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Trauma Insurance Australia

Trauma Insurance in Australia refers to a cover that pays a lump sum in the event that the insured suffers one of the defined Trauma events. The maximum benefit payable for each insured is the relevant cover amount shown on the policy schedule for the relevant life insured.

Inflation Proofing

Cover amounts will automatically increase each year to stem negative effects of inflation. Each year your trauma insurance will adjust you premium to reflect this increase. You will be notified of any changes and have the option to decline the increase.

Eligibility

Usually, most people between the ages of 16 to 55 inclusive is eligible for this type of cover. You will be asked you some questions about your health, lifestyle and family medical history to determine whether or not you are eligible for cover.

What conditions does Trauma Insurance cover?

Most companies will cover you for at least the following:
  • Cancer
  • Open Chest Surgery
  • Coronary Artery By-Pass
  • Triple Vessel Angioplasty
  • Heart Attack
  • Stroke
  • Multiple Sclerosis
  • Motor Neurone Disease
  • Parkinson’s Disease
  • Muscular Dystrophy
  • Lung Failure
  • Kidney Failure
  • Liver Failure
  • Major Organ Transplant
Some conditions will usually not be paid if diagnosis of the condition occurs within three months of:
  • The commencement of the benefit; or
  • Any increase in the benefit (but only in respect of the increase); or
  • The reinstatement date where trauma insurance company has agreed to reinstate the benefit after it has lapsed.

Exclusions

There are usually circumstances in which you will not paid a benefit for Trauma.
  • Where the condition is a result of a self-inflicted Injury.
  • No Trauma cover benefits will be paid in any circumstances if the insured has not applied for the cover personally or where the application was completed on behalf of another person.
  • A claim may be declined in circumstances of non-disclosure. For information on when we may refuse a claim due to non-disclosure please refer to the trauma insurance PDS.

Total and Permanent Disability

Trauma Insurance is usually taken together with a Total and Permanent Disability (TPD) Insurance. TPD pays a lump sum if the life insured suffers a sickness or injury which means they are unlikely ever to be able to work again. It will also pay a lump sum if the life insured suffers from a major physical impairment.

Long-term disability can be financially as well as emotionally devastating and this type of cover allows the policy owner to choose how to use any benefit payment. It can be used to reduce debts or to replace income that has been lost as a result of an inability to work.

TPD benefit can also provide for medical treatment or ongoing care as well as pay for any home modifications that are required.

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General Advice Disclaimer

NOTE: Information contained on this website is general in nature and may not be relevant to your individual personal and financial circumstances. The material does not represent any recommendation, legal or taxation advice. You should obtain professional advice before doing anything in reliance on this information or opinions. Please refer to the Product Disclosure Statements of individual insurers before deciding to purchase any financial product mentioned on this website.
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