Getting a Trauma Insurance Quote
To ensure you choose the best critical illness cover for you, it’s advisable that you compare a variety of providers’ quotes, and features side by side with the help of a specialist.
While medical and technological advances have improved our chances of surviving a life-threatening illness, it also comes with a price tag. Due to loss of income and the additional costs of medical expenses, you might now have a ‘living’ financial risk. Critical illness insurance (CI) is designed to address this risk.
Trauma Conditions are not the same for every insurer. You need to carefully consider which trauma insurance and policy type best suit your needs. It’s recommended that you review policies based on the amount of conditions an insurer covers and how easily it is to meet the definition required to have the insurer pay out a claim.
To ensure you choose the best critical illness cover for you, it’s advisable that you compare a variety of providers’ quotes, and features side by side with the help of a specialist.
Before taking out a policy, there are a number of key things you need to be aware of:
You are entitled to the lump sum benefit when you are diagnosed with a critical illness, covered by your insurer and meet the specific definition of a traumatic event as outlined by your trauma cover.
According to an in-depth research study done by Zurich, for their Misinformed booklet, around half of all Australians older than 30 will suffer from one or more of these diseases at some point in their lives:
Your insurance premiums will generally be affected by:
Whichever policy type and insurer you choose will clearly state which illnesses are covered and how severe it needs to be in order for it to pay out. For you claim to be processed quickly, make sure you provide the insurer with all the requirements needed. To know what those requirements are, speak to our specialists to help you through the process.
Some policies will pay you the full assured amount on diagnosis of a critical illness; others pay out a percentage of the amount, depending on the severity of your illness. It’s important that you read the Policy Disclosure Statement (PDS) and speak to a professional before you make your decision.
Financial protection against critical illnesses is vital to any person, especially as your financial responsibilities increase and the older you get. As you age, the probability of suffering a critical illness increases. The older you get, the higher your premium becomes because your risk of developing a critical illness increases with every year. If you have a mortgage, people dependent on your monthly salary or need to repay debts and medical expenses while you recover, you will need Critical illness cover to help you.
Trauma insurance pays out a lump sum when you are diagnosed with a critical illness, as defined by your insurer. Total and Permanent Disability (TPD) insurance, on the other hand, pays out a lump sum in the event of your total and permanent incapacity. Income Protection covers up to 75% of your income and pays a monthly benefit should you be unable to work due to illness or injury.
We detail the full differences, pros and cons of TPD and income protection in this handy guide.
Many basic Critical illness cover policies in Australia may appear similar, but their definitions and requirements for paying a claim can differ dramatically. The easiest way to finding a policy that is suitable for your circumstances is to compare the leading insurers in Australia and to speak to our specialists. At Life Insurance Direct, we compare the 10 leading insurers in Australia and give you a detailed quote from all of those insurers.
Wondering how much trauma insurance you need? Our trauma cover calculator guide will take you through what to consider
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Questions & Responses
Hello,
I'm an Australian citizen but living and working overseas at the moment (in the US). In the event that my wife or I are diagnosed with a critical illness, it's likely that we would return to Australia for treatment to have support from our friends and family.
Is it possible for me, an Australian currently temporarily living overseas, to purchase a trauma coverage policy from an Australian insurer?
Thanks,
Marcus
Hi Marcus
Yes, it is possible for Australian expats living in America to obtain life and or trauma insurance from select Australian life insurance companies however you will need to have an intent to return to Australia within a certain time frames.
What I suggest is for you to contact our office on +61 2 99297355 (AEST Mon – Friday 8.00 am – 6.30 pm) and ask one of the specialist consultants to complete a pre-assessment for you around your unique situation and they will be able to confirm what insurers will offer cover and if so on what basis (standard policy terms) or for example they may put a territorial exclusion on your policy if you are intending on visiting or residing in dangerous counties while abroad.
I hope this is of assistance.
Hello. I just would like to ask if there are still insurance companies that would offer life insurance to a cancer survivor and could I still apply for Trauma and Accident Cover even though I was diagnosed with Thyroid Cancer and been treated last year.
Can I also apply for a Trauma and Accident policy for the whole family, including my children?
Thanks,
Marosa
Hello Marosa.
When applying for life insurance and having a pre-existing condition, like cancer, the insurance company will generally need a substantial amount of information from you. For example, date of diagnosis, symptoms, treatment and medication, etc. as well as the standard information of age, smoking status and BMI, to name a few.
Each insurer has different underwriting guidelines, so it’s good to shop around and see what’s available. In your case, you might want to request an anonymous pre-assessment as opposed to a formal application to see what cover you might be eligible for.
Because of your recent diagnosis, an Accidental insurance policy might be easier to apply for, but again this depends on the insurer. Please give us a call on 1300 135 205 so a specialist may assist you.