Serious illness insurance is also known as trauma cover. If you have a serious illness, this cover can provide a lump sum payment to help with unexpected expenses such as medical bills, your living expenses and mortgage repayments.
The illnesses covered vary from company to company, though most cover some of the most common serious illnesses people are affected by; malignant cancer, stroke, heart attack and coronary bypass surgery.
If you suffer from one of the illnesses in the circumstances covered by your policy, you will receive a cash benefit. Of the products Choosi can directly arrange, the cover offered varies between $50,000 and $750,000.
Reasons to consider Serious Illness cover?
If you suffer from a serious illness, the last thing you would want to worry about is how you going to pay the bills. Serious Illness insurance provides a lump sum payment that could help you pay your everyday expenses and medical costs such as rehabilitation and physiotherapy, if you suffer from a serious illness as defined by the product's PDS.
Obviously, going through a life threatening illness is stressful enough, but with Serious Illness cover you can rest assured that the lump sum payout benefit will help you to cover the bills.
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.