Trauma Cover Insurance quote estimates
Trauma cover
Trauma cover pays a lump sum if you are to suffer a serious illness that is covered by the insurance company as listed in their product disclosure statement. It’s designed to fill a gap in the insurance market to provide protection for short to medium term periods off work. It’s often called critical illness or crisis recovery insurance.
For example, if you were to suffer a heart attack, which was to sideline you from getting back to your usual activities for 3 months, that’s where Trauma cover steps in. Your life insurance or TPD policies would not pay out in this instance and your income protection might only provide limited respite from bills. In this circumstance Trauma cover can fill the gap.
What is trauma cover?
You can use the lump sum payment for anything you wish, however, typically the payout can go towards things like:
- Medical costs that are not covered by Medicare or your insurance (doctors, nursing, rehab etc)
- Living expenses while you recover and cannot work
- Any house modifications that required
- Paying back debt (e.g. mortgage) repayments will you cannot work.
What conditions does trauma cover?
Trauma cover can vary significantly from provider to provider. The variation can not only come in the conditions that are covered but also in the severity required for a payout. Some policies have better definitions for females while others have better definitions for males. Just to complicate things even further, crisis recovery/trauma cover can also have partial payouts. For example, a mild heart attack might trigger a 25% payment with one insurance company and a full payment with another depending on the definitions. It’s very important you read the product disclosure statements when looking at trauma cover. We can also provide you with tables that break down what is covered and what is not for you to inspect upon request. Having said that the list below is an indicative list of what can be covered by a policy to give you an idea on the sorts of things that Trauma cover targets.
- Alzheimer’s disease and dementias
- Aortic surgery
- Aplastic anaemia
- Benign Brain tumour
- Cancer
- Cancer – Leukaemia
- Cancer – Melanoma
- Cancer – Prostate
- Carcinoma in situ – Breast
- Carcinoma in situ – Cervix
- Carcinoma in situ – Fallopian Tube
- Carcinoma in situ – Ovary
- Carcinoma in situ – Penis
- Carcinoma in situ – Perineum
- Carcinoma in situ – Testicle
- Carcinoma in situ – Uterus
- Carcinoma in situ – Vagina
- Carcinoma in situ – Vulva
- Severe Ulcerative Colitis
- Stroke
- Premium and cover suspension – Trauma
- Colostomy and/or ileostomy
- Coma
- Severe Crohn’s Disease
- Diabetes type 1
- Encephalitis / Meningitis
- Loss of hearing
- Loss of independence
- Loss of limbs / sight
- Loss of speech
- Lung disease
- Lupus
- Major head trauma
- Major organ transplant
- Motor neurone disease
- Multiple sclerosis
- Muscular dystrophy
- Severe Osteoporosis
- Paralysis
- Parkinson’s disease
- Peripheral Neuropathy
- Pneumonectomy
- Pregnancy complications
- Pulmonary hypertension
- Rheumatoid arthritis
- Severe burns
- Severe diabetes
- Endometriosis
- Facial reconstruction
- Heart – Cardiomyopathy
- Heart – Coronary Artery Angioplasty
- Heart – Coronary Artery Angioplasty Triple Vessel
- Heart – Coronary Artery By-Pass
- Heart – Heart Attack
- Heart – Heart Valve Surgery
- Heart – Open Heart Surgery
- Heart – Out of Hospital Cardiac Arrest
- HIV medically acquire
- Hydatidiform mole
- Hydrocephalus
- Kidney failure
- Liver disease
- Trauma reinstatement
- Cover conversion options – Trauma
How much does trauma insurance cost?
Trauma insurance can be expensive given the amount of conditions trauma insurance covers, so often the decision on the level of cover comes down to budget. Cost varies according to age, gender and medical history. To provide an indicative idea in March 2020 the most competitive cost for some different levels of cover for a 35 year old non smoking male with no pre-existing medical conditions is:
- $50,000 cover $115.17 p/m (NEOS)
- $100,000 cover $212.10 p/m (Metlife)
- $150,000 cover $345.51 p/m (Metlife)
- $200,000 cover $438.25 p/m (MLC)
- $250,000 cover $507.47 p/m (TAL)
