Trauma insurance (or critical illness cover) pays a lump sum of cash if you suffer a serious medical incident. You may consider putting this money towards your recovery, take time off work…whatever you want, really. You should consider getting Trauma Insurance if…
You should get enough trauma insurance to make up for any income lost while you recover. Consider how you’d pay for the following without your regular income, whilst ill.
There are upwards of 50 conditions that qualify as a trauma event. One insurer cites the following as the most common causes for claims.
According to the Cancer Council, Australian households cop an average of $47,200 in financial costs if someone in the house is diagnosed with cancer. As for circulatory diseases, heart attacks cost roughly $25,000 per incident, and strokes can cost up to $19,000 in the first year alone. None of these common conditions are cheap to treat or recover from, which makes Trauma Insurance all the more prudent a purchase.
It depends on a number of factors. Do you smoke? What’s your family’s medical history? Your age, your gender, and more all contribute to the premium you pay for insurance.
Because of this, it’s very difficult to say how much it’ll cost. One source says a $250,000 Trauma Cover Benefit for a 35 year old male cost $601 per annum. This may not apply to your situation, but it gives you an idea of how much cover can cost.
Most people can get covered by a trauma insurance policy, with a few exceptions and exclusions. For one, anyone with an existing condition may have trouble getting covered, depending on what it is.
The information provided here is general only and does not consider your personal objectives, financial situation or needs. Before you decide to purchase a product, it is important to read the relevant PDS.