Logo

Important Disclosure

While we are a privately-owned business, the offers that appear on this site are from companies from which www.comparingexpert.com.au receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site.

While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our site as any endorsement or recommendation from us.

www.comparingexpert.com.au compares a select range of products, providers and services, but we don’t provide comparisons or information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.

How to Compare Trauma Insurance Quotes

Russell Cain
Russell Cain Updated: 28 May 2020

You’re at a certain age or have a family history of medical conditions and have decided to get trauma insurance. Critical illness insurance, also called trauma cover, pays you a lump sum benefit in the event you are diagnosed with one of the critical illnesses listed in your Product Disclosure Statement (PDS).

Compare Trauma Insurance Quotes

Protect what’s most important to you. It’s easy, convenient and free!

Please select your level of coverage.
Please select your age range.
Please select your gender.
Please select your smoking status.
Please select your state.
Please enter a valid email.
Please enter a valid phone number.
Please enter your full name.

By clicking on ‘Compare and Save Now’ you agree and accept our Privacy Policy and Terms & Conditions.

How much trauma insurance do I need?

Each person’s circumstances are unique. When calculating your trauma insurance cover, you should consider your current and future financial responsibilities, your number of financial dependents and your cost of living. Generally, if you have enough life insurance and income protection, then any trauma insurance amount up to $2 million might be sufficient, it all depends on your personal requirements. 

According to the Australian Heart and Stroke Charter, the total direct health costs associated with a heart attack is about $281,000 and $100,000 for stroke.

Most people determine their trauma insurance sum by the amount of money they’ll need to help them pay for medical and household expenses, as well as reduce their debts and sustain their current lifestyle.

Take note: Usually, you’ll have to serve a 90-day waiting period after your policy commences before this benefit becomes available. Also, should you be diagnosed with a critical illness, you generally need to survive for at least 14 days for a claim to be valid.

How much does it cost?

What you’ll pay for a trauma insurance policy depends on various factors, including:

Your sum insured

The lump sum amount that’s paid in the event you’re diagnosed with one of the conditions listed in your policy documents.

Combining life and trauma insurance vs a stand-alone policy

Bundling life insurance with trauma cover might be a cheaper option; however, if you claim trauma insurance, your total coverage amount will reduce by the lump sum paid out. A stand-alone policy might be more expensive, but the benefit you receive will not affect your other cover types.

Premium structure

Stepped, level or hybrid premiums. Stepped premiums are generally cheaper at the start but increase every year as you age. Level premiums might be more expensive in the beginning, but they usually don’t rise because you get older.

Your smoking status

Smokers can pay up to three times more for a policy than non-smokers, because of their increased chance of developing certain illnesses, like lung cancer.

Health and pre-existing conditions

If you had a pre-existing medical condition before applying for cover, the insurer might require you to pay a higher premium for the same level of protection than someone who did not have the condition. However, this depends on your specific pre-existing condition and which insurer you choose. You might want to consider requesting an anonymous pre-assessment from your broker before applying for a policy.

Your age and gender

Generally, the older you are, the more likely you are to develop certain critical illnesses, for example, Alzheimer’s, which is why you’ll usually pay more for your trauma policy. Similarly, your gender could predispose you to certain conditions, for example, breast cancer in women and heart attacks in men over the age of 45.

The average cost of trauma insurance in Australia

Your Age and Gender Monthly Premium
40-year-old Male $26.80
40-year-old Female $30.75
45-year-old Male $46.45
45-year-old Female $47.20
50-year-old Male $87.16
50-year-old Female $74.18

Source: ComparingExpert online comparison tool

The above information is based on a non-smoking person living in Queensland purchasing $100,000 worth of trauma insurance on a stepped premium structure (April 2019).

Trauma Insurance Quotes

  • Protect yourself
  • Easy and convenient
  • Free to use
  • Always at your service

Want to talk to a specialist? Call 1300 743 254

What to consider when comparing trauma insurance quotes online

A trauma insurance policy generally covers between 30 and 60 conditions, depending on your insurer. For example, heart attack, stroke, coronary artery bypass surgery, kidney failure, Alzheimer’s disease, motor neuron disease, and severe Rheumatoid Arthritis. When comparing trauma insurance quotes, be sure to pay attention to:

Example of an online trauma insurance comparison using ComparingExpert

Compare Trauma Insurance
Trauma Insurance Quotes

Source: ComparingExpert online comparison tool

The above information is based on a non-smoking, 40-year-old male, living in Queensland purchasing $100,000 worth of trauma insurance on a stepped premium structure (April 2019).

Frequently asked questions

  • Who offers the best critical illness policy in Australia?

    The best trauma insurance policy for you depends on your unique requirements and whether you need a lump sum benefit to cover your medical bills, reduce your mortgage and support you and your family financially while you recover. Compare policies side-by-side so you can determine which one offers you the best value for money.
  • Do I have to be employed to be eligible for trauma insurance?

    No. A trauma insurance claim is generally based on the impact a critical illness will have on the insured person’s life and not your ability to earn an income.
  • Won’t private health insurance cover me for critical illnesses?

    While private health insurance can undoubtedly assist you in paying for hospital services and general treatments, depending on the type and level of cover you purchase, the lump sum provided by trauma insurance can support you in paying any outstanding costs and help you cover your day-to-day living expenses, such as car payments, rent and groceries.
  • At what age should you consider trauma insurance?

    Of all the critical illness, heart attack, stroke and cancer are generally the most likely to occur, with stroke and cardiovascular problems are usually more common in people aged 65 and older.

    However, traumatic conditions do not discriminate based on your age and can happen to anyone at any time. You might want to consider your family history, your current health and whether you have any financial dependents when determining at which age critical illness cover will be worth it for you.
  • Can you get trauma insurance for your children?

    Yes. Depending on your insurer, you might get free child cover that provides a payout of up to $10,000 should your child suffer a particular critical illness such as one of the listed cancers and tumours, blood disorders or heart conditions.

    Select companies might provide you with the option of adding paid for child cover that insures each child for up to $200,000.
  • Will I be covered for hereditary conditions?

    Each life insurance company has its own underwriting guidelines, so it’s best to shop around and see which one will offer you the best deal. One company might exclude coverage for a specific hereditary condition, while another might provide you with full coverage at standard rates or for a higher premium.
  • Is endometriosis a critical illness?

    Some insurers do offer Plus trauma insurance policies which covers severe endometriosis. However, it’s best to review your policy documentation and PDS for clarification.

Trauma Insurance Quotes

  • Protect yourself
  • Easy and convenient
  • Free to use
  • Always at your service

Want to talk to a specialist? Call 1300 743 254

Other topics

Subscribe and stay up to date. Sign-up for our newsletter

Please enter your name.
Please enter your email.

By subscribing, you agree to our Privacy Policy.

Thanks for reaching out!

We will review your comment and get back to you as soon as possible. If your inquiry is urgent, please use the phone number listed at the top of this page.

Talk to you soon.

Have a question? Ask a specialist.