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How to Compare Trauma Insurance Quotes

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).

Russell Cain

Fact Checked

Updated: 19 May 2024

Compare Trauma Insurance Quotes

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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:

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).

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:

Frequently Asked Questions and Answers

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.

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.

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.

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.

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.

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.

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.

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Specialist

Russell is the founder and CEO of Life Insurance Direct and has been quoted in The Sydney Morning Herald, The Age, Independent Financial Adviser, Risk Adviser, Adviservoice, and Insurancenews. Russell has over 15 years’ experience in the Australian life insurance & financial services sector and is instrumental in driving the latest innovations in our insuretech platform.

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