Why Trauma Insurance Is So Important?

You might think "It will never happen to me. I don't need Trauma Insurance". But you might reconsider after reading these facts.

Important facts:

3 out of 4 Australians will be diagnosed with a serious illness during their working life.

1 in 3 men and 1 in 4 women will suffer from cancer in their lifetime. Half of those will live more than 5 years after diagnosis.

Women have a one in four chance of suffering a critical illness between the ages of 30 and 64, as well as a one in four chance of developing cancer before age 75.

Private health insurance:

By having private health insurance you may think that it is enough protection in case you were to suffer a serious illness or injury. But private health insurance only covers hospital stays and some medical or extra expenses.

Private health insurance does not cover lost wages, rehabilitation, or alterations to your home or long term nursing care.

Trauma Insurance

Trauma insurance, also known as critical insurance, pays a lump sum should you be diagnosed with a specified illness. Trauma insurance pays a lump sum on diagnosis of a traumatic event. Trauma insurance is for people aged between 16 and 64 and covers you 24 hours a day, 7 days a week anywhere in the world.

Each insurance company differs, but most policies can cover you for a variety of crisis such as:

  • Cancer
  • By-Pass Surgery Coronary
  • Heart Attack
  • Stroke
  • HIV
  • Benign Tumours
  • Cardiomyopathy
  • Kidney failure
  • Alzheimers
  • Dementia
  • Hearing Loss
  • Loss of limbs
  • Loss of speech
  • Organ transplant
  • Major Head Trauma
  • Multiple Sclerosis
  • Rheumatoid Arthritis
  • Severe Burns
  • Muscular Dystrophy
  • Motor Neurone Disease.

What your trauma insurance can be used for

The cost associated with a serious illness or injury can quickly add up. You can use the trauma cover lump sum payment for all sorts of expenses including:

  • Mortgage and other debts.
  • Family responsibilities e.g. home help, hiring a nanny or school fees.
  • A partner's lost income while providing care.
  • Travel and accommodation costs while having treatment.
  • Nursing care.
  • Specialist or medical treatment.
  • Home or car modifications
  • Diagnoses

Contact one of our friendly advisers to discuss your trauma insurance needs as everyone's circumstances and situations differ. Please call us on 1300 793 143 or fill out the form on this page.

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Published on April 4-st, 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.

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