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Trauma Insurance

Trauma Insurance, also known as Critical Illness Insurance, provides a lump sum payment on diagnosis of a serious medical condition. Benefits vary widely according to the condition, with generally fewer benefits available at lower premiums.

Trauma Insurance can apply individuals between the ages of 17 and 59 with full cover extending up to 70 years of age.

Why get Trauma Insurance?

Trauma Insurance can help provide financial peace of mind in the event of a major illness that takes away or negatively impacts the policy holder’s primary source of income.

Trauma Cover is highly recommended if you are already dealing with large existing debts, such as a mortgage, and are still at pre-retirement age. It also may be worth getting Trauma Cover if you do not qualify for Income Protection insurance.

A major illness often affects family finances just as seriously as a death, and even more so when you are faced with the possibility of ongoing medical bills.

How it works

Trauma Insurance is also referred to as major illness insurance, and is paid out when the diagnosis has been confirmed (not if, or when, there is a death from the condition). It provides you and your family a lump sum of cash that can be used when it is most needed for:

  • Medical care costs
  • Relief of financial pressure (ongoing bills, mortgage & other debts).

What types of Trauma Insurance are available?

The number and types of benefits available vary widely by policy and provider, with cheaper policies generally providing fewer benefits.

Most common claims for these policies include heart attack, coronary bypass, stroke and cancer. Other conditions covered by Trauma Insurance include paraplegia, major head trauma, blindness, severe/major burns and many more.

How do Trauma Insurance policies differ?

Trauma Cover can be provided in conjunction with Life Insurance cover, or by itself as a stand alone policy.

While most Trauma Insurance policies will cover you for a wide range of illnesses, it should be noted that policies from different providers may differ in how they define each illness. We recommend you read the insurer’s product disclosure document (PDS) in full to check which conditions are excluded and the degree to which each condition is covered.

Getting a Trauma Insurance quote

Trauma Insurance can be the best way to ensure you and your family to avoid short to medium term financial hardship in the event of an accident or illness. Wealth Smart makes the job of finding the best Trauma Insurance quote as easy as possible, helping you achieve peace of mind, whatever the future holds.

Choosing a Trauma Insurance policy

Finding a Trauma Insurance policy can be a time consuming process given the many options available. Wealth Smart makes it easy by helping you find the right Trauma Insurance policy for you and your unique circumstances – saving you the time and legwork involved and giving you the peace of mind that comes with knowing you and your family will continue to be looked after, no matter what happens.

Page last updated: February 20, 2015