Critical Illness Insurance

Critical Illness Insurance is also known as trauma insurance, and will pay a lump sum if the insured is diagnosed with a medical condition.

Purpose of Critical Illness Insurance

The main purpose of critical illness insurance is to ease the financial burden of a major illness by, providing capital to cover associated medical costs, debt repayments and living expenses.

The insured lump sum benefit is paid out on the diagnoses of a defined trauma condition, and is not dependent on whether or not the insured is able to continue to work.

Medical Conditions covered by Critical Illness Insurance

Critical Illness Insurance provides you with cover in the event of you're being diagnosed with one of these common medical conditions:

  • Heart Attack
  • Stroke
  • Malignant cancer
  • Coronary artery bypass surgery

Trauma cover is more expensive than other forms of life insurance, largely due to the misfortune of suffering a critical illness. The lump sum payment on diagnosis with a defined critical illness is usually tax free, but trauma insurance premiums are not tax deductible.

Please fill out the form on this page if you would like to find out who offers best critical illness insurance in Australia for your particular situation.

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Published on February 2-th, 2010 in Trauma Cover
Damon Rasheed is the CEO of Rate Detective, an Australian 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.
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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.