× Home Modules Articles Videos Life Events Calculators Quiz Jargon Login
☰ Menu

8 Insurance Planning

Trauma insurance

Trauma insurance provides a lump sum payment for those who suffer a major health trauma to help alleviate financial stress on the household.

The payment could help you make necessary modifications to your home for a more comfortable living or cover medical costs or you could purchase mobility aids such as a wheelchair.

Benefits are paid out only for events listed by the policy. This typically includes heart attacks, strokes and cancer. Each trauma has defined medical conditions that have to be met in order to receive a claim.

Benefits are typically paid as a lump sum to the insured person to cover a range of needs; however, most people use the benefit to assist with large once-off medical expenses or to fund living expenses where time needs to be taken off work during recovery. It's important to check your policy to see what conditions you are covered for. You can no longer purchase new trauma insurance policies inside superannuation so these policies must be held outside superannuation.

Page 26 of 35
View Terms and conditions