Trauma Insurance

What is Trauma Insurance?

Trauma insurance pays a lump sum amount on the diagnosis of a predefined critical illness. A large number of conditions are usually covered, with many claims being for cancer and heart attacks. Of all the different types of life insurance policies, Trauma insurance has the most claims because of the range of illnesses and conditions covered. However, for this reason it is also the most expensive, so it is essential to get a policy that is suited to your needs and budget.

Trauma cover fills a significant gap in the insurance market. Traditional life insurance policies paid out on the death or permanent disablement of the life insured. But there are many instances where these policies would not apply, such as a serious illness (e.g. cancer) where a person may not be able to work for a year. Their income protection may be insufficient to pay their living costs and medical expenses so trauma pays a lump sum that helps remove the financial pressure that often happens with a serious illness. 

Key Issues to Consider

The key issues you need to consider are:

  • How would you and your family cope if you had a serious illness and could not work for an extended period e.g. 12 months?
  • Do you have sufficient financial reserves to fund medical costs?
  • Do you have the knowledge to select the appropriate policy for your needs?
  • What amount of cover would you need?
  • Should you use the proceeds of a claim for income or to pay debts?

Financial Life has access to a large number of different policies and insurers and can put in place the appropriate trauma cover for your needs. To find out more about trauma insurance please phone Adam Stewart on (07) 4639 1268.

Financial Life Pty Ltd (ACN 107614415) is an authorised representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee


Any general advice in this information does not take account of your personal objectives, financial situation and needs. Read the relevant Product Disclosure Statement before acquiring any product mentioned on this website.

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