Compare Trauma Insurance Quotes

Trauma Insurance, which is also commonly known as Critical Illness Insurance, pays a lump sum if you are diagnosed with one of many traumatic medical conditions such as cancer, a heart attack or a stroke. Payment is made irrespective of your ability to work or not and in many cases it may also be payable in addition to any Income Protection or Total and Permanent Disability (TPD) benefit that you already have.

This payment will be able to help you cover important costs such as:

 

-      Medical and treatment costs above your health insurance

-      Therapy and rehabilitation costs

-      Home modifications and special transport costs

-      Supplement the incomes of loved ones as they take time off work to be with you

-      Household and living expenses

-      Debt and mortgage repayments

For a rough estimate on how much cover you need, visit out Life Insurance Calculator. 

 

A trauma insurance quote will differ greatly between insurance companies both in the number of conditions covered, the types of conditions covered and the definitions of the actual conditions. In some instances, the percentage of the sum insured that is payable in the event of a claim also differs between companies.

For this reason, it is very important that you fully understand the terms of your Trauma Insurance policy before purchasing it, to make sure it will adequately cover you and your family when you need it.

The insurance specialists at Cover Australia can provide you with a range of flexible Trauma Insurance quotes, to help you compare and choose the one that’s right for you. We’ll help you make sure the policy will protect you when you need it, and offers all the benefits and inclusions you require. We also offer ongoing advice and service for the life of your policy in case you need any assistance along the way.

While it may vary slightly between insurance providers, the basic eligibility requirements to apply for Trauma and Critical Illness Insurance are:

 

-      You are between 15 and 65 years old

-      You are an Australian citizen or permanent resident

 

What You Will Be Covered For

Our range of flexible Trauma Insurance quotes and policies will give you the opportunity to customise a level of cover that suits your lifestyle and individual circumstances. You will be able to add on a number of benefits and inclusions such as a Death benefit, additional Child Cover for a number of traumatic conditions and Trauma Reinstatement so you can reinstate your policy 12 months after you make a claim.

The traumatic conditions covered by your policy will vary between insurance providers, but most will cover between 30 to 50 different critical illnesses and conditions. If you need a certain condition covered, make sure you carefully read the product disclosure statement to find out if it is so.

A general indication of the most common conditions covered by Trauma Insurance policies include:


-      Alzheimer’s disease              - Chronic liver disease

-      Cancer                                      - Blindness

-      Coma                                        - Loss of speech

-      Severe diabetes                     - Deafness

-      Heart attack                             - Dementia

-      Coronary bypass surgery      - Stroke

-      Chronic lung disease             - Paraplegia

-      Quadriplegia                            - Major organ transplant

-      Medical acquired HIV             - Parkinson’s disease

-      Severe burns                            - Motor neurone disease

-      Chronic kidney failure             - Multiple sclerosis

-      Heart valve surgery                 - Major head trauma

-      Terminal illness                       - Loss of limbs or eye


In Australia, approximately 62% of Trauma Insurance claims are for cancer, 13% for heart attacks, 11% for coronary artery disease and bypass surgery, 9% for strokes, and the remaining 5% for other conditions. If any of these illnesses or conditions run in your family or you have a high likelihood of suffering from one in the future, Trauma Insurance will be able to protect and support you.

One of our Platinum Partners Macquarie Life offers a policy that is unique in Australia, known as Active. It is very similar to a Trauma Insurance policy but covers a significantly greater number of conditions, pays out a percentage of the sum insured based upon the severity of the condition and the impact on your life, and allows for multiple claims. To find out more about this unique product, read the product disclosure statement or contact one of our advisors.

 

Commonly Asked Questions about Trauma Insurance

Trauma Insurance and Critical Illness Insurance policies are designed to provide you and your family with additional financial security and protection, at a traumatic time in your life.

These are some of the most common questions we get asked about Trauma Insurance:

 

How much Trauma Insurance do I need?

This will vary for everyone depending on your circumstances and what you want out of your cover. To begin with, you need to think about your financial position and the support you have available to you if you were to suffer from a traumatic condition. Consider your existing level of private health insurance, any government benefits or workers compensation available to you, how much help and family support you would have, and any other types of insurance you may have.


Then you need to decide how much income you and your family would need to get by on top of your medical costs and ongoing care, if you weren’t able to work. Take into account your day-to-day living expenses, your family and financial dependants, and your debts. Your dedicated insurance specialist from Cover Australia will be able to give you further advice about how much cover you will need to make sure you have enough.

Won't my health insurance cover me?

This is a common misconception. Depending on your level of cover and the extras you have chosen, your private health insurance and Medicare would be able to help you pay for a certain amount of medical expenses, treatments and rehabilitation. But there are many other expenses involved with an unexpected traumatic condition that would not be covered such as ongoing treatment, rehabilitation equipment and specialist therapy.


In addition, health insurance won’t cover a loss of income whereas Trauma Insurance is designed to also replace your income if you aren’t able to work for some time, and to help you with the daily costs of living. Trauma Insurance should be looked at as additional cover to your existing private health insurance, to protect you and your family no matter what happens to your health.

Do I need to be working to take out Trauma Cover?

No, you don’t need to be working to take out a policy. The benefit payout of any Trauma Insurance claim is based on the traumatic conditions you are suffering from and its impact on your life, instead of your ability to work.

 

 

Exclusions

Like with all other types of insurance policies, Trauma cover comes with a number of exclusions which you need to be aware of before you take out a policy. They will vary slightly between insurance providers, but in general, there are some typical exclusions applied to Trauma Insurance such as:

-      The benefit will not be paid for death from suicide within the first 13 months of the start or recommencement of the policy

-      The benefit will not be paid for any traumatic event caused by intentional self-inflicted injury

-      The benefit will not be paid for any traumatic event not listed on the policy

 

It is also common for most policies to come with a 90 day exclusion period (or waiting period), where benefits will not be paid if a traumatic condition occurs or is diagnosed within 90 days of the start or recommencement of your policy, or the increase of your level of cover.

In most cases this 3 month waiting period does not apply to accidental traumas. It typically relates to a number of specific traumatic conditions and illnesses including angioplasty, coronary artery bypass surgery, cancer, heart attacks, strokes, carcinoma in situ, leukaemia, adult onset insulin-dependent diabetes that is diagnosed after the age of 30, and early stage prostate cancer. While some providers will waive this exclusion period if you have just transferred your current policy and you were previously covered for the same traumatic conditions, you do need to check beforehand if this is the case.

It is vital that you carefully read all the terms, inclusions and exclusions of your particular policy before you purchase it, so that you can avoid a declined claim in the future. The most common reasons Trauma Insurance claims are declined include:

 

-      The claim is outside of the cover defined by the insurance policy

-      A pre-existing condition had not been disclosed in the application

-      A claim is made before the waiting period is over

-      A claim is made for a condition which isn’t covered by the policy

-      A suicide has occurred within 13 months of the start or recommencement of the policy

 

The insurance specialists at Cover Australia can assist you with understanding the specific terms of your policy, and will handle the entire claims process should you need to claim your Trauma benefit.

 

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