Have you ever thought what you would do if you became seriously ill but still needed to pay the mortgage, other debts and daily living expenses? Would you have enough savings put aside for medical costs and ongoing treatment? Trauma insurance can assist you.

Why is Trauma Insurance important?

Should you suffer a serious life threatening illness (such as cancer, heart attack or stroke) you and your family will require funds to pay for treatments or to ease the financial burden of ongoing financial commitments. These illnesses typically require extensive medical treatment, which is often not covered by medical benefits insurance. Modern treatments allow many sufferers of these illnesses to make a full recovery in a relatively short period of time (some heart attack victims are capable of returning to work after 8 weeks). The trauma payment is designed to remove the financial pressure and enable you to return to work (or normal life) as soon as possible.

This is important for two reasons – if you have just suffered a critical illness of some description, what treatment you choose and how quickly you can get treatment will depend on your financial situation. Without funds, you are restricted in options and this can also cause extra stress. Secondly, people who suffer these types of serious illness often want (and need) to re-evaluate their lifestyle, perhaps take time to travel overseas, visit family etc. Trauma insurance provides the funds to enable this.

How does Trauma Insurance work?

Trauma policies pay a lump sum if the Insured person is diagnosed with a medical condition and satisfies the definition of that specific event as specified in the insurance company’s Product Disclosure Statement. It is generally not dependent on whether you return to work or whether you work at all. It is paid as a lump sum.

Trauma insurance can be taken as a stand alone policy or be attached to a life insurance policy.

Example of events that could be covered with trauma insurance : Heart Attack, By-pass Surgery, Stroke, Cancer, Open Heart Surgery, MS, Benign Brain Tumour, Coronary Artery Bypass Grafting, Heart Value Surgery, Aorta Surgery, Cardiomyopathy, Cardiac Keyhole Surgery, Hemiplegia, Diplegia, Paraplegia, Quadriplegia, Major Head Trauma, Coma, Dementia & Alzheimer’s Disease, Parkinson’s, Motor Neurone Disease, Muscular Dystrophy, Major Organ Transplant, Chronic Kidney Disease, Chronic Lung Disease, Blindness, Deafness, Loss of speech, Severe Burns, Aplastic Anaemia, Occupational or Medical Acquired HIV… and more.

The differences in Trauma Insurance cover

Trauma cover can differ substantially depending on the policy. Your adviser will be able to direct you in this regard.

  • Some policies only cover a limited range of trauma conditions, while others cover extended trauma conditions. These will include a greater range of events which increases the chance of a claim being paid.
  • Some policies have extended cover.
  • Some policies offer Total and Permanent Disability as a definition of trauma, which can provide cost savings.

Please speak with an Experien Insurance Adviser for further information.

Information on our website is general in nature and does not take into account your personal circumstances.  You should consider personal advice that allows for your own goals and situation and always read the Product Disclosure Statement (PDS) issued by an insurer before considering buying cover.