trauma insurance

Trauma Insurance is designed to pay a benefit if you:

  • suffer a listed serious medical condition (usually over 40 conditions) e.g. cancer, heart attack, stroke, MS, paralysis; or
  • undergo a listed procedure

Most of us hear regularly about someone who has been suddenly diagnosed with a serious medical condition like cancer, or has suffered a heart attack or stroke.

Unfortunately no matter how healthy your lifestyle, good health doesn’t come with a lifetime guarantee

Trauma Insurance may be the solution for you

Don’t suffer a financial loss because of a major illness!

what Conditions and Procedures are Covered?

Conditions and major surgery procedures covered differ from insurance company to company, which is why we help you to select the most appropriate cover for your situation.

Each Insurance Company’s Product Disclosure Statement explains these in detail. Some examples of the conditions covered are:

aplastic anaemia dementia Motor Neurone Disease
blindness encephalitis Multiple Sclerosis
cancer heart attack Muscular Dystrophy
cardiomyopathy heart surgery paralysis
chronic kidney failure HIV – medically acquired Parkinson’s Disease
meningitis HIV – occupationally acquired primary pulmonary hypertension
chronic liver failure intensive care repair or replacement of aorta
chronic lung failure intracranial benign tumour repair or replacement of valves
coma loss of independent existence severe burns
coronary artery loss of limbs or sight severe rheumatoid arthritis
angioplasty – triple vessel loss of speech significant cognitive impairment
coronary artery surgery major head trauma stroke
deafness major organ transplant

Some companies also offer Partial Trauma Benefits that can pay a percentage of the trauma benefit upfront. These partial payments differ greatly between companies. These are typically called “Plus”, “Extra” or “Extended” Trauma benefits.

Why use Trauma Insurance Cover?

Many people think that in the event of a sudden trauma or illness their health insurance or the government will look after them. However Medicare and private health insurance do not cover all the costs. Health cover may be limited in the choice and flexibility of treatments. It often doesn’t cover hospital and treatment expenses in full, and some conditions aren’t covered at all. In addition, out of pocket expenses such as the cost of a carer and rehabilitation expenses often aren’t covered.

Government allowances and benefits don’t go very far in covering you against accident or sudden illness. The maximum payment available for any one benefit is a very basic fortnightly payment, which could even be reduced subject to income and assets tests. The vast majority of trauma claims stem from cancer, heart attack, cardiovascular disease and stroke. There are a wide range of products available to cater for these eventualities, providing funds to:

  • Cover medical expenses falling outside of private health cover
  • Pay off outstanding debts, including the mortgage
  • Provide income while being unable to work
  • Pay for modifications to the home and vehicle if required

I want to learn about Income Protection, Life Insurance and TPD Insurance.

Based in the north Brisbane suburb of North Lakes, we service clients from Griffin, Strathpine, Petrie, Kallangur, Mango Hill, North Lakes, Deception Bay, Burpengary, Narangba, all the way to Sydney, Melbourne and beyond. We come to you or you can meet us at our office.

Other Options

There are other options that can be included to your Trauma policy. They should be discussed with your financial adviser. Some of these are:

Trauma Reinstatement Option

Another common benefit is the Trauma reinstatement Option. This means that upon meeting a successful Trauma cover claim, the insurer offers for you to continue the Trauma cover (in some form) after a period of time (usually 12 months).

Life Cover Buy-back

If your Trauma policy is an attached benefit to your Life Insurance, once a Trauma payment is made, your life cover reduces by the amount of the Trauma claim. A Life Cover buy-back means that you are able to recommence the life cover previously reduced, generally after a period of 12 months following a successful trauma claim.

Double Trauma

Double Trauma is not offered by all insurance companies. The double trauma benefit is generally an accelerated buy-back of Life Cover to 14 days following a successful trauma claim. Usually, the future premiums for life cover are waived.

Child Trauma

Child Cover is generally a trauma policy that covers for a list of conditions for minors. It is usually an additional benefit to a parent’s trauma policy. An advantage of holding Child’s trauma is that in your child suffers an insured condition, then a lump sum benefit (that you have agreed upon) will be paid so that medical benefits can be met, or time off work for you can be taken.