TRAUMA PROTECTION
What is Trauma/Critical Illness Insurance?
A capital sum is paid to you on diagnosis and survival (without life support) after 14 days from any of the nominated conditions in the policy document. Most claims occur from cancer, stroke or heart attack. However, as the product is refined more by competitive forces, more benefits are available within the trauma contract insurers.
This is where most people will benefit from a life insurance company payout. It is important that you examine carefully the policy document to ensure that you have the best and most comprehensive product available at the time of purchase or review.
While you are healthy you are able to procure this contract, however, once you have a condition any new application will generally exclude the condition from further policy offers.
Most policies offer the following benefits:
Alzheimer’s disease or dementia, aortic surgery, aplastic anaemia, benign brain tumour, blindness, severe burns, cancer, cardiac arrest, cardiomyopathy, chronic renal kidney failure, chronic liver failure, chronic lung failure, coma, coronary artery angioplasty triple vessel, coronary artery bypass surgery, Creutzfeldt-Jakob disease, encephalitis, heart attack, myocardial infarction, heart surgery, heart valve replacement, Hepatitis B or C medically acquired, HIV medically acquired, HIV occupationally acquired, intensive care, loss of hearing, loss of independent existence, loss of speech, loss of limb and sight, major head trauma, major organ transplant, meningitis, motor neurone disease, multiple sclerosis, muscular dystrophy, paralysis including paraplegia, diplegia, hemiplegia, quadriplegia, and tetraplegia, Parkinson’s disease, peripheral neuropathy, pneumonectomy, pulmonary hypertension and stroke.
Some companies also offer other additional benefits:
- Partial benefits which attract immediate payments ranging from $10,000 or 10% to 25% of the sum insured, and include the following:
Early stage cancer, angioplasty, serious accidental injuries, single loss of limb or eye, major burns, Crohn’s disease, ulcerative colitis, chronic conditions early payment benefit, chronic lymphatic leukaemia, colostomy and ileostomy, hydrocephalus, osteoporosis, colitis, paralysis assistance benefit, recoverable stroke benefit, additional benefits for blindness, motor neurone disease, muscular dystrophy, paralysis and severe burns.
Most insurance companies offer trauma insurance, however, some companies offer more benefits than others. Some companies have conditions on benefit payments by way of time delays, medical requirements and Drug and Alcohol exclusions.
This is not a low cost cover. You need to ensure that you have the maximum protection available from the insurance company offering the best terms and conditions. It pays to shop around for this product and/or get a 2nd opinion on your existing policy.
Facts Prior to Age 65
- One in three will suffer a stroke, heart attack, cancer
- One in eight will suffer an accident or sickness that will keep us off work for three months or longer
- One in twenty-eight will be permanently disabled
- One in one hundred and five will die
Prudent Person Benefit Level
KSL financial’s claims experience suggests that your sum insured should be not less than a combination of your debt plus one year’s income.
Contact Us
For more information, contact us on 03 365 4460.
