Experiencing a life altering medical event can be exactly that…life altering. Surviving and recovering can be one thing, but the financial difficulties that often follow are another altogether. Having Trauma Insurance can help you to focus on recovery without needing to worry as much about the financial side of things, by providing a lump sum payment.
At Coast & Country Insurance Consultants, we can help you find Trauma Cover that is suitable to your needs and circumstances. Based in The Entrance, we assist clients on the Central Coast and all over Australia. Call (02) 4334 3622 and book in to see one of our brokers & advisors today.
Trauma cover was developed in the late half of the last century by Dr Maurius Barnard—the brother of famous heart transplant pioneer Christion Barnard. He based this on what he’d seen as a doctor, when patients received major life-threatening illnesses and had to try and not just survive the illness, but also the financial difficulty that came with it.
He thought if the financial part of all this could be taken care of the patient would have a far better chance of survival. He developed the cover based on the three major threats of that time—cancer, heart attack, and by-pass surgery—and was assisted by the insurance industry to market it.
As the years went by more and more life-threatening issues were added to policies including kidney failure, severe burns, paraplegia and many more. Most policies today have up to 40+ different possible events included. The purpose of Trauma Insurance is to pay the insured a lump sum benefit in event of contracting one of these debilitating diseases or injuries and help them financially whilst they focus on their recovery.
Trauma Insurance inclusions and benefits vary from insurer to insurer. However, in the event of a claim, a typical policy will help pay for:
No. Critical Illness Cover is another term used for Trauma Cover, but essentially, they are the same type of Insurance. Bear in mind that although they are the same thing, inclusions and premiums will still vary between insurers.
Not always. A typical policy may state they provide ‘coverage’ straight away, but there are usually exclusion periods that apply to certain critical illnesses. Our brokers can help you to understand the exclusion details of particular policies and find one that meets your needs and budget.