Trauma Insurance

Trauma insurance cover is something that you arrange for the protection of your financial situation, if you are diagnosed with a nasty traumatic health condition.

Trauma insurance anticipates that you are going to live through that health condition, and is designed to provide you with the funds to get through, without adding financial stress to the stress of your traumatic health situation.

The most common payments made for trauma insurance cover are for heart attack, cancer and stroke. Trauma insurance is also sometimes called Critical Care Insurance, Vital Care Insurance or Living Assurance.

With Trauma insurance, you select the sum that you want to be insured for, and it will be paid out if you are diagnosed with that traumatic condition.

For more information and stories about trauma insurance head over to our Insurance Blog by clicking on this button.  Insurance Blog

All trauma insurance policies are NOT created equal

Trauma insurance is a more complicated product than life insurance.

There is a wide difference between the quality of insurance cover. Some cheap policies only give you cover for five or six conditions. The better quality insurance covers can cover over 38 conditions.

In addition, the actual wording of the policy is different between each insurance company. So there may well be a difference as to how sick you actually have to be before your trauma insurance policy will pay out.

It is important to make sure that you are getting the best value for your money, which is where our analysis and research will assist you.

How much trauma insurance cover do I need?

This will depend on your personal situation. But the amount of cover that you should have will depend on a range of things, including:

  • Other insurance cover that you have in place (eg income protection insurance)
  • The amount of debt that you have
  • Whether there are two incomes in the family

How do we help you with your Trauma Insurance?

After talking with you, we research all the options available to you, to find the trauma insurance that is most suitable for you. This takes into account your criteria, whether that is best quality cover, or best cost cover for your needs.

We then assist you to get that insurance cover in place with the least possible hassle to you.

After the insurance is in place, we will keep in touch with you, to answer any queries that you have about your insurance cover. If you have a claim, we are here to assist you with that process, to reduce the stress on you.

What do I need to be aware of with my trauma insurance?

Your trauma insurance policy will only pay out when you suffer a trauma if:

  • Your premiums are paid and up to date.
  • You have disclosed everything relevant at the time that you apply for the trauma insurance cover.
  • You are past the stand down period for some conditions on your policy. This is often 3 or 6 months, and usually applies to things like cancer, stroke, heart attack (so that you don’t apply to put the cover in place because you think there is something wrong with you.)
  • There are two types of trauma insurance cover – Accelerated – which is part of the life insurance, and if it is paid out, your life insurance cover reduces in value by the amount paid out, and Stand Alone, which is separate to your life insurance cover.

Trauma Insurance Case Studies

Moneyworks have had a number of clients who have successfully claimed on their trauma insurance cover, and recovered from their illness and gone on to have happy and healthy lives. A number have commented on how the trauma insurance payment has reduced the stress while they were dealing with their ill-health. Some of the actual payments that our clients have received are:

  Approximate Age Condition Approximate Amount
Female 42 Breast Cancer $195,000
Female 46 Breast Cancer $260,000
Female 52 Pancreatic Cancer $180,000
Male 38 Cancer $190,000
Male 48 Motor Neurone Disease $58,000
Male 52 Prostate Cancer $85,000
Male 63 Parkinsons Disease $66,000
Female 37 Cancer $300,000+