Critical Illness Insurance is also known as trauma insurance, and will pay a lump sum if the insured is diagnosed with a medical condition.
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.
Critical Illness Insurance provides you with cover in the event of you're being diagnosed with one of these common medical conditions:
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.