Trauma Cover

Spotter Life has uncovered Trauma Cover Policies from far and wide for you to choose from. Discover the options available…

Trauma Cover Insurance can be applied for by people between the ages of 17 and 59 and can cover you up until the age of 80 years old (after age 70, only Loss of Independent Existence is covered).

Trauma Cover pays a lump sum if the life insured survives for 14 days after the occurrence of one of a specified major medical conditions. Trauma Cover is available in conjunction with Life Cover or as a stand alone policy.

Our service providers

  • AIA
  • Encompass
  • MetLife
  • MLC
  • NEOS
  • OnePath
  • TAL
  • Zurich

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)

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Important Information

Not all providers in the market are included in our comparisons. Also note, any information or advice given on our website is general. It hasn’t taken into account your objectives, financial situation or needs.

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Extent of comparisons

Not all providers of insurance on the market are included in our comparisons. The amount of any savings will depend on your circumstances.

Our Panel

AIA Encompass MetLife MLC NEOS OnePath TAL Zurich

Disclaimer

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. Before acting on any information or advice on this website, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances and, if a current offer document is available, read the offer document before acquiring products named on this website. We recommend that you obtain financial, legal and taxation advice before making any financial investment decision.

Not all providers of insurance on the market are included in our comparisons. The amount of any savings will depend on your circumstances.The products compared on this website do not necessarily compare all features that may be relevant to you. Comparisons are made on the basis of price only and different products may have different features and different levels of coverage.

Spotter Life and its advisers operate as authorised representatives of Crown Wealth Group Pty Ltd ABN 22 603 037 510 Australian Financial Services Licensee 494274. Spotter Life and its advisers are authorised to advise and deal in superannuation and life insurance products only. .

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We (including your adviser) may be remunerated in the following various ways for the financial services provided to you.

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We will receive commission on any life insurance products your adviser arranges for you. This commission is built in to the cost of the insurance. The rate of commission varies between the different product providers but can be up to 140% of the initial premium and up to 40% of renewal premiums. Based on the 140% and 40% we would receive up to $1,400 upfront commission on an annual premium of $1,000 and up to $400 of each renewal premium.

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Sometimes product providers will pay us bonuses based on the business placed with that insurer. The criteria for such bonuses are typically the volume of business placed and the level of retention of that business over time.

In the event that we receive a performance bonus it will be shared with your adviser. From that part of the bonus generated as a result of business written by your adviser, the adviser may receive up to 100% of that bonus (37.5% if you have been referred by an affiliate, with the affiliate receiving 12.5%).

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