Life insurance and income protection insurance are often the first forms of cover people consider, however trauma insurance is another important option that can provide valuable support in times of need.
Trauma insurance provides cover for individuals diagnosed with a traumatic medical condition such as cancer, heart attack or stroke. This form of insurance can ease any financial pressures you may face when you are struck down by a serious medical condition. A trauma policy will pay a lump sum when you have been diagnosed with a traumatic medical condition. Unlike other insurance options, you will be paid out irrespective of whether you are able to work or not.
Trauma Insurance is specifically designed to cover serious medical conditions and the treatment costs that may be associated with it. This cover will also assist in supplementing your income to ensure you can maintain yours and your family’s lifestyle.
What Will You Be Covered For?
Trauma Insurance policies provide cover for many common conditions, and though they vary depending on the insurance provider, cover can be provided for between 30 to 50 different forms of critical illness. Trauma insurance has the ability to cover a large majority of the conditions listed in our Insurance for Your Condition page.
When seeking a trauma insurance quote, you can also feel confident knowing that you have the ability to customise the level of cover to suit your needs and lifestyle. There are a range of benefits and inclusions you can take advantage of. One such inclusion is Trauma reinstatement, which provides you with the ability to reinstate your policy 12 months after a claim is made – other benefits include additional child cover for a range of traumatic conditions, as well as a death benefit.
Some examples of common traumatic events that Australians claim on under trauma insurance include cancer, heart attacks, coronary artery disease and strokes. If you have a family history involving any of these conditions, get the best support possible to cover you with Trauma Insurance in place.
Although finding the right cover for your condition can be difficult, it’s not impossible. At Special Risk Managers, we’ll help you find your best life insurance options for all kinds of trauma. We’ll explore your different options and find affordable and comprehensive cover according to the severity of your condition. This way, you’re less likely to pay unnecessary premiums and fees.
Call us on 1300 665 356 to get started. We’re experts at helping patients find appropriate life insurance, trauma insurance, total & permanent disability cover, and income protection insurance for special and difficult conditions.
How Much Trauma Insurance Do I need?
Before requesting a trauma insurance quote, it is worthwhile considering how much cover you may need. 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:
- Your current income
- How much money you would 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.
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:
Extra Protection
If you want extra protection to provide improved financial stability and cover if you are inflicted with a serious illness or injury, trauma insurance is the best option for you.
Financial Security
Life insurance or income protection insurance may not provide enough cover to go towards your daily expenses and debts, which is why it is worthwhile taking out extra cover with Trauma insurance to be more financially secure.
Flexibility
If you are looking for an insurance product that is flexible and can be tailored to suit your individual needs, Insurance for Trauma has the ability to provide this.
Cover When You Can Still Work
Unlike income protection insurance that can only be collected when you are unable to work, Trauma insurance is paid upon diagnosis. There is no waiting period and it provides cover whether you are able to work or not.
When Would I Need Trauma Insurance?
Trauma insurance is designed to give you money when you are diagnosed with a serious medical condition. As a result, there are many examples of situations you may find yourself in where this form of insurance would be beneficial to you.
For example, if you were to be diagnosed with cancer and it required you to be off work for a number of years, you would not be able to claim on your life insurance in this circumstance. TPD insurance would also not provide a pay out because you are likely to return to work at a later stage.
Trauma Insurance however would provide assistance in the form of a lump sum payment. This money will assist you in easing the financial pressures while you are not working.
Trauma Insurance Exclusions and Qualifying Periods
There are a number of exclusions to be considered before taking out a policy for Trauma Insurance. The exclusions may vary depending on the insurance provider however there are some typical exclusions that are often applied to Trauma Insurance. Some instances where a benefit will not be paid include:
- Death from suicide within the first 13 months of the start of the policy
- Intentional self-inflicted injury that results in a traumatic event
- Any other traumatic event that is not listed on the policy
- A 90 day qualifying period also often applies. During this period, benefits will not be paid if you are diagnosed with a traumatic condition. However, there are instances where this qualifying period doesn’t 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 traumatic conditions where previously covered.
This will be dependent on your insurance provider so you will need to check if this is the case with the insurance provider you hold a policy with.
If you wish to avoid being denied a trauma insurance policy, take note of the most common reasons below for why people are denied this form of cover. These reasons you could be denied this policy include:
- A claim made was not covered by the insurance policy
- The waiting period was not over when the claim was made
- The condition being claimed for is not covered by the policy
- The application did not disclose a pre-existing condition
- A suicide has taken place within 13 months of the start or recommencement of the policy
- Have you been declined a trauma insurance policy? It doesn’t need to end here.
If you are already diagnosed with a traumatic illness or if you have been inflicted with a serious injury and are having issues gaining this form of insurance, our life insurance experts are happy to provide advice and assistance in your time of need.
Why Turn to Special Risk Managers for Trauma Insurance?
Gaining a trauma insurance quote and purchasing a policy can often take place with little hassle. However if you have pre-existing medical conditions, you may have a much harder time getting trauma insurance than you anticipated.
This is where our team at Special Risk Managers can help you. When your options are limited due to your pre-existing medical condition, we can provide you with advice related to your particular circumstances. We will endeavour to help you obtain the cover that you need.
Receive a Trauma Insurance Quote From Special Risk Managers Today!
For quality and affordable trauma insurance, talk to the insurance specialists at Special Risk Managers today.
We are committed to helping Australians secure insurance for a wide variety of health issues. Take the time to look at our Testimonials and Customer Success Stories to see how successful we are at providing advice and insurance options to suit individual needs.
Don’t hesitate to contact us when in search of a trauma insurance quote. Call us today on 1300 665 356, send us an email at[email protected] or head over to our Contact Us page to ask us a query and we will contact you with any answers you require.
We have the insurance specialists on hand to assist you.