Trauma Insurance with Pre-Existing Medical Conditions

How Much Trauma Insurance Do I need?

Having the right amount of insurance coverage ensures that you are financially secure when something happens to you. 

A careful assessment of your financial situation, pre-existing medical condition, and financial objectives will help you determine the sufficient level of benefit that you need.  

Knowing the exact amount of trauma insurance cover will also help you when requesting a trauma insurance quote. 

The amount of cover you take out ultimately depends on your individual needs and what you want out of your cover, though some factors to take into account include: 

• The level of medical treatment you desire 

• Your current income 

• How much money you need to cover day-to-day expenses 

• Your dependants 

• Any debts you may have, including a mortgage or other loan repayments 

• Any existing private health insurance cover you may have 

• Government benefits or compensation you have access to 

Ultimately, the decision on how much trauma insurance you need relies on how much money you and your family would need if you suffered a serious injury and were unable to work. Given the greatly varying nature of medical conditions covered under a trauma insurance policy, it is impossible to accurately calculate how much cover you require. 

To gain further information on the amount of trauma insurance required for your specific needs, our advisers would be happy to speak with you and discuss the options available to you.

Why Would I Need Trauma Insurance?

A question that is commonly asked when faced with the option of Trauma insurance is, “Why would I need trauma insurance when I have life insurance or income protection insurance in place?” 

Some major reasons for purchasing trauma insurance include: 

Can I Still Get Trauma Insurance Despite Having A Pre-Existing Medical Condition?

It is a common misunderstanding that you will be unable to secure Trauma Insurance when you have a pre-existing medical condition. While it may be the case that cover is unavailable to you, there are many instances where individuals think they are uninsurable, and we have managed to secure valuable coverage for them. Speaking with the right people is the best place to start.  

Special Risk Managers have decades of experience working with internationally recognised life insurance providers to insure Aussies with pre-existing medical conditions. Our exclusive arrangements with various insurers and expertise in the industry have allowed us to give insurance options to our clients even when most insurers turn their backs on them.

When Would I Need Trauma Insurance?

In general, trauma insurance is designed to fill the coverage gaps of life insurance, TPD insurance, and income protection insurance – when you are diagnosed with a serious medical condition but can still work. In this case, you may not be able to process claims on the following life insurance policies: 

• Life insurance (death cover) – only pays a lump sum benefit when the insured individual passes away or is diagnosed with a terminal illness. 

• TPD insurance – only pays a lump sum benefit when the insured individual becomes totally and permanently disabled due to illness or injury. 

• Income protection – only pays the benefits when the insured individual becomes temporarily unable to work due to severe illness or injury. 

When you have a trauma insurance policy, it pays you a lump sum benefit when you are diagnosed with a traumatic medical condition – even when you are still able to work. This policy provides you with an additional layer of financial protection, allowing you to focus on treatment and recovery.

Trauma Insurance Exclusions and Qualifying Periods

Not all Trauma Insurance policies are created equal. Depending on your insurance provider and pre-existing medical condition, certain policy exclusions and qualifying periods may apply. Below are the common instances where your benefit may not be paid: 

• Death caused by suicide within the first 13 months of the start of the policy. 

• Intentional self-inflicted injury that results in a traumatic event. 

• Being diagnosed with a traumatic medical condition that is not listed in the policy coverage. 

• A 90-day qualifying period also often applies. During this period, benefits will not be paid if you are diagnosed with a traumatic medical condition. However, there are instances where this qualifying period does not apply. 

This exclusion period is typically related to specific trauma conditions and illness as outlined in your policy. Some insurance providers may waive the exclusion period if you have recently transferred your current policy and if the same list of traumatic conditions were previously covered. 

Note: Not all insurance providers have this type of arrangement. It is best to confirm the exclusion clauses of your policy to avoid potential problems when processing a claim.

Have you had a Trauma Insurance Application declined? Do not lose hope.

Finding an insurance provider that is willing to offer you cover, despite your pre-existing medical condition, can be challenging. Navigating your way to getting trauma insurance with a pre-existing medical condition requires knowledge and expertise to ensure that you are rightfully covered. Get in touch with our team today for an obligation-free consultation regarding your circumstances.

Why Turn to Special Risk Managers for Trauma Insurance?

Do not let your medical condition stop you from getting insurance coverage. Our team at Special Risk Managers specialises in complicated cases of life insurance in Australia. Our decades of experience and exclusive arrangements with various insurance providers have allowed us to help Australians get trauma insurance with pre-existing medical conditions. 

Not sure if you are eligible to get trauma insurance? Give us a call on 1300 665 356. Our expert advisers will gladly assist you in exploring your options.