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DBT Financial Adviser Glenn Armstrong is an Authorised Representative of Guardian Ltd trading as Guardian Financial Planning ABN 40 003 677 334 Australian Financial Services Licence No 237641.

Trauma Insurance

Trauma insurance is also often called 'critical illness', 'crisis' or 'recovery' insurance. They all basically mean the same thing. Trauma insurance pays a lump sum benefit in the event you suffer a specified serious illness. On average insurers cover around 40 specified serious illnesses. Below is a sample list:

  1. Alzheimer’s Disease
  2. Aortic Surgery
  3. Aplastic Anaemia
  4. Benign Brain Tumour
  5. Benign Tumour of the Spine
  6. Blindness
  7. Cancer
  8. Cardiomyopathy
  9. Chronic Kidney Failure
  10. Chronic Liver Failure
  11. Chronic Lung Failure
  12. Cognitive Loss
  13. Coma
  14. Coronary Artery By-Pass Surgery
  15. Creutzfeldt-Jacob Disease
  16. Deafness
  17. Dementia
  18. Encephalitis
  19. Heart Attack
  20. Heart Valve Surgery
  21. Intensive Care
  22. Loss of Independent Existence
  23. Loss of Speech
  24. Loss or Paralysis of Limb
  25. Major Head Trauma
  26. Major Organ Transplant
  27. Medically Acquired HIV
  28. Meningitis/Meningococcal
  29. Motor Neurone Disease
  30. Multiple Sclerosis
  31. Muscular Dystrophy
  32. Occupationally Acquired HIV
  33. Open Heart Surgery
  34. Parkinson’s Disease
  35. Pneumonectomy
  36. Primary Pulmonary Hypertension
  37. Severe Burns
  38. Severe Diabetes
  39. Severe Osteoporosis
  40. Severe Rheumatoid Arthritis
  41. Stroke
  42. Systematic Sclerosis
  43. Terminal Illness
  44. Triple Vessel Angioplasty

The vast majority of trauma claims are paid for one of the following conditions:

  • cancer
  • heart attack
  • coronary artery by-pass surgery
  • stroke

When looking at trauma insurance, it is therefore important that the above "big four" medical conditions are covered for a start. It is then equally important to make sure that policy wordings relating to these conditions, are market leading. Being diagnosed with one of these conditions is tragic enough. To then be informed that your condition does not meet the fine print of your trauma policy, is not what anyone wants to hear.

For this reason, it is important for those that have existing trauma insurance to have the policy checked for quality. Insurers will pay a benefit once the definition of a particular medical condition has been met. The definitions and wordings can vary significantly across the many different policies in the market. It is a common misconception that they are all the same.

The age of your policy is also important. Medical advancements are being made all the time and these must be reflected in the policy wordings. For example, many current policy holders will find that the particular wording for "coronary artery by-pass surgery" will specifically stipulate that the insured person must undergo open heart surgery before a benefit will be paid. However, in the future it is likely that coronary artery by-pass surgery may be more regularly performed via keyhole surgery techniques. Therefore, those policies which do not specify an open heart surgery requirement will be considered more favourable to the insured person.

Trauma insurance is very affordable for most of us, and yet very few Australian’s have it. Despite very few people holding trauma insurance, latest statistics show that in Australia, the major insurers paid out more than 385 million dollars in trauma claims in 2009.

To find out how we can help protect you, contact us today.