Trauma cover pays a lump sum benefit to the insured person upon diagnosis of a serious injury or critical illness. Trauma insurance can help pay for medical and rehabilitation costs to help you and your family through this difficult time.
What is trauma insurance and what does it cover?
Trauma insurance, sometimes referred to as recovery insurance or critical illness insurance, covers you if you are diagnosed with a serious illness, disease, or disorder. Paid as a once off lump sum payment, trauma insurance helps reduce stress during an already stressful period in people’s lives.
While the illnesses covered by Australian trauma insurance vary policy to policy, trauma insurance policies can cover you for up to 50 different common medical conditions in Australia. Most policies cover cancer, stroke, diabetes, and heart attacks. Trauma insurance is especially important for Australians over 40 who are at increased risk of these conditions.
Before deciding on your level of trauma insurance, you should consider your current income and any other related insurance policies, such as life insurance or income protection insurance. You need to consider the number of dependents in your family and factor in any debts, personal loans, or mortgages that need covering.
What are the benefits of trauma insurance?
While your private health insurance may cover many hospital expenses, medical treatments, and rehabilitation costs, if you are faced with a major medical crisis, you will end up out of pocket. You may be required to pay for ongoing treatment and medication, rehabilitation equipment, and specialist therapy. Unlike TPD insurance, which can have a waiting period of 3 months or more, trauma insurance is paid after your diagnosis, as long as you have held the policy for more than 30 days, so you have the money when you need it most. If you want complete coverage for an injury or illness, you will need both trauma and TPD insurance.
The lump sum payment received from trauma insurance can help you:
- Pay for comprehensive, quality treatment and care
- Cover ongoing rehabilitation costs
- Cover in-home help, or care
- Help pay off debts and relieve financial pressure
- Bolster your payments from your income protection plan
- Protect your savings and retirement funds
- Prevent you relying on Centrelink, or other social security benefits
Our financial advisors are committed to helping all Australians protect themselves against trauma. If you want to take out trauma insurance, then contact us today. Our team of qualified financial advisers can help you determine what level of cover you need and find a suitable policy that best fits your personal situation.Contact us to discuss trauma insurance
Life cover, or term life insurance, pays a lump sum payment to help protect you and your loved ones financially if an unexpected death occurs or suffers a terminal illness (where they are unlikely to survive longer than 12 months). Life insurance ensures your family can cover funeral expenses and any outstanding debt as well as funding future costs that secure the living costs of your family.Find out more
about Life Cover
Income Protection Cover
Income protection is an ongoing benefit paid to the insured person in the event they cannot work due to partial or total disability for a specified time. In Australia, you can apply for up to 85% of your pre-tax income to protect you and your family’s finances when you need it most.Find out more about
Income Protection Cover
Total & Permanent Disability Cover
Total and Permanent Disability insurance, or TPD insurance, is a benefit paid to an insured person if they become totally and permanently disabled. This benefit can help you and your family pay for medical, rehabilitation and ongoing care costs.Find out more
about TPD Cover