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Trauma Insurance: Learn what’s covered & compare policies with iSelect

A major illness, such as a heart attack, stroke, or cancer can affect anyone during their lives. Not only does major illness affect you and your family physically and emotionally, but they can also take a significant financial toll. With trauma insurance, you can help prepare yourself and your family for these unforeseen events.

Keep reading to learn more about trauma insurance, including how it works, and what’s generally covered in a standard policy.

What is trauma insurance?

Trauma insurance, also known as ‘critical illness’ insurance or ‘recovery’ insurance, is a type of insurance policy which provides you with cover if you are diagnosed with a specified illness. Trauma insurance is paid as a single, large payment which can help you to pay for things such as:

What does trauma insurance cover?

What your trauma insurance will cover will ultimately depend on which policy you choose. Here is a list of the common types of the illnesses or events you can generally claim against1:

Is trauma insurance suitable for you? Here’s some things to consider

While everyone’s circumstances are different, there are a few basic questions you can ask yourself to help you decide if trauma insurance is suitable for you2:

What do you need to tell your insurer before purchasing a policy?

When you apply for trauma insurance, you will be required to inform your chosen insurer of anything that may affect their decision to provide you with cover. The information required may extend to parts of your medical history.

If you don’t provide the insurer with all the requested information, they may reject your application. This may also have a negative effect on any future applications you make for trauma insurance.

It’s also important to note that if anything should happen before your application is complete that may affect the outcome, you must let your insurer know3.

Should I choose stepped or level premiums?

Once you’ve selected the cover that is suitable for you, you’ll need to decide how to pay you premiums. Generally, you will have the choice between a stepped premium or a level premium.

With stepped premiums the amount you pay will increase each year. The amount you are required to pay will depend on factors such as your age, and the type of policy you have selected. If you opt for a stepped premium be sure to consider these rises to ensure you can afford the policy moving forward. Generally stepped premiums are cheaper from the outset than level premiums, but this may reverse the longer you hold the policy.

Level premiums remain the same over time and only increase when the provider of your policy raises their fees. While these rises are generally less than the annual price increases with stepped premiums, you will be paying more in premiums from the outset. Level premiums may be a good option if you intend on holding your policy for a long time, or want cost predictability4.

Compare trauma insurance policies online with iSelect

With iSelect you can compare trauma insurance policies online from our range of providers to find a policy and insurer that suits you and your family. Get started online today, or call our friendly team on 13 19 20.



*iSelect does not compare all life insurers or policies in the market. We therefore don’t compare policies offered by life insurers who are not our providers. We maintain an internal list of approved life insurance policies that our advisers compare from all of our providers. We call this our ‘Approved Product List’. We have commercial arrangements with each of the providers.

iSelect Life Pty Ltd – ABN 89 124 304 347, AFS Licence Number 331128. Any advice provided by iSelect is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect’s advice or purchasing any policies . You should consider iSelect’s Financial Services Guide which provides information about iSelect services and your rights as a client of iSelect. iSelect receives commission for each policy sold. Click here to view our range of providers.

Last Updated: 16/12/2019