You might want to look into whether you’d be eligible for any payouts from a life insurance policy should you experience an illness or injury, either through an insurance company or your superannuation fund.
You can also try our free life insurance calculator to get an idea of the right level of cover for you. If you’re still not sure if a trauma insurance policy is right for you, you might want to speak to a financial adviser.
The definition of a trauma event will vary between insurers and the policy you choose. However, here are a few serious injuries and medical conditions that you can typically make an insurance claim for:
To understand exactly what you’re covered for, as well as any exclusions or restrictions, refer to the relevant Product Disclosure Statement (PDS).
It depends on a number of factors. Your smoker status, family medical history, age and gender all contribute to the premium you pay for trauma cover. The amount you pay will also depend on the premium structure that you choose. The two options are:
For either premium structure, your premiums can change if the insured sum changes, by either indexation or a voluntary. It’s also possible that your insurer chooses to increase their premium rates which would affect both stepped and level premiums. Changes in government charges like stamp duty could also lead to an increase in your premiums. For any changes to your insured sum, your premium increase will be based on your age when the increase occurs.
When it comes to figuring out what type of cover is right for you, remember:
Most Australians can get covered by a trauma insurance policy, with a few exceptions and exclusions. For one, if you have a pre-existing condition at the time of taking out a trauma insurance policy, you may have trouble getting covered for related trauma, depending on the condition.