What is trauma insurance?
Trauma insurance, also known as critical illness cover, provides a lump sum benefit if you are diagnosed with a critical illness specified by your insurer. Covered conditions typically include cancer, heart attack, stroke, and other serious illnesses. The number of conditions covered can range from 30 to 60, depending on the insurer and policy.
This insurance can help with medical bills, mortgage payments, and general living expenses while you recover. It aims to reduce financial stress, allowing you to focus on recovery without worrying about income or other costs. Waiting periods and survival periods usually apply, so benefits are only payable after these conditions are met along with meeting a claimable defined critical illness as per the PDS.
