Compare Trauma Insurance Quotes in Australia
What is Trauma Insurance?
Trauma insurance, otherwise known as critical illness cover, protects you if you are diagnosed with a medical condition that will have a significant impact on your life, such as cancer, coronary artery bypass surgery or stroke. Your insurer will typically pay a lump sum benefit which can be used to pay medical expenses and support you and your family while you recover.
The lump sum benefit of critical illness insurance can help:
- Pay for any additional medical bills or necessary treatment.
- Replace lost income while ill or recuperating.
- Pay for home care or auxiliary services while recovering.
- Pay for home care services.
- Pay for rehabilitation services.
- Support a change in your lifestyle, for example, access ramps, wheelchairs or manual car controls etc.
You are eligible to purchase trauma cover between the ages of 16 and 64, depending on your insurer, and it covers you 24 hours a day, seven days a week anywhere in the world.
Each insurer differs, but most policies can cover you for a variety of illnesses.
From Quote to Application We Guide You Through The Process
A Plus policy covers more than the usual number of conditions and is also more expensive than a Standard policy.
Standard trauma policies cover 30 to 44 core critical illnesses including:
- Alzheimer's disease
- Aplastic Anaemia
- Benign Tumour of the Brain or Spinal Cord
- Cardiac arrest
- Chronic Kidney Failure
- Chronic Liver Disease
- Coronary Artery Bypass Surgery
- Heart Attack
- Heart Valve Surgery
- Loss of Independence
- Loss of Limbs or Sight
- Loss of Speech
- Major Head Trauma
- Major Organ Transplant
- Medical condition requiring life support
- Medically Acquired HIV
- Motor Neurone Disease
- Multiple Sclerosis
- Muscular Dystrophy
- Occupationally Acquired HIV
- Parkinson's Disease
- Primary Pulmonary Hypertension
- Severe Burns
- Surgery of the aorta
- Triple Vessel Coronary Artery Angioplasty
Plus trauma policies cover an additional 10 to 15 lesser critical conditions, including:
- Adult insulin dependent Diabetes Mellitus
- Burns of limited extent
- Carcinoma in-situ (CIS)
- Chronic Lymphocytic Leukaemia
- Malignant melanomas
- Partial blindness and deafness
- Prostate tumours
- Severe Endometriosis
- Systematic Lupus Erythematosus (SLE) with Lupus Nephritis
Guides for Trauma Insurance in Australia
Also, if your family has a history of certain conditions or diseases, trauma cover could help pay for living expenses and medical bills in a time of great financial need.
Your family may struggle to come to terms with the housekeeping and child caring duties, not to mention medical costs, household bills, credit card debt, and mortgage repayments. The lump sum benefit provided from a trauma claim could help.
How much cover do I need?
Most people determine their trauma insurance need by the amount of money you would require helping you pay for medical and household expenses, as well as reduce your debts and sustain your current lifestyle. You must consider your current and future financial responsibilities, number of dependents and cost of living.
How much does critical illness insurance cost?
Trauma premiums are generally more expensive than Life Cover or TPD insurance when you take out a standalone policy. Bundling critical illness cover with your life insurance policy will generally work out cheaper. While your overall cost will depend on several factors, an insurer will usually base your standard premium rates on:
- Your age,
- Your smoking status, and
- Your gender.
What is the average cost of trauma insurance in Australia?
|Cover Amount||Gender||Average Monthly Premium|
|$200,000 worth of cover||Male||$36.06|
|$500,000 worth of cover||Male||$80.45|
|$750,000 worth of cover||Male||$116.66|
|$1,000,000 worth of cover||Male||$149.97|
The above average cost of critical illness insurance was calculated using lifeinsurancedirect.com.au's free online comparison tool. Calculations are based on retail (advised) trauma policies for a non-smoking 35-year-old individual living in NSW, as at March 2018.
Compare trauma quotes online
When comparing trauma cover with ComparingExpert you will have the opportunity to review policy premiums and features side-by-side with some of the leading life insurance companies in Australia.
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Select your level of cover, age, gender and state. We'll provide you with the most affordable quotes from Australia's top life insurance companies.
Compare life insurance quotes online in less than 60 seconds. A side-by-side comparison to help you find the right policy for your unique requirements.
When you feel confident in choosing a life insurance policy book an application and a specialist will take you through the purchasing process.
How can I claim trauma insurance?
A trauma claim can generally be made after 14 days of surviving a traumatic event; however, this time frame varies from company to company. After the conditions for release are met, you are paid either a lump sum or partial payment depending on the terms and conditions outlined in your product disclosure statement (PDS), and which traumatic event you have suffered.
Take note; when calling your life insurance company to lodge a claim, your call will be recorded, and the information you provide might have an impact on your claim being approved. ComparingExpert offers full claims services to all our clients.
Latest disease and illness statistics for Australia
When considering critical illness insurance Australia wide, cancer has been one of the leading causes of death. According to the Australian Institute of Health and Welfare (2017), it was estimated that an average of 131 deaths a day was contributed to cancer. It is expected that more than half (54%) of cancer cases diagnosed in 2017 were males and 71% for those were aged 60 and over.
The estimated incidence of cancer in 2017 for Australians
- Prostate Cancer: 16,665 males
- Breast cancer: 17,586 females
- Skin cancer: 8,392 males and 5,549 females
In 2016 there were over 19,000 deaths in Australia caused by Ischaemic heart disease (Australian Bureau of Statistics).
Australians living with Dementia are estimated at 425,416 in 2018 → 45% males and 55% females.
10 life insurance companies offering critical illness cover in Australia
Information gathered from lifeinsurancedirect.com.au (March 2018)