There are very few adults Australians who haven't been touched by critical illness or injury, be it personally or via a friend or family member. As we get older, the chances increase for ourselves and our loved ones.
Common critical illnesses and events include cancer, stroke and heart attack. With modern medical developments, many suffers will make a full or partial recovery. Unfortunately, their financial situation may not enjoy the same recovery.
Such events may require a year or more away from work, which for many Australians would mean severe financial hardship, right at the time they need it least.
What is trauma cover?
Trauma Insurance, also known as Critical Illness Insurance or Crisis Recovery Insurance, can provide you with a lump sum payment to be used however you see fit. Funds may be used to reduce or extinguish debt, to replace income and to fund costly medical expenses that may not be fully covered by private health insurance.
Trauma Insurance allows you to concentrate on your recovery, without having to struggle back to work or worry about financial matters.
Doesn't income protection cover me for illness and injury?
If you have suitable income protection insurance, and your illness or injury leaves you unable to work, up to 75% of your income may be covered by your income protection policy. Whilst this provides some peace of mind to cover your basic household expenses and loan repayments, it will generally not be sufficient to cover the additional costs which often accompany a critical illness or injury.
A comprehensive protection strategy should include both income protection and trauma cover, as well as appropriate life and TPD insurance.
What is covered?
The specific trauma conditions covered will vary slightly from one insurer to the next. The following is a broad list of conditions which may apply. You should consult the Product Disclosure Statement (PDS) for each product to confirm which conditions are covered.
Burns - severe/major
Coronary artery angio
Coronary bypass surgery
Heart valve surgery
HIV - occupational acquired
Kidney failure - chronic
Liver disease - chronic
Loss of independent existence
Loss of limbs and/or eye
Loss of speech
Lung disease - chronic
Major head trauma
Major organ transplant
Motor neurone disease
Life Cover - death benefit
Total & Permanent Disability
Out of hospital cardiac arrest
Benign brain tumour
HIV - accidental infection
Are you a tradesman?
Insurance is vital for all tradespeople because of the nature of their work. If you work in the trades as an electrician, carpenter or similar, we recommend you visit Trade Risk for your tradesman insurance needs.
How do I get covered?
Speak with a qualified and licensed financial adviser to find out how much cover you need. Your adviser will also be able to provide you with insurance quotes, the PDS and all other required information.
The information provided on this site is general and factual information only and should not be considered advice. Before making any decision regarding your insurance needs you should speak with a qualified professional.
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