Getting Trauma Insurance in Australia

After trauma insurance? Take out cover from Australian insurers.

Regardless of where you live, the fact remains that life is unpredictable. One might be living the perfect life one moment, but all could be gone in just a blink of an eye when an accident or a terminal illness strikes. Therefore, it is a wise move to have trauma insurance in Australia to cover you in such situations. Having a trauma insurance policy will help you get rid of any worry concerning financial difficulties should such instances or accidents occur.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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NobleOak Trauma Insurance
NobleOak Trauma Insurance
Get trauma insurance cover for 38 medical conditions including heart attack, stroke and coronary bypass surgery. $2,000,000 59 30 Get quoteMore info

Is trauma insurance in Australia different to the rest of the world?

The coverage of trauma insurance in Australia may differ in coverage as those in the UK or in the USA, as well as between the different insurance companies in Australia but generally these policies all cover significant risks like cancer, coronary diseases, and stroke.

However, in some special cases, people purchase a policy more for their ‘peace of mind’ rather than really covering any major risk. For example, in the UK, people highly value insurance policies which cover the Creutzfeldt Jacob disease (CDJ) because of how it is regularly featured in the media.

But no matter what kinds of diseases or conditions are covered in the trauma insurance policy you choose would depend on your needs. Other members of your family should also be put into consideration for a trauma insurance policy and not just the highest earner in the family.

What illnesses are covered by trauma insurance?

The basic types of illnesses covered by Trauma Insurance are similar although there are some variations between each insurance policy providers. Some of the illnesses covered are:

  • Alzheimer's disease
  • Coma
  • Coronary bypass surgery
  • Heart valve operation
  • Quadriplegia
  • Multiple sclerosis
  • Blindness
  • Total permanent disability

It should be noted that most insurance providers would pay accidental types of traumas, but would impose a waiting period, basically 90 days upon acceptance of the policy, on some illnesses. Therefore, you should take careful notice when you are replacing or changing policies since you may not be covered during the waiting period on some certain policies.

What's the difference between trauma Insurance and life insurance?

Trauma insurance is a part of life insurance package options. Unlike life insurance which provides benefits to beneficiaries when an insured individual dies, trauma insurance offers financial benefits to the insured while he is still alive upon diagnosis of an illness covered by the policy. Trauma insurance falls under the “living” category of life insurance where the policy holder can use his insurance benefit while he is still alive to finance his medical costs. While it gives financial benefits to the insured, the trauma insurance also eases the emotional and psychological burden that your condition brings to your family. Because the insurance benefit can be claimed the moment you are diagnosed with a serious illness covered by your policy, you can be assured of getting the peace of mind that your condition will not cause too much of a financial burden to your family.

Trauma or critical illness insurance can be a good supplement to life insurance especially when your medical history suggests that you need to take out this type of insurance. This will take care of the finances of the insured person the moment he is diagnosed with a terminal illness. Life insurance benefit is usually claimed once the insured member dies. If you have your self covered with both a life insurance plan and trauma insurance you can be assured that from the moment you become ill until after your death, you remain capable of providing for their financial needs. While you are seeking medical treatment or recuperating from your sickness, your trauma insurance will take care of your medical bills and hospitalisation while your life insurance plan will take care of your family needs even when you are no longer around to provide for them.

What are the benefits of supplementing trauma insurance with life insurance?

Trauma insurance has many benefits; aside from the financial benefit it gives to the insured person and the family through claims, trauma insurance allows you to receive the best treatment available to you. This will allow you to access the best treatment available and no longer be in the waiting list. With the financial assistance through your trauma insurance, best choices are endless. With the amount of money that you get from your trauma insurance claim, you can choose to let your spouse take some time off work and help you rehabilitate and look after the children.

Since trauma insurance pays in a lump sum, you have the freedom on how you will spend the money. The money claimed can be used to provide for the costs of medical treatment, pay off debts, helping with modifications to the family home and for daily expenses. This insurance can benefit single people who wish to maintain financial independence by taking out insurance for their future protection. The benefits of trauma insurance are innumerable and if you feel that you have the risk factors, start weighing your option to purchase one.

How do I get the best trauma insurance in Australia?

The most important point, however, when choosing trauma insurance in Australia is to know exactly what kinds of conditions a policy does and does not cover. Here are some things to consider before getting a policy. These steps could save you time and spare you any trouble in the future:

  • Assess your family health record. Getting an insurance policy should not be a shot in the dark. Like other kinds of investment, purchasing a policy requires careful planning, and the first step is to look at your family’s medical history. Through careful evaluation, you would gain a clear and precise diagnosis of which types of illness or disease you are likely to have. This will also give you an idea which of these conditions you should include in an insurance policy you would purchase.
  • Don’t forget the buyback option. Another feature that should not be overlooked before purchasing a policy is the buyback option. It should be noted that most insurance policies only pay one trauma benefit, after which, the person become uninsurable and cannot purchase life, total and permanent disability insurance, or income protection insurance from any insurance companies. The buyback option can give you an opportunity to re-purchase or reinstate the full insurance coverage after the required period of the benefit payment.
  • Decide how long you need the cover. The length of the coverage is also an important factor because it could save you a lot of money choosing and paying for insurance only for when you need it. If you are considering having a longer coverage, then the level premium is the ideal choice. Level premium might seem higher in the beginning compared to a stepped premium, but gets lower as years pass. Stepped premiums, on the other hand, look cheaper but they increase annually with your age.
  • Read the product disclosure statement. Disclosures give you what is included and not included in the policy you are buying. Furthermore, it also states the limitations and benefits as well as the extra fees in the policy. Be sure that you understand everything. Ask the necessary questions if there are parts in the policy that are not clear. Likewise, you also have an obligation to disclose any relevant information about you and your family when you fill out the application form. This would save you any hassle that might arise when you file a claim.
  • Collect before you select. Once you determine what should be included in your policy, the next step is to find which provider offers the best deal. There is a lot of information on the Internet on different companies which offer trauma insurance in Australia. There are also a lot of insurance adviser who have online services offering assistance on finding the ideal provider for your need. These insurance advisers also offer their services on giving you a quote or instant underwriting over the phone.
  • Consider the company’s background. Another thing to look out for before choosing an insurance policy is the company you would put your trust in. With a lot of scams going around, it is wise to exercise caution no matter how attractive an insurance package may sound or look. Aside from the price, consider the service, experience, and quality level of an insurance company. Like the character revealing who the real person is, so will the company’s reputation reveal the real service you will receive.

Why should I have trauma insurance?

Trauma Insurance should never be an option, but a necessity. Although no one wishes to be ill, the thought of being unprepared when a sudden illness struck your family is a significant concern. And if that is not enough reason to get Trauma cover, consider the following reasons why you should.

  • Trauma insurance helps you pay additional medical expenses that you otherwise cannot afford to pay. With a comprehensive Trauma cover, you could pay medical equipment, rehabilitation, special care, or just about anything else which could quicken your recuperation.
  • With Trauma cover, the lump sum benefit you will receive could be used to get yourself the best medical care that your money can buy. And having something to pay for these expenses prevents you from worrying about daily bills. The payment will help you make ends meet while recovering. Simply put, it releases you from financial stress.
  • A comprehensive Trauma Insurance policy can not only protect you, but your family as well. Since most insurance providers give trauma cover to your family as an additional option, you won't have to worry about what could happen.

Trauma insurance can give you financial freedom during tough times

Trauma Insurance definitely has a lot of benefits for you and your family, especially when it comes to easing our financial burdens. However, the best reason why you should get Trauma cover is the freedom it gives you – the freedom to choose.

A critical illness could rob you of your freedom to choose what to do with your life, especially if your finances are not enough even to just cover the most basic needs. But with Trauma cover and the lump sum benefit you can get from it as a payment, you could choose the best medical care and the quality time with your family. Moreover, if the need arises, you can choose to have your working partner take time off from work without worrying of losing the income.

Another one of the most significant benefits you have from Trauma Insurance is your freedom to use the benefits in any way you deem possible. It can be used to pay for your medical bills, pay outstanding debts, and cover lost income.

However, in instances where the chance of survival is slim, you could use the lump sum benefit to fund family vacations or holidays. You can use it to spend quality time with your family and build lasting memories with them.

Who's eligible for trauma insurance?

The Australian Bureau of Statistics has shown that one in two men and one in three women are likely to suffer from a critical illness at one point in their life.

If you are contemplating of getting Trauma Insurance, you can get it if you are between 17 and 59 years old. The policy can then be renewed before you turn 80.

If you have other questions and clarifications, you could ask a financial adviser to help you find the level of cover you need.

After getting the quotes and comparing the prices from different insurance companies, you are now ready to make your decision to get trauma insurance in Australia. Planning might take some time, but careful planning in the present means less worry in the future.

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William Eve

Will is a personal finance writer for specialising in content on insurance. While he cannot give personal advice to clients, Will enjoys explaining the intricacies of different types of protective cover to help individuals and businesses find affordable cover that won't leave them underinsured.

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