Lifebroker compares leading insurance companies to find you the right trauma insurance cover. With instant cover options, extended opening hours and simple processes, access to critical illness insurance has never been so easy or efficient.
What is Trauma Insurance?
Trauma Insurance pays a lump sum in the event that you suffer a medical trauma that impacts your life and lifestyle. Over 50 different trauma events may be covered including diabetes, Alzheimer’s disease, loss of limbs, stroke, heart attack, cancer, and brain tumours.
In the event of a trauma, you and your family can use the lump sum to:
- Pay for lifestyle changes and rehabilitation. Some medical conditions can affect your mobility or cause disablement and you may need to purchase items or modify your home to help you cope with these changes,
- Allow you, and your partner if necessary, to take some time off work to assist in recovery, and
- Pay off debts.
Trauma Insurance is not a replacement for Income Protection Insurance or private health insurance. It’s designed to help pay off debts and the costs of rehabilitation. You could use the money to pay for specialists or medical bills, make modifications to your home, pay off your mortgage or cover rental payments.
Does Trauma Insurance differ across different insurers?
There may be significant differences between trauma insurance products from different insurance companies. These differences can include the number of medical conditions covered, but also the definitions of these particular medical conditions. It is important to consider the definition of each condition when selecting which product to purchase. Many companies will offer both basic and comprehensive polices (that cover a broader range of medical events).
Make sure you read the insurer’s product disclosure statement (PDS) carefully to see what conditions are included and excluded.
How much does it cost?
Trauma Insurance is relatively more expensive compared to other forms of life insurance. Like other life insurance products, Trauma Insurance premiums can vary according to:
- Age (premiums may increase or cover decrease as you get older)
- Gender (women generally claim higher amounts so pay higher premiums)
- Whether or not you smoke
Alternative names for Trauma Insurance
Also known as Critical Illness Insurance, Trauma Insurance, Medical Catastophe Insurance and Crisis Recovery.