Trauma Insurance

Trauma insurance is relatively new product in the industry and it is also known as critical condition insurance. Trauma insurance pays a lump sum to the insured on the diagnosis of any of the listed insurable diseases or medical conditions as detailed in the policy.

Trauma insurance cover is basically filling in the gap between term life insurance, TPD insurance and income protection insurance. If someone was to have a mild stroke and was seriously ill and was only able to return to work after 3 months fully recovered, they would not be able to claim under their term life insurance, and may not under TPD and income protection insurance as the illness was not sufficiently long lasting or resulting in an inability to work again.  

Trauma insurance is receiving a lot of interest because people are becoming more and more aware of the statistical chances of them contracting one of these major medical conditions, and the associated medical costs of their treatment and rehabilitation.

Some of the more common medical condition for which you are able to get trauma insurance are listed in the table below: 

Please note that a trauma policy will have a specific medical definition which has to be met before the claim is accepted. You need to fully understand what these are what they mean.

Where can I get this type of insurance?
Trauma insurance is available directly from insurance companies. You may also wish to use a licenced insurance broker. The benefit of using an insurance broker is that you can get a number of quotes from a range of insurers at the same time ensuring you receive a range of quotes from selection of insurance companies.

Disclaimer:

No investment advice provided to you.
This web site is not designed for the purpose of providing personal financial or investment advice. Information provided does not take into account your particular investment objectives, financial situation or investment needs.

You should assess whether the information on this web site is appropriate to your particular investment objectives, financial situation and investment needs. You should do this before making an investment decision on the basis of the information on this web site. You can either make this assessment yourself or seek the assistance of any adviser.
xLife Pty Ltd ASIC No. 305213 is a Corporate Authorised Representative of Milennium3 Financial Services Pty Ltd.
ABN 61 094 529 987 AFSL No. 244252