OnePath OneCare Trauma Cover
(Premier with Maximiser option)
Overall feature score
- 100 (Highest overall)
- Strong flexibility
- Conditions covered (clear definitions and extent of cover)
- Cover that lasts
Although there is no best trauma insurance policy for everyone, it's possible to get quality cover by looking for a policy that includes:
That said, we have done the research and found a policy that scores well in the above criteria and can be used as a general indication for what the best policy is.
(Premier with Maximiser option)
Getting the best cover
Features and extras to know about
Trauma insurance can potentially cover a very wide range of issues. One of the problems when trying to find the best trauma insurance* is going over all of them, and not really knowing how good the cover actually is.
It's good idea to:
To find out how good a policy really is, consider the following:
A trauma insurance policy will generally cover more conditions than can be listed here, and these conditions will vary depending on the policy itself. A good quality policy should cover the major traumatic events including:
For certain conditions, trauma insurance will only out a partial benefit, such as the lower of either 25% or a specified sum. These conditions can include:
There are a range of benefits a trauma insurance policy will offer, but these features will vary between providers. It’s critical to understand that there are many included and optional benefits that are on offer when taking out a trauma insurance policy.
Here’s a list of the in-built benefits that are offered under critical illness cover.
|Feature||What does this cover?|
|Trauma benefit||This benefit provides you with cover for critical illnesses. Most policies will typically have two levels of cover:
|Partial payment benefit||For certain conditions, trauma insurance will only pay partially or cap the benefit amount e.g. $25,000. Here’s a list of common conditions be covered under such a benefit:
|Paralysis benefit||This allows your trauma benefit is normally doubled if you become paralysed, and suffer either diplegia, hemiplegia, quadriplegia, or paraplegia.|
|Funeral benefit||If you don’t have life insurance and you subsequently pass away, you can receive a funeral benefit up to $5,000 on some policies. In these cases, your trauma benefit will not be applicable.|
There are many options available with trauma insurance, and these will typically vary depending on your provider. Some extras you should look out for include:
|Extra option||What does this cover?|
|Premium waiver benefit||If you become disabled before age 70, then your premiums will be waived.|
|Accidental death benefit||An agreed benefit is paid if you die prior to age 75. Cover is generally available from $50,000 to $1,000,000 AUD.|
|TPD insurance||Here you’ll receive a lump sum payment if you’re assessed as being unable to perform at least two daily duties due to cognitive loss, or specific physical or mental disability.|
|Business future cover||A business owner can increase the sum insured annually in-line with changes to the company, or a key individual aligned to the operation, without a health assessment required.|
|Needlestick cover||A medical expert and staff like nurses, doctors and other health practitioners can receive lump sum payments if they contract HIV, Hepatitis A or C, while carrying out their normal occupation.|
|Insured child option||Children are covered for deaths, terminal illness and another 18 critical illnesses and injuries. Under the added feature, parents can receive a care benefit. This allows compensation to take time off work to care for a seriously injured or ill child. It also allows you to convert to a stand alone policy when your child turns 18.|
|Trauma reinstatement option||Trauma cover can be reinstated 12 months after receiving a claim for a trauma that is not related to the current claim.|
|Double trauma option (extended trauma)||Here your death cover is reinstated 14 days after you make a claim for a trauma or critical illness. Your premiums are waived until your policy expires.|
|Trauma top-up option (extended trauma)||This is only available for people with $100,000 AUD in trauma cover. Here your portion of trauma cover under the partial trauma benefit is increased to 25% of your insured trauma cover. It is capped at $200,000 AUD and $50,000 AUD for angioplasty procedures.|
|Accelerated buyback option||Your death cover is fully reinstated after 12 months after you receive compensation for a trauma.|
It is common to package trauma insurance alongside life insurance, total and permanent disablement (TPD) insurance and income protection plans. You might also be able to combine health insurance and trauma insurance to get the most value.
Many policies have the option of adding children or partners to the policy. This means you are also able to claim benefits for health issues which they suffer.
Certain policies may give you the option of paying extra for additional cover or a higher sum insured for particular events. For example, some policies might let you choose to raise your sum insured by another $100,000 in the event of cancer, or by an additional 50% for accidents. Other extras might be things like a ‘top up’ to replace benefits used and increase your total limits.
You are free to spend benefit payments at your discretion, but there are certain things that the payouts are intended to be spent on. These include:
No. Personal trauma insurance premiums paid are not tax-deductible in Australia.
More specifically, you cannot claim tax deductions for any premiums paid towards an insurance policy that compensates you for injury or illness. If you have bundled trauma insurance with income protection, then you may be able to claim tax deductions for the income protection insurance premiums only.
No. Trauma insurance benefits from privately held insurance policies are not taxable.
No. As of 1 July 2014, you are not able to get trauma insurance through superannuation. Existing superannuation with trauma insurance that was acquired before this date remains active until it expires, lapses or you change super fund.
Exclusions are circumstances in which you cannot claim benefits. Even the best trauma insurance policy* will have a number of these, including an exclusion period. This is a period of time right after taking out, reinstating or upgrading a policy where you cannot claim benefits.
* The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.
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