How Does Trauma Insurance Work

Trauma insurance covers you for serious medical conditions. Learn how trauma policies work from application through to claims and payout.

Trauma insurance (also known as critical illness insurance) provides a lump sum payment if you are diagnosed with a serious illness or injury.

How do trauma insurance policies work?

Trauma insurance covers for you serious illnesses, accidents or medical conditions. If you take out a policy and then develop an illness or condition that's covered under the policy you will receive a one-off payment that can be used to cover your medical costs, large debts such as a mortgage, and the cost of home modifications and professional care.

When am I eligible for a trauma payment?

To be eligible for a trauma insurance payout, your illness or injury must be one that is covered by your policy and while such conditions vary with insurers, the most common are cancer, heart attack, coronary bypass and stroke. The condition must also occur after what's known as the exclusion period.

Do all trauma insurance policies cover the same conditions?

Most claims for a critical illness or injury are for either heart attacks, strokes or cancer, but there are others that may vary between insurers. This is why it’s essential you compare your cover, or speak to an adviser about a policy suitable to your needs.

You have two types of policies to choose between when signing up for trauma insurance: a standard policy or comprehensive policy. Most insurers cover the same medical conditions but there is a chance it will vary due to different definitions.

One step you can take to find out what medical conditions are covered by your policy is reading your Product Disclosure Statement (PDS). This is the outline of your contract, and includes all included costs, benefits and exclusions. All insurers provide a PDS when you sign up for a policy.

Understanding trauma insurance survival periods

The survival period is the amount of time a policyholder must survive before passing away, in order to receive a trauma insurance payment. Imagine, for example, a trauma insurance policy with a 14-day survival period. If the policyholder suffers serious trauma, is taken to hospital, and dies 12 days later the insurer will not pay out the policy. But if the policyholder passes away after the 14-day survival period (as a result of their injuries or illness) the insurer will grant the payout.

How do I compare trauma insurance quotes?

Trawling for the best trauma insurance quote can be a time-consuming exercise, but it’s critical to do your homework to find the best policy to meet your medical and budget needs.

There are a number of factors to think about before you sign on to a policy. Here’s a guide on what sort of questions you should weigh up.

What are your included benefits?

It’s important to compare what medical conditions are covered by insurance companies. Not all funds offer the same benefits for certain illness or injuries under trauma insurance, so you need to understand what is included, and if there are additional options that could enhance your cover.

You never know what curve balls life will throw your way, so it can be hard to calculate the amount of critical illness cover you’ll need. There are many unforeseen treatment and rehabilitation costs that follow a trauma or critical illness, so you need to understand how becoming a sufferer will impact your individual circumstance or family situation.

You have a choice between two types of trauma insurance policies to ensure you’re covered for the costs linked to one or more conditions. This is achieved through a standard or comprehensive policy. Source:


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