Trauma insurance pays a one off cash sum if you are diagnosed with one of approximately 30 specified illnesses or injury. Major trauma insurance claims are for conditions resulting from cardiovascular disease (CVD), such as heart attack and stroke, and various forms of cancer.
It is important to understand that Trauma Insurance only pays out on a limited number of specified illnesses. There are thousands of illnesses and injuries that it does not cover, namely back injuries and mental illness.
According to the Australian Institute of Health and Welfare an estimated 3.5 million Australians or approximately 18% of the population had cardiovascular disease, conditions in 2004 - 05, the risk of someone experiencing trauma from a CVD related illness is fairly high.
The AIHW projections have shown that the rates for new cases of cancer between 2002 and 2011 will be around 33% of men and 25% of women prior to the age of 75.
The difference between trauma cover and life insurance or income protection is that you do not have to die or be declared terminally ill, and your earnings don't need to have ceased as a result of the trauma. By simply falling in the category of a traumatic event as defined in the insurance policy entitles you to claim on your policy.
Please give us a call on 1300 793 143 or fill out the form on this page to receive a free quote for all your trauma insurance requirements.