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Trauma Insurance

Purpose

Any doctor will tell you that you need time to rest to properly recover from a major illness or disability. Trauma insurance provides that peace of mind and gives you the time necessary.

How Does It Work?

Trauma insurance pays a lump sum benefit on diagnosis of a critical illness, some insurers will be partial benefits on certain conditions. It is a policy that doesn’t rely on your ability to continue work and is based on a doctor’s diagnosis as well as satisfying a definition of a specific ailment. Most policies will cover between 7 and 40 conditions, however the majority of claims are for cancer, stroke and heart attack.

How Do I Calculate How Much I Need?

The nature of trauma insurance makes it quite difficult to work out the benefit amount necessary. It is impossible to calculate the exact amount required when you are covering such a broad range of conditions.

Policy Definitions

Trauma insurance is known by a variety of other names such as Critical Illness insurance, Recovery Insurance, Medical Catastrophe insurance and Dreaded Disease insurance.

The actual definitions vary between companies and it is important that you choose a company that is strong in the conditions that you feel are important to you.

Application Stage

Family history plays a more significant role with Trauma insurance. The application process is fairly straight forward with the need for blood tests occurring at a lower level than with Life insurance.

Claims

Understanding what is required on the claim form is important. It is common with a claim for trauma insurance for a report to be requested from your doctor and a specialist. Incorrect wording can either delay a claim or prevent it from being paid.

Pay Attention To:

Expiry date
Definitions of benefit
Specific conditions that are important to you

[Click here go to Trauma Insurance Case Study]