Trauma insurance cover in Australia is designed to protect you in the event that you are diagnosed with a serious medical condition or disease such as heart attack, stroke or cancer. Trauma insurance is also commonly known as critical illness insurance and pays a lump sum upon medical diagnosis of a condition or disease as defined in an insurers product disclosure statement (PDS).
If you have trauma cover in place you are entitled to a benefit payment when you meet the definition of a traumatic event as outlined in the trauma insurance policy of your current life insurer. Depending on an insurer’s policy, a claim can be made after 14 days of surviving a traumatic event; however this time frame can vary from company to company. After these conditions are confirmed, you are paid either a lump sum or partial payment depending on the terms and conditions as outlined in your product disclosure statement (PDS), and which traumatic event you have suffered.
Trauma insurance is a vital part of any risk insurance plan, regardless of whether you are the main income earner or not. We always recommend everyone consider the trauma insurance option.
If you already suffer from a medical condition or disease, your insurer may decide to place a loading on your premiums, which will result in a higher cost.
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Enquire about our comprehensive Life Insurance and Income Protection options. Please contact a Knight Management Services Financial Advisor to discuss your details further.
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