Trauma Insurance Calculator

Our Trauma Insurance Calculator guide can help you work out what you need to consider when it comes to the level of cover you may require including:

  1. What can my benefit be used for?
  2. Cost of Critical Illness
  3. Standard vs Plus Policies
  4. Savings and other entitlements
  5. Your Partner
  6. Affordability

What can my benefit be used for?

The benefit is paid as a lump sum if you are diagnosed with a critical illness that is covered in your policy and you meet the specific definition of the critical illness according to the PDS.

When calculating the level of cover you may need, you need to consider what your benefit can be used for. Essentially it can be used as you or see fit, however you should consider:

  1. The cost of medical treatment, including any ongoing treatment rehabilitation
  2. Your ongoing obligations including rent or mortgage repayments
  3. Daily living expenses
  4. Lost income as a result of being off work
  5. Lost income for your partner as a result of being off work.

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Cost of Critical Illnesses

It may be difficult to calculate or anticipate the exact cost of any immediate medical treatment plus any ongoing treatment and rehabilitation you may require so it is important to know what the cost of critical illness can be:

Heart Attacks

Heart attacks cost the community around $15.5 billion each year according to a study by Access economics in 2009.

In 2003, the average cost to a person who suffered a heart attack was over $18,000 in the first 12 months and over $44,000 in their lifetime.

Cancer

According to the Cancer Council, in 2011 cancer cost the community over $3.8 billion in direct health system costs, while a 2006 study found that a household in which a family member suffered from cancer can incur financial costs of over $47,000.

This figure may differ depending on the type of cancer, treatment involved and your earnings. For example a 35 year old women who suffers from breast cancer may incur out of pocket expenses and lost productivity costs of over $40,000, while a working age man with lung cancer could incur costs of over $200,000.

Stroke

It was estimated that in 2012, the economic cost of stroke was $5 billion, which was made up of productivity costs of $3 billion, health costs of $881 million, and carer costs of $222 million.

Individually, it was estimated to cost those who suffered strokes over $57,000 in their life time.

Standard vs Plus Policies

You will generally have the option of choosing between two types of policies:

Standard Policy

Provides cover for 30 – 44 core critical illnesses including heart attack, stroke and cancer. Standard policies are generally less expensive than Plus Policies.

Plus Policy

A more comprehensive policy, providing cover for an additional 10 – 15 lesser critical illnesses including carcinoma in situ, early stage cancer and Severe Osteoporosis. It generally pays a partial benefit for the additional critical illnesses included.

Plus Policies are generally more expensive than Standard Policies as they provide more comprehensive cover.

It may be more beneficial to you to take out a Plus Policy with a lower sum insured than only take out a Standard Policy with a higher sum insured.

Savings and other entitlements

When considering how much cover you need, it is important to know the level of savings and any other entitlements you may have – including annual leave, sick leave and personal leave.

The more entitlements you have, the less cover you may need to help cover your income and help pay for any obligations you may have while you are off work.

If you have minimal entitlements, you may want to consider more cover to help cover any loss of income while you are off work.

Your partner

It is often the case that when a person is diagnosed with a critical illness, their spouse or partner is also required to take time off work to care for them. This is something you need to think about when you are considering the level of cover you need. You may not only need to cover medical costs, your lost income and any ongoing obligations you have, but also the loss of income of your spouse.

Income Protection

Income Protection Insurance is designed specifically to protect your income should you be unable to work due to a sickness or accident. It can cover up to 75 percent of your salary while you are off work.

It may be worth considering an Income Protection policy in addition to a trauma insurance policy to make sure your income is covered.

Affordability

It is always important to consider cover that you can afford. We provide comprehensive and transparent comparisons of all the insurers we work with so you can see which policy is the most affordable for you.

Quotes are based on:

Male
30 Years Old
Accountant
Stepped Premiums
Cover Amounts Standard Policy Monthly Premiums Plus Policy Monthly Premiums
$100,000 $20.54 $21.66
$200,000 $33.06 $35.29
$300,000 $44.46 $47.70
$400,000 $56.60 $60.92
$500,000 $66.25 $71.42

Sources: Heart Foundation website 2013, Cancer Council website 2013, Cancer.org, Allianz

Published: April 11, 2017
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