Trauma Insurance
Trauma Cover provides a lump sum payment should you suffer one of the Covered Conditions. The Covered Conditions are by nature serious and potentially life threatening and, as a result, can have a significant financial impact. Trauma Cover is designed to help alleviate this financial impact.
Common Trauma Insurance Additional Benefits
Accelerated/Standalone
You have the choice to select Accelerated Trauma Cover which means in the event of a claim all or part of your Life Cover is paid out. The Accelerated Trauma Cover is less expensive than the Standalone Trauma Cover.
Cover for your Children
Some policies have automatic Trauma Cover of $50,000 for each of your children, from 4 months old until their 21st birthday, which is payable in addition to your Trauma Cover.
Diagnosis Assistance
For some Covered Conditions immediate partial payment on diagnosis is available. Often the partial payment will be 25% of your total Trauma Insurance.
Worldwide Cover
Most trauma insurance policies will cover you wherever you are in the world.
Special Events Increase
There are many life events which could increase the need for trauma insurance (e.g. taking on debt to purchase a home). A special events increase benefit allows you to raise you level of cover without further medical underwriting.
Trauma Insurance FAQ’s
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Trauma Insurance is designed to remove financial stress if you are recovering from a significant medical event. This has been medically proven to speed up recovery times.
The lump sum can help reduce debt, purchase specialised equipment, pay for home modifications, provide additional care, create an investment fund to generate ongoing income, or enable business ownership to be restructured, among other things. It’s entirely up to you.
Generally, if you have less in cash savings Trauma insurance is more important so you have a financial buffer.
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This varies between insurers significantly so care needs to be taken. Basic policies cover only 8 serious conditions. Stronger policies cover 50+ conditions.
Some of the main covered conditions:
Cancer
Heart Attack
Stroke
Paralysis
Loss of independent living
Some policies include free coverage for your children too.
Trauma claims (especially for the stronger 50+ condition policies) are some of the most common we get paid for our clients.
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In the past few years insurers have moved to offer severity-based trauma policies in additional to their classic trauma policies.
Severity-based policies will generally cover a similar range of conditions however to receive a full payout, your condition must meet higher severity levels. Sometimes referred to as ‘Progressive Care’ or ‘Severe Trauma’.
This type of trauma policy is more affordable than classic trauma and can be had in addition to classic trauma.
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Yes. Some insurers refer to trauma as critical illness however the type of benefit is the same.
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It depends on the conditions. If they are considered serious and potentially related towards the coverable conditions, then they might be excluded. This applies to all insurers.
At Elan we work hard to achieve the best terms possible for our clients and this often includes creating a case for why a particular pre-existing condition of yours may no longer be a threat. We then argue this case to the insurer on your behalf if we believe it to be fair.
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Trauma insurance is a lump sum payout, whereas income insurance pays you monthly until you can return to work.
There are many times when a trauma condition can occur but the individual will be back at work in a few weeks, so a trauma payout occurs but an income insurance payout does not.
To make a sweeping generalisation, trauma insurance predominately covers conditions that will hit you hard and fast, whereas income insurance usually covers the conditions which will effect you longer-term. This is why it often pays to have a little bit of both types in your insurance plan to spread your risk coverage.
Elan Client Story - Trauma Insurance
25/05/2023
Joanne was 45 when she was diagnosed with breast cancer after a mammogram highlighted some recent changes in the breast tissue. This came as a shock to not only herself, but her husband and three young children.
One claim form and specialist report later, Joanne and Matt had over $406,000 paid into their account from their Trauma insurance. This helped them pay off their entire mortgage and allowed the family to focus on Jo’s road ahead rather than worrying about finances. Without having to pay mortgage repayments, this immediately became possible.
It unfortunately became apparent after further investigations that the only option to truly stop the spread was a double mastectomy. Jo & husband Matt also had health insurance in place with us which paid for the $30,000 operation & reconstruction. Jo’ is now in full remission of her cancer and is looking forward to spending more time with her children.
The trauma insurance played a critical role in the families protection and its positive effects will be felt for years to come, allowing the family to prioritize each other over financial commitments. We continue to assist the family to this day with their ongoing claims.
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“I felt like he genuinely cared and had my best interests at heart”
Kayla Craig
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“I could not recommend these guys more - they made it easy & painless.”
Gina Brighouse
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“Easy to deal with, very professional & knowledgeable regarding insurance.”
Graeme Turner