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. There are approximately 30 specified serious illnesses across the various insurers. When looking at trauma insurance, it is important that the following "big four" medical conditions, in particular, are covered as they account for the bulk of all trauma claims:

1. cancer
2. heart attack
3. coronary artery by-pass surgery
4. stroke

It is a good idea for those that have existing trauma insurance to have it checked for quality. The insurer will pay a benefit once the definition of a particular medical condition has been met, in accordance with the definition of that policy. The definitions and wordings vary across the many different policies in the market so it is important to find a policy that has favourable definitions when compared to its competitors.

The age of your policy is also important. Medical advancements are being made all the time and these must be reflected in the policy wording. 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 also quite affordable for most of us. As we age, the likelihood of suffering a trauma condition increases, hence, premiums become more expensive as we get older.

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