Trauma and Accident Insurance
What is critical illness insurance?
Trauma, or critical illness insurance provides you with a lump sum on the diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures.
What are the benefits of trauma insurance?
Trauma insurance is designed to provide you with money when you need it most. You can use the money how you choose, for example to cover medical costs and treatment, to reduce debt, or to make a lifestyle change such as reducing work hours.
What is classed as a serious medical condition or procedure?
Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke.
As medical definitions vary between insurance companies, it is important to understand the definitions of your policy. Some insurance companies also offer partial payments, depending on the severity of your condition.
Most policies will cover you for the following: aplastic anaemia, blindness, cancer, cardiomyopathy, chronic kidney (renal) failure, chronic liver failure, chronic lung failure, coma, coronary artery angioplasty – triple vessel, coronary artery surgery, deafness, dementia, encephalitis, heart attack, heart surgery (open), HIV – medically or occupationally acquired, intensive care, intracranial benign tumour, loss of speech, major head trauma, major organ transplant, meningitis, Motor Neurone Disease, Multiple Sclerosis, Muscular Dystrophy, out of hospital cardiac arrest paralysis, Parkinson’s Disease, primary pulmonary hypertension, repair or replacement of aorta, repair or replacement of valves, severe burns, and stroke.
It is important that you refer to your policy so that you understand whether you are covered for these occurrences or conditions.
For further information, benefits and restrictions on trauma insurance, refer to the relevant Product Disclosure Statement.
How much trauma insurance do you need?
- A simple amount of cover = total debt plus up to 2 years income/salary Package
- A minimum amount of cover = total non-deductible debt (i.e. amount required to pay off your mortgage).
To find out the level of cover that is most appropriate for you, contact us.
Accident and Illness Cover
Speak to Russell Van Homrigh Financial Services to discuss your personal needs and circumstances. Call us to arrange an appointment with our financial advisor or click here to enquire about our wealth protection services including trauma insurance.
Russell Van Homrigh Financial Services and Russell Van Homrigh are Authorised Representatives of Synchon AFS Licence 243313.