What is trauma insurance cover?
Many superannuation funds and insurance companies offer trauma insurance cover or critical illness insurance which an immediate lump sum payment to cover medical expenses and other financial needs when you suffer a critical illness or injury. Trauma cover pays an agreed amount to cover you for many different issues such as heart attacks or intensive care.
A serious illness or injury causes more than just physical and emotional turmoil – it has the potential to cause significant financial issues for you and your family.
While income protection cover helps to replace a portion of your income when you cannot work due to illness or injury, it’s beneficial to have a lump sum payment to help with your immediate medical and financial needs. This is where trauma insurance helps. It can help you get on with recovering and getting on with life, without worrying too much about your finances.
What types of conditions are covered by trauma insurance?
The conditions that you cover yourself for will vary from policy to policy, but will typically include as standard various cancers, heart disease and/or heart attack, and stroke.
Beyond these common diseases, there are many other conditions that may also be included. Some examples include major burns, organ transplant, and motor neurone disease. The product disclosure statement (PDS) for a policy will detail what conditions are covered.
Some examples of what trauma insurance may cover are listed below:
- Alzheimer’s disease
- Aortic surgery
- Aplastic anaemia
- Benign brain tumour
- Benign tumour of the spine
- Blindness
- Cancer
- Chronic kidney failure
- Chronic liver disease
- Chronic lung disease
- Cognitive loss
- Coma
- Deafness
- Dementia
- Encephalitis
- Heart conditions
- HIV
- Intensive care
- Loss of independent existence
- Loss or paralysis of limb
- Loss of speech
- Major head trauma
- Major organ transplant
- Meningitis and/or meningococcal disease
- Motor neurone disease Multiple Sclerosis
- Muscular dystrophy
- Parkinson’s disease
- Pneumonectomy
- Primary pulmonary hypertension
- Severe burns
- Severe diabetes
- Severe osteoporosis
- Severe rheumatoid arthritis
- Stroke
- Systemic sclerosis
- Terminal illness
If you have trauma cover and suffering from any of conditions detailed above, please contact Firths on 1800 631 888 for a no-obligation free consultation and see how we can help take the stress out of making a successful trauma claim.
