Trauma insurance, also known as critical illness cover, provides the insured person with a lump sum payment if they suffer a specified traumatic event, such as cancer, heart attack or stroke. The payment can be used for any purpose such as paying the mortgage while they are unable to work, for medical care or to relieve financial pressures.

Trauma insurance is usually offered at two levels – basic cover, which includes only a limited number of high risk conditions, and comprehensive cover, which includes a higher number of critical conditions for which the insured person can claim.

Conditions covered by trauma insurance

Some of the common conditions covered by trauma insurance can include:

  • Alzheimer’s
  • Blindness
  • Burns
  • Cancer
  • Coma
  • Coronary bypass surgery
  • Deafness
  • Dementia
  • Heart attack
  • HIV (occupationally acquired & accidental infection)
  • Kidney failure
  • Liver disease
  • Loss of speech
  • Major organ transplants
  • Motor Neurone Disease
  • Multiple Sclerosis
  • Paraplegia and quadriplegia
  • Parkinson’s Disease
  • Stroke.

How much cover do you need?

When considering how much trauma insurance you need you should take into account your debts including mortgage payments, other fixed household costs, potential medication expenses, medical specialist fees and your family’s living expenses. Your financial advisor can assist you calculate the appropriate level of trauma insurance to suit your personal circumstances.