Trauma Cover Insurance

Definition of Trauma Cover Insurance

Trauma Cover Insurance pays a lump sum in the event of a diagnosis of incurable condition, e.g. cancer, stroke, heart attack, major head injuries.

Purpose of Trauma Cover Insurance

If a person suffers a medical trauma, term life insurance won’t help as the person is still alive. Suppose a person has a mild heart attack and is seriously ill but is able to return to work after two months. Will he or she be as productive as before or stand the stress associated with working as hard? Policies like income protection and TPD Insurance may not be suitable since pay-out depend on the effect of the event after its occurrence. What is needed is a cover like trauma insurance which pays out on the actual occurrence of the incident.

Trauma insurance (also known as critical illness insurance) provides a cash lump sum in the event of contracting a specified disease or trauma. The number of conditions covered (benefits) varies widely, cheaper policies often offering less benefits.

In most cases "accidental" types of traumas are covered immediately, although many insurers impose a waiting period (commonly 90 days after the policy is accepted) for certain illnesses. Typically trauma cover policies will pay benefits in the case of some or all of the following critical illnesses:

Alzheimer's Disease
Aplastic anaemia
Blindness
Burns - severe/major
Cancer
Cardiomyopathy
Coma
Coronary artery angio
Coronary bypass surgery
Deafness
Dementia
Diplegia
Encephalitis
Heart attack

Heart valve surgery
Hemiplegia
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
Multiple Sclerosis

Paraplegia
Parkinson's Disease
Pulmonary hypertension
Quadriplegia
Stroke
Terminal illness
Life Cover - death benefit
Total & Permanent Disability
Aortic surgery
Out of hospital cardiac arrest
Benign brain tumour
HIV - accidental infection
Peripheral neuropathy

The function of trauma insurance is to help:

  • Pay for specialist or international medical attention
  • Cover the cost of modifications to the home
  • Avoid financial stress in recuperation (debts, etc)

At Rate Detective we have secured the services of some of Australia’s best Trauma Cover professionals that are available for a free one-on-one consultation to identify your needs. If you are interested in Trauma Cover Insurance, or any other forms of income protection insurance, please feel free to make an enquiry and we will put you in touch with one of Trauma Cover Insurance professionals.

Related Topics:
Damon Rasheed is the CEO of Rate Detective, one of Australia's leading financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses. Since Damon founded Rate Detective in 2007, the company has grown to be in the top 3 insurance companies in Australia.

How Life Insurance Quotes Work in Australia?

There are 3 ways to get accurate life insurance quotes in Australia:

  1. Call or submit your details to each insurance company you want life insurance quotes from. When comparing the prices you have to be sure you provided exactly the same details to each of them. Otherwise you are comparing apples and oranges. This is why direct insurance companies trying to lure you into calling them with advertisements such as "life insurance cover from $0.21 a day" or "life insurance from $1.55 per week" - it's only basic cover that doesn't meet your needs. Instant online quote is not possible with this option and you need to provide your phone and your email.
  2. Submit your details to life insurance lead generation websites, which in turn pass your details to insurance companies they have agreement with. Once again instant quote is not possible with this option and some leads generation websites will try to get your details by implying otherwise. In this case your details are shared between lead generation website and insurance companies.
    How to spot lead generation website? Check for the Australian Financial Services License (AFSL) number - each company providing life insurance advice must show AFSL number on their website. And if there is no AFSL number on the website - most likely it's a lead generation website and you can find who they are working with (and sending your details to) in the footer or "About Us" section.
  3. And finally you can submit your details to Rate Detective. That way you get life insurance quotes from all major insurance companies with one submission, your details are safe and not passed to third parties and you are looked after by authorised insurance adviser! For FREE!

It's your choice, just bear in mind - you can't get accurate life insurance quotes without talking with someone on the phone in this industry.

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Please submit Life Insurance Quotes Form or call us on 1300 793 143.

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