Trauma insurance is designed to offer a lump sum payment on the diagnosis of a critical illness or specified medical condition as defined in the policy wording, allowing policyholders to cover immediate expenses, such as medical bills, mortgage or rent payments, and other unforeseen costs.
Trauma insurance primarily focuses on specific critical illnesses and conditions, which might include but are not limited to:
Income protection insurance safeguards your financial stability by providing a regular income if you're unable to work due to illness, injury, or disability. During these periods of reduced or no income, it ensures that you continue to receive generally up to 75% of your income, helping you uphold your living expenses, bills, and other financial commitments. Income protection is especially valuable as it enables you to maintain your standard of living and focus on your recovery without the added stress of financial hardship.
Income protection offers a broader scope of cover, extending to a wide range of health-related scenarios, such as:
Making an informed choice between trauma insurance and income protection depends on various factors, such as your personal circumstances, financial responsibilities, family situation, long-term financial goals, and risk tolerance. A Policywise adviser can recommend the best cover for you and our service is fast and completely free. Check out our reviews to see how we’ve helped others.
In the meantime, here are some considerations to help guide your decision:
For many people, it’s practical to have both products in place with the correct sum insured for your situation. Speak with a licensed adviser for the best support in making your decision.
Policywise is a 100% free service which tells you which health, life, and disability insurance provider best fits your needs. We offer fast, comprehensive, and easy-to-understand comparisons of all leading providers, and a simple summary clearly recommending which insurer is best for your situation.
Not all insurance policies are the same. Policywise can help you sort out the duds, avoid the lemons, understand the fine print and exclusions, and get the right insurance for you and your family.
We make the important decision of where to buy your insurance super easy. We’ll answer your questions, provide experienced advice, quotes, and comparisons, and manage all the back and forth throughout the application process. Taking out your cover through us means you'll have our lifetime support and claims advocacy, and we'll help you negotiate a positive outcome at claim time. We can also take care of lodging any claims on your behalf and back you up if the going gets tough.
Check out the reviews on our homepage for how other New Zealanders have found our service because now is the time to get your trauma insurance or income protection insurance sorted. Give your family or someone you love the most outstanding financial support possible. Book a 5-minute callback with Policywise today; our service is fast and free.
Trauma insurance and income protection insurance serve two distinct roles in your financial set-up, each offering a valuable safety net in the face of health challenges. While trauma insurance provides immediate financial assistance upon the diagnosis of specifically defined conditions, income protection ensures ongoing financial stability. These options should align with your individual needs and financial objectives. Remember, Policywise provides support and resources to help you make well-informed insurance decisions. Whether you opt for trauma insurance or income protection, or both, your financial wellbeing is in capable hands.
Disclaimer: This article is for general information only. Nothing in this blog or on this website is intended as medical, dietary, or financial advice. Although Policywise aims to update our content regularly, you are advised to consult a financial adviser, health professional, or an appropriate specialist before acting on any information herein. They can factor in your personal circumstances or preferences and help guide your decision-making process.