A common question I receive about trauma insurance is “How do I keep it affordable, especially as I get older.?”

As a reminder, trauma insurance will pay you a lump sum if you have a major illness or accident. It provides your payment that is free of taxes. However, the issue with trauma insurance is that it can become quite expensive, especially as you get to my age.

You could consider restructuring the policy, so it provided a combination of standard and severe trauma cover. A severe trauma policy covers the majority of the same conditions covered under a standard trauma policy and in some cases identical criteria. I’ve used that for some conditions, but more severe criteria are used for a claim to be considered. The advantage of focusing on the policy covering you for more severe conditions is that it can result in a significant reduction in what you pay for your trauma cover. Because severe trauma cover is priced significantly lower than the standard trauma cover.

If you have any other questions about this or any other insurance-related matter, please contact me, adrian@adrianschwartz.com.