Trauma Insurance
Trauma insurance or critical illness insurance originated due to medical advancements causing more people to survive serious illness. It has become increasingly popular over the years and complements your other personal insurances. Trauma insurance is a living insurance and can help with the cost of recovery including medical bills, mortgage repayments and loss of income.
Trauma or Critical Illness insurance provides a cash lump sum on the diagnosis of a medical condition. The number of conditions covered varies dependant upon the policy.
The most common claims are for cancer, heart attack, coronary bypass and stroke, although many other conditions can be covered.
What if I just risk it?
A lot of people decide not to take out insurance, because they believe ‘it’s too expensive’ or ‘it won’t happen to me’.
Before making a decision it is worthwhile having a look at some of the most common medical ailments suffered by Australians:
Can I take out Trauma cover if I am not working?
Yes, you can take out Trauma cover when you’re not working. This is because the payment of any claim is based on you suffering one of the trauma conditions listed in the plan, rather than your ability to work.
Trauma cover can be a good option for a non-working spouse. If you can’t take out income protection because you aren’t in the workforce, you can protect yourself against major medical traumas with Trauma cover.
1. Australian Institute of Health and Welfare, Australia’s Health 2012, 2008, 2006.
2. cancer.org.au/aboutcancer/FactsFigures.htm
3. Australian Institute of Health and Welfare (21 June 2012), Media release: Health report card shows a nation where most are healthy,
but lifestyle challenges ahead.
4. Australian Bureau of Statistics (2012), 3303.0 – Causes of Death,Australia, 2010.
5. Diabetes Australia (2012), Diabetes National Election Agenda 2013–2015: Type 2 Diabetes – The 21st Century Pandemic.
Trauma or Critical Illness insurance provides a cash lump sum on the diagnosis of a medical condition. The number of conditions covered varies dependant upon the policy.
The most common claims are for cancer, heart attack, coronary bypass and stroke, although many other conditions can be covered.
What if I just risk it?
A lot of people decide not to take out insurance, because they believe ‘it’s too expensive’ or ‘it won’t happen to me’.
Before making a decision it is worthwhile having a look at some of the most common medical ailments suffered by Australians:
- One in two Australian men and one in three Australian women will be diagnosed with cancer before they are 85.1
- It is estimated that 114,000 new cases of cancer were diagnosed in Australia in 2010.2
- Coronary heart disease was the leading cause of death for both males and females in 2009, followed by lung cancer for males and stroke for females.3
- Cerebrovascular diseases have remained the second leading underlying cause of death in 2010.4
- An estimated 275 Australians develop type 2 diabetes every day, with the number of Australians diagnosed with diabetes expected to grow to 3.5 million by 2033.5
Can I take out Trauma cover if I am not working?
Yes, you can take out Trauma cover when you’re not working. This is because the payment of any claim is based on you suffering one of the trauma conditions listed in the plan, rather than your ability to work.
Trauma cover can be a good option for a non-working spouse. If you can’t take out income protection because you aren’t in the workforce, you can protect yourself against major medical traumas with Trauma cover.
1. Australian Institute of Health and Welfare, Australia’s Health 2012, 2008, 2006.
2. cancer.org.au/aboutcancer/FactsFigures.htm
3. Australian Institute of Health and Welfare (21 June 2012), Media release: Health report card shows a nation where most are healthy,
but lifestyle challenges ahead.
4. Australian Bureau of Statistics (2012), 3303.0 – Causes of Death,Australia, 2010.
5. Diabetes Australia (2012), Diabetes National Election Agenda 2013–2015: Type 2 Diabetes – The 21st Century Pandemic.
Southern Advisory ABN 63 066 365 929 , Authorised Representative No. 437285 Charter Financial Planning Limited.
ABN 35 002 976 294 AFS Licence No. 234665
Registered Office: Level 9, 750 Collins Street, Docklands VIC 3008
Charter Financial Planning is a member of the AMP Group. The AMP Group includes companies formerly part of the Australian and New Zealand operations of AXA Asia Pacific Holdings Limited.
Sean Thomas' Financial Services Guide (FSG)
Kade Anthony's Financial Services Guide (FSG)
Charter AMP Privacy Policy
ABN 35 002 976 294 AFS Licence No. 234665
Registered Office: Level 9, 750 Collins Street, Docklands VIC 3008
Charter Financial Planning is a member of the AMP Group. The AMP Group includes companies formerly part of the Australian and New Zealand operations of AXA Asia Pacific Holdings Limited.
Sean Thomas' Financial Services Guide (FSG)
Kade Anthony's Financial Services Guide (FSG)
Charter AMP Privacy Policy
