you need to consider the level of your Sum Insured. If you suffer from trauma you may be faced with significant financial obligations, such as debt repayments, living expenses, and medical expenses. All of these need to be accommodated within a changed lifestyle.
Your sum insured also needs to take into account the length of time it would take to survive a major illness and be able to return to the workforce.
Dependent on which company you insure with, you are able to obtain Trauma cover from age 3 up to the age of 70.
Facets of Trauma Cover
Accelerated or Stand-Alone: a Trauma cover can either be set-up as an accelerated benefit or as a stand-alone policy.
An Accelerated Benefit means that your Trauma sum insured is tied in with your Life Insurance cover. If you have a Trauma claim, the amount that you are paid by the company reduces from your Life Insurance amount.
There are options available known as buy-back extensions which allow you to re-instate your life cover to its original amount after a Trauma claim without the need for health questions.
A Stand-Alone policy provides a Trauma sum insured as a policy by itself, not tied to any other insurance. If a trauma claim is made and the sum insured paid out, the policy would then cease.
The effects of an illness or injury can be debilitating, and could mean dramatic changes in lifestyle. There are possibilities of time off work, prolonged hospitalisation or even early retirement.
Essential/Comprehensive Trauma: standard Trauma covers are offered in two different types. An Essential, or value cover, provides you with a few main illnesses or injuries. A Comprehensive, or deluxe cover, includes these same illnesses or injuries, and also covers a large number of other defined conditions.
Men's & Women's Trauma: these covers provide an extension to even a comprehensive Trauma policy by covering certain conditions specific to men and women.
Child's Trauma: certain companies also offer a Trauma cover for children, to provide protection for you as a parent taking time off to care for your child. This type of cover is normally not as extensive as an adult comprehensive cover, but does provide for a number of conditions. Some companies also provide a child cover as an extension of your adult policy.
What We Offer
The following is a sample of the Trauma Insurance products that we can offer.
- AIA Trauma Cover (.pdf file, 165KB): Note that AIA has recently rebranded to AIG Life. We will be updating their policy brochures as soon as we can.
Provides a lump sum payable in the event of suffering a specified critical illness or accident. - Fidelity Critical Care (.pdf file, 88KB): Provides a predetermined lump sum on diagnosis of certain serious medical conditions.
- Sovereign Living Assurance (.pdf file, 152KB): Living Assurance is designed to pay a lump sum in the event of you suffering one of the critical conditions listed in this leaflet.
