How much Trauma Insurance do I need?
As with most insurance, it depends on your circumstances and what other insurance you have.
If you suffer a listed critical illness, your Trauma benefit is designed to take financial pressure off while you are treated, and hopefully recover. You need to assess your financial responsibilities, number of dependents and living costs to assess the benefit amount you might need if you did suffer from a trauma or critical illness. Most people choose an amount that will reduce their debts, medical and household expenses.
If you have Income Protection Insurance, you might require less Trauma cover. You may decide to allow for the waiting period on your Income Protection, plus medical, recuperation and care expenses, in addition to your partner’s loss of income, if they had to cease working to look after you. Trauma cover can also cover modifications to your house or car, or even moving to a more tailored home if the effects of your trauma are likely to be more permanent, but still short of a total and permanent disability.
Trauma premiums are generally higher than Life Cover and TPD Insurance premiums, particularly at older ages, so that may also influence the amount of cover you choose. You can learn more about NobleOak’s Trauma Cover here.