What is Trauma or Critical Illness Insurance?

Trauma or Critical Illness Insurance is put in place to pay a nominated amount to you in the event that you become critically ill or suffer such an illness. Imagine getting a cancer, suffering a heart attack or having a stroke, this usually brings with it financial and emotional burdens for you and the people around you. This is actually more common than people realize. Critical Illness Cover will pay out if you suffer a critical illness as set out in the relevant insurers PDS or Product Disclosure Statement.  There are often several conditions available and partial payments available for minor conditions or early detection.

What are the different Trauma or Critical illness Conditions?

This depends totally on the insurer. Generally most insurers will cover you for 3 main conditions such as Cancer, Heart Attach or Stroke as well as additional conditions in these categories. The categories include Heart Conditions, Nervous System Conditions. Some additional categories or options are available with different insurers.

With Trauma Cover it is best to think about who has the best condition definitions. You should speak to an expert about this before making a decision. email us at info@weinsurance.com.au or contact us using the quote form below.

How much is Trauma Cover?

The cost of Trauma Insurance varies depending on your nominated amount and if you have any existing medical issues. Generally the younger you are the cheaper your Trauma or Critiacl Illness  insurance premium is. When linked with a Life Insurance policy generally the price represents more value.

How do I pay for Trauma Insurance?

Paying for Life Insurance is easy and there are multiple options dependent on your circumstances. This can be paid in cash on a monthly or annually basis. Unlike Life or TPD cover you cannot pay for this type of cover using your Superannuation.

How much Trauma Cover do I need?

As a rule of thumb there is no set amount. Generally however most people with Trauma Cover will have a benefit amount sufficient to pay off any existing debts, provide financial aid for yourself, a spouse or immediate family, pay for medical expenses while you recover.

When should I get Trauma Cover?

If it’s based on value, generally the cost of Trauma Cover is cheaper the earlier you purchase it. There are different premium types such as stepped and level which should be taken into account when making a long term decision. There are also the different options to consider.

Can I get Trauma Cover?

Generally most people are eligible for Trauma Cover however this is at the discretion of the insurer. It is ideal to speak to a consultant or insurance professional at WE Insurance to find out.