Trauma Cover for Employees

Safeguard your business and protect your employees with trauma cover

Trauma cover is a type of life insurance designed to protect you if you have been diagnosed with or are suffering from a critical illness, such as stroke, cancer, or heart disease. It pays you a lump sum benefit to help you get the best medical care which money can buy. If you have a business and employees under you, giving them the same cover would enable them to have the same choice and benefit you want for your family. Moreover, it could benefit you in the long run when one of your employees will be diagnosed with a critical illness. Instead of shouldering the finances alone, which could be quite a strain on your finances, the benefits from the Trauma Cover would help them financially.

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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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Compare Trauma insurance quotes from these direct brands

Details Features
Trauma Insurance
Trauma Insurance
Get a trauma benefit up to $2 million with cover for up to 37 medical conditions.
  • Lump sum benefit of up to $2 million
  • Maximum entry age of 59 years
  • 30 day cooling off period
Go to site More info
Life Insurance
Life Insurance
Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application.
  • Benefit payment of up to $1,500,000
  • Cover for applicants up to age of 65
  • 30 day cooling-off period
Go to site More info
Recover Well
Recover Well
Receive a lump sum payment up to $1,000,000 if diagnosed with a serious illness or injury.
  • Lump sum payment up to $1,000,000
  • Flexibility to increase, decrease or pause cover
  • Step by step support for claims
Go to site More info

What type of illness does trauma insurance cover?

Introduced in Australia in 1983, Trauma Cover provides cover for up to 40 known critical illnesses which are considered life-threatening. The insured is paid a lump sum upon diagnosis to aid him for any extra medical expenses it would incur. The benefit is paid to you or your employees once the illness is confirmed, not until you die. The types of illness which are included in the Trauma cover are:

  • Cancer
  • Heart Attack
  • Kidney Failure
  • Lung Disease
  • Multiple Sclerosis
  • Muscular Dystrophy
  • Severe Burns
  • Stroke
  • Alzheimer’s Disease
  • Chronic Lung Disease
  • Major Head Trauma
  • Coronary Bypass Surgery

The list could vary from provider to provider but most will cover the major illnesses. Statistics have shown that four major conditions account for most claims – 62% for cancer, 13% for heart attacks, 11% for coronary artery disease and bypass surgery, 9% for strokes, and 5% is for the other conditions.

When won't you be covered by trauma cover?

Some reasons why a claim is denied are:

  • You are claiming a cover that is outside the policy.
  • You have a pre-existing condition that you have failed or did not disclose upon application.
  • You have made a claim before the waiting period expires (usually 90 days from the day a policy is issued).
  • You have made a claim for a condition which is not covered.
  • The insured has committed suicide within 13 months of policy commencement.

What are the benefits of getting trauma cover for your employees?

As a business owner, you have specific financial goals and objectives. Some of them may be to pay off your mortgage earlier, retire early, or establish a trust. Aside from this, you also have the responsibility of looking after the well-being of your employees. Giving them trauma cover has certain benefits aside from the cover you give them for certain critical illnesses. The benefits could work both ways for you as an employer and them as your employees.

How does it benefit you?

  • It promotes a good relationship between you and your employees.
  • It provides financial assistance at a very critical time.
  • It entitles you to some tax concessions in contribution
  • It gives additional financial support.

How do does it benefit your employees?

  • It ensures financial aid.
  • It provides financial support before and during recovery period.
  • It gives them access to the best medical care.
  • It boosts their morale knowing you care for them as an employer.

What other features and limitations are there?

. Trauma Cover is very important for you and your employees. If you are not yet sure which is the right trauma cover for you, you could seek out a financial adviser to give you a strategy which would fit our needs and your budget.

Find the best trauma cover products for your workers and compare

William Eve

Will is a personal finance writer for finder.com.au 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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