At a glance:
- Trauma Insurance, also known as Critical Illness Insurance, offers a financial safety net with a lump-sum payment upon diagnosis of critical medical conditions.
- Eligibility for trauma insurance varies, and the need is based on individual circumstances, medical condition, and occupation.
- Weigh the costs against the potential benefits to determine if trauma insurance is the right choice for your financial security during critical illnesses and severe injuries.
Trauma insurance, also known as Critical Illness Insurance, is your reliable financial safety net when facing a major medical condition. At Aspect Insurance, we cover 11 critical illnesses, including heart attack, coronary bypass, cancer, and stroke. Critical illnesses can take you by surprise, causing both financial and emotional stress.
However, Aspect’s Trauma Insurance can provide you with a lump sum payment upon diagnosis, offering the financial support needed to cover medical expenses and immediate bills. This policy grants you the freedom to use the benefit as you see fit, whether for medical costs or a much-needed recuperation holiday.
A Closer Look at Trauma Insurance
Before we delve further into the details, let’s explore what trauma insurance is all about. This type of insurance is designed to offer financial support in the form of a lump sum payment when you face a major medical condition or a severe injury. Trauma insurance acts as an additional layer of protection, complementing health fund claims, sick leave, or income protection insurance.
Who Benefits from Trauma Insurance?
Before choosing trauma insurance, let’s cover who can benefit from it.
Eligibility
Trauma insurance is accessible to individuals within a specified age range, with your health and medical history playing crucial roles in eligibility. It’s essential to verify eligibility criteria with individual insurers.
Need
The need for trauma insurance varies from person to person. To determine if it’s the right choice for you, consider the following:
- How much income you and your family would require if you couldn’t work for some time?
- Whether you have other types of insurance to assist with lost income.
- The availability of support from friends and family.
- Your existing savings and investments.
Medical Condition
Your current medical condition is a significant factor when assessing the need for trauma insurance. If you have pre-existing medical conditions, you may find trauma insurance particularly valuable for added protection.
Occupation
Certain occupations involve higher risks of injuries. If your profession is physically demanding or carries a higher risk of accidents, trauma insurance can be especially beneficial.
Exploring Alternatives
While trauma insurance is a valuable option, it’s worth considering alternative forms of insurance that might better suit your needs.
Income Protection Insurance:
Income protection insurance offers regular payments when you’re unable to work due to illness or injury, providing you with a source of income during your recovery.
Total Permanent Disability Insurance (TPD):
Total and Permanent Disability (TPD) insurance offers a lump sum payout in the event that you experience permanent disability resulting from a medical condition or injury, rendering you unable to work. This insurance acts as a financial safeguard for extended periods of disability.
Weighing the Costs and Benefits
When considering any insurance, it’s crucial to evaluate the costs in relation to the potential benefits.
Costs (Premiums)
The cost of Aspect’s Critical Illness insurance coverage depends on your unique circumstances and the sum you wish to insure. You can use our free online Trauma Insurance quote generator in under 10 minutes to determine your specific cost.
Benefits
Trauma insurance provides substantial benefits, potentially covering:
- Medical treatment, pharmaceuticals, specialist therapies, and rehabilitation costs are not covered by your health fund or Medicare.
- Paying down debts such as a mortgage and covering living expenses while you are unable to work.
- Making modifications to your home or car if the effects are likely to be more permanent, though not reaching the level of a TPD claim.
- Supporting extended time off work, so you can fully recover before returning to your job.
- Covering travel expenses for accessing the best medical care, including interstate or overseas trips.
The Value of Trauma Insurance
Aspect’s Trauma Insurance can provide you with the financial support you need during critical illnesses or severe injuries. Covering a wide range of critical illnesses, including Cancer, Heart Attack, Stroke, Coronary Artery Bypass Surgery, and more, our policies offer benefit amounts ranging from $50,000 to $500,000.
Aspect Insurance is dedicated to providing affordable and flexible trauma coverage with complete transparency, ensuring there are no hidden charges. Additionally, our trauma insurance is backed by Lloyd’s, a respected and reliable insurance entity, offering you peace of mind during challenging times.
Making an Informed Decision
The choice of acquiring trauma insurance is a highly individual decision. It is advisable to seek guidance from a financial advisor or insurance expert, who can evaluate your unique requirements and lead you in selecting the most suitable coverage. Conducting a thorough comparison of various policies is vital to guarantee that you identify the optimal match for your personal situation.
What’s Covered?
Aspect’s Trauma Insurance policy provides coverage for the following critical illnesses:
- Angioplasty
- Aorta Surgery
- Benign Brain Tumour
- Cancer
- Coronary Artery By-Pass Surgery
- Heart Surgery
- Heart Valve Replacement or Repair
- Kidney Failure
- Major Organ Transplant
- Multiple Sclerosis
- Stroke
These conditions can have significant financial implications when diagnosed, and Aspect’s policy is designed to provide financial support in such situations.
What’s Not Covered?
Aspect’s Trauma Insurance policy does not provide benefits in the following circumstances:
- Participation in high-risk activities such as boxing, caving, horse racing, martial arts, mountaineering, pot-holing, underwater diving, yacht racing, or any race, trial, practice, or timed motorsports.
- Claims resulting from unreasonable actions or failure to follow medical advice.
- Infection with Human Immunodeficiency Virus (HIV) or conditions due to Acquired Immune Deficiency Syndrome (AIDS).
- Claims related to nervous, mental, or psychiatric disorders.
It’s essential to review the Product Disclosure Statement for a comprehensive understanding of the benefits, terms, conditions, and any additional exclusions that may apply to the policy.
In conclusion, trauma insurance is a valuable financial safety net during critical illnesses or severe injuries. Aspect’s Trauma Insurance is a trusted choice, covering a wide range of critical illnesses and offering complete transparency and benefits that provide peace of mind during challenging times. Don’t wait to secure your financial future—consider the benefits of trauma insurance today.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
