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If you’re critically ill or suffer a serious injury which is covered by your policy, trauma insurance can act as a valuable source of funds to support you and your loved ones. Because there’s a wide range of options available on the market, it's important to take the time to consider your options carefully before you buy.
By comparing with Savvy, you’ll be able to weigh up the ins and outs of different trauma insurance policies based on their cost, inclusions, exclusions, claim limits and more. Start the process of comparing by filling out a simple online quote with us today.
Trauma cover is a type of life insurance which can offer cover if you fall critically ill or suffer from a significant injury. It can be suitable for more immediate incidents or diagnoses, but also for longer-term conditions such as Alzheimer’s disease or Parkinson’s disease. If your condition is deemed claimable by your insurer, you can be paid a lump sum on diagnosis to help you cover the immediate cost of getting back on your feet, such as medical expenses and other financial needs, and focus on your recovery.
The amount you’re paid will be agreed upon when you take out your policy, with some insurers offering up to a maximum of $2 million worth of coverage. The amount you’re insured for can have a direct impact on the cost of your insurance; for instance, if you choose a larger sum, your premium will likely be higher than it would be for a smaller insured sum.
The emotional and physical trauma involved with serious injury and illness is enough to bear, but the impact on your finances can be another major concern. Trauma insurance can allow you to continue your recovery and limit the stress felt by your loved ones by ensuring your finances are covered.
Trauma insurance policies can include a wide array of critical illnesses or serious injuries, though these may vary between policies and are subject to your insurer’s terms and conditions. Some of these can include:
When taking out trauma insurance, it’s important you’re aware of specific exclusions and situations where your claim may be rejected. These may include:
It's crucial to be fully aware of any exclusions which may apply to your policy, which is why it’s essential to compare offers and read PDS documents so you can be clear on what you are and aren’t covered for.
It’s important to be aware of and understand the differences between different types of life insurance. The differences between trauma, TPD and income protection cover are the following:
You can compare life insurance policies through us for free, allowing you to come back and continue comparing at any time.
By considering life insurance policies from insurers you can trust, you can be confident in the quality of the comparison process.
By filling out a simple online quote form, you can compare offers based on their coverage, cost and more before you buy.
As you grow older, you’ll become more susceptible to illness and serious injury. Insurers will take this into account when calculating your trauma insurance premium, with those more advanced in age typically paying more for coverage.
If you work in a higher-risk field, such as a telephone linesman, your insurer may deem you as being more likely to be seriously injured. Applicants who work office jobs are less likely to have their careers influence their premiums, as the risk of injury or illness is far lower in these occupations. Some riskier professions, such as truck drivers, may not be able to be covered, although this will depend on their overall risk profile and their insurer's terms and conditions.
Pre-existing health conditions or a history of repeated illness or injury will also impact your trauma insurance premium. If the insurer determines that your pre-existing health condition may increase the likelihood of you having to make a claim, they may exclude that benefit or apply a loading to your policy.
If your family has a history of critical illness, you may be deemed at a greater risk of eventually being diagnosed with a serious condition by your provider.
Being a smoker makes you more prone to many diseases or illnesses which may be included under trauma insurance cover. As a result, your insurer may set your premium at a more expensive level to compensate for the greater risk you pose as an individual.
By opting for a larger insured sum, you’re likely to pay more for your insurance policy than someone of the same profile as you, but with a smaller benefit.
Trauma insurance policies can offer wide-ranging cover for an extensive list of illnesses, diseases and injuries.
Your trauma insurance policy can pay out your sum insured upon receiving your diagnosis, meaning you could receive your funds quickly and focus on your recovery.
No matter how large your lump sum payment is, you or your family won’t be required to pay tax on it in most cases.
When you get your lump sum payout, you can use the money for whatever you wish. Whether it be to pay off urgent debts, medical expenses or living costs, the choice is yours.
Should you suffer a serious medical incident which is covered by your policy, you and your family can have peace of mind that you’ll be able to make a claim.
Although there’s a wide range of conditions included in trauma insurance, there are still serious illnesses or injuries which you may not be covered for.
Should an insurer determine that your pre-existing health condition may increase the chances of you suffering a specific condition, they may exclude cover for that particular benefit or apply loading to your policy.
Your cover will typically be subject to a waiting period of 90 days (with some insurers). As such, you may have to wait if you suffer from a major illness or injury after you buy your policy.
It’s crucial to take the time to consider what is and isn’t included in your policy quote so you aren’t met with any unwelcome surprises when you go to make a claim. You can dive into the details by analysing the PDS of different insurers to see what their terms and conditions are before you apply.
Although the cheapest policy won’t always provide you with the best deal, it’s still valuable to compare offers based on their price. By doing so, you can work out which policy offers you the coverage you need at the most affordable price, as striking a balance between the two is key.
Consider how much you and your family may need if you’re diagnosed with a critical illness or suffer a serious injury. You should also account for how your household budget may be affected both by supporting the cost of your treatment and your lack of income (if you’re unable to work).
Your policy isn’t just about the lump sum coverage you’re insured for, however. It’s worth taking the time to see if you’re offered other benefits as part of your agreement, such as discounts, cover suspension, worldwide cover and inflation-proofing (increases your cover in line with inflation).
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Disclaimer:
Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
