At a glance:
- Financial Security: Aspect Underwriting’s Trauma Insurance provides a lump sum payment for critical illnesses, ensuring financial stability during challenging times.
- Broad Eligibility: Available to Australian citizens aged 16 to 65, our coverage offers peace of mind to a wide range of individuals.
- Flexible Usage: Use the lump sum payment for medical bills, rehabilitation, debt repayment, or daily living expenses tailored to your unique needs.
Trauma insurance, also known as critical illness insurance, is a crucial type of coverage for individuals. It offers a lump sum benefit payment upon the diagnosis of a traumatic illness, such as certain types of cancer, heart attack, and stroke. When you’re faced with such a serious illness, your expenses can become overwhelming, particularly if you’re unable to work.
Medical and rehabilitation costs mount up, making it challenging for you and your family to maintain the same quality of life. Trauma insurance steps in to help manage these expenses, allowing you to focus on your recovery.
Before you decide whether to invest in trauma insurance, there are several key factors to consider:
Conditions Covered By Trauma Insurance
One of the most critical aspects to research before purchasing a trauma insurance policy is the list of covered conditions. These conditions can vary from one insurer to another. However, they often include heart disease, stroke, organ damage and transplants, severe diabetes and more.
Be sure to find an insurer that covers the specific conditions you consider most important. Aspect underwriting covers 11 critical illnesses, including Cancer, Heart Attack, and Coronary Artery Bypass surgery.
Decide On The Type Of Premium
Trauma insurance typically offers two types of premiums – stepped and level premiums. Stepped premiums are recalculated every time the policy is renewed, generally increasing each year based on your age. On the other hand, level premiums charge the same premium each year of the policy, but the sum insured reduces each year.
The Differences Between Trauma, TPD, And Income Protection Insurance
It’s common for people to be confused about the distinctions between trauma insurance, Total and Permanent Disability (TPD) insurance, and income protection insurance. These insurance types serve different purposes.
Read more on critical illness vs life insurance
Trauma insurance provides immediate financial aid in the case of a severe illness without depending on your ability to work.
Income protection offers short-term financial assistance if you’re unable to work due to illness or injury but are expected to recover.
TPD insurance provides a lump sum benefit if you are permanently unable to work again.
Exclusions and Limits
Understand what conditions are not covered by your specific trauma insurance plan. This knowledge enables you to make an informed decision when purchasing the best possible trauma insurance policy.
If you’re considering purchasing trauma insurance in Australia, Aspect Underwriting offers tailored trauma insurance policies at an affordable cost. They provide customisable trauma sums insured to suit your individual circumstances.
Tips for Purchasing Critical Illness Insurance
Now, let’s delve into some tips for purchasing critical illness insurance:
Research the Trauma Insurance Plan
Begin by researching different insurers and their trauma insurance plans (sometimes referred to as critical illness insurance). Typically, after you’re diagnosed with a covered condition, you receive a lump sum payout. This sum can be used to cover treatment, hospitalisation, medication, and specialist fees. Determine an appropriate sum insured before purchasing the insurance, considering your specific needs.
Aim For Maximum Coverage
When exploring the market, look for an insurance provider that offers comprehensive trauma insurance coverage. An ideal trauma policy should cover a broad range of serious illnesses.
Verify Age
Check the maximum renewal age when selecting a trauma insurance policy for yourself or a loved one. Some providers offer trauma insurance plans up to a specific age limit, while others extend coverage beyond 60 years. Aspect Underwriting, for example, provides trauma (critical illness) insurance policies with coverage up to the age of 65.
Check Exclusions
Before purchasing trauma insurance, carefully review the exclusions imposed by the insurance company. Identify the conditions that are not covered by their specific trauma insurance plans. Opt for a trauma insurance policy that offers maximum coverage with minimal exclusions.
Premium Amount
Lastly, consider the premium amount you must pay to the insurer for coverage. You can get online trauma insurance quotes from insurers like Aspect Underwriting to select a plan that fits your financial situation.
In summary, trauma insurance plays a crucial role in providing financial support during challenging times. By understanding the conditions covered, premium options, and other essential factors, you can make an informed decision and secure the best possible coverage for yourself or your loved ones.
Why You Might Need Trauma Insurance from Aspect Underwriting?
At Aspect Underwriting, we understand that life can be full of unexpected twists and turns. You never know when a medical condition may prevent you from working, leaving you in need of financial assistance. That’s where our Trauma Insurance comes in—a valuable policy that provides essential benefits when you’re diagnosed with a critical illness or experience a severe injury.
With Aspect Underwriting’s Trauma Insurance, you’ll receive a lump sum cash payment that offers you financial flexibility during challenging times. You can use this lump sum payment to cover medical expenses, rehabilitation costs, daily living expenses, or even pay off outstanding debts. We believe that having Trauma Insurance is a smart financial move, and here’s why:
Financial Support through a Lump Sum Payment:
When you hold an Aspect Underwriting Trauma Insurance policy, you gain peace of mind knowing that in the event of a critical illness or injury covered by the policy, you’ll receive a lump sum cash payment. This payment is yours to use as you see fit, whether it’s for medical bills, rehabilitation, or maintaining your quality of life.
Broad Eligibility:
Aspect Underwriting offers Trauma Insurance to Australian citizens aged 16 and up to 65, ensuring that a wide range of individuals can access this important protection.
Inflation Proofing:
Our Trauma Insurance includes inflation protection, meaning that your coverage amount automatically increases annually to keep up with rising living costs, ensuring that your benefits remain relevant.
Long Policy Timeframes:
While the specifics of our Trauma Insurance policies may vary, most provide coverage until the age of 70, offering long-term protection throughout your life.
Complementing Other Policies:
If you already have insurance policies such as total and permanent disability (TPD) insurance or income protection, Aspect Underwriting’s Trauma Insurance can complement them. It provides additional financial coverage, even if you’re still able to work.
Coverage for Medical Expenses:
Private health insurance may not cover all your medical expenses following a critical illness or injury. Aspect Underwriting’s Trauma Insurance steps in to provide comprehensive protection, covering various treatments and medical costs.
When considering whether Trauma Insurance from Aspect Underwriting is right for you, it’s crucial to consult with a financial adviser. They can help you determine the appropriate level of coverage based on your unique financial circumstances.
Why Aspect Underwriting’s Trauma Insurance?
At Aspect Underwriting, we understand life’s uncertainties. Our Trauma Insurance provides crucial benefits upon the diagnosis of a critical illness or severe injury. Here’s why it’s a smart choice:
- Lump Sum Payment: Receive a lump sum for medical bills, rehabilitation, or maintaining your quality of life.
- Broad Eligibility: Available for Australians aged 16 to 65.
- Inflation Proofing: Coverage increases annually to keep up with living costs.
- Long Policy Timeframes: Many policies provide coverage until age 70.
- Complements Other Policies: Works alongside TPD insurance or income protection.
- Coverage for Medical Expenses: Comprehensive protection for various treatments and medical costs.
When considering Aspect Underwriting’s Trauma Insurance, consult a financial adviser for personalised guidance.
Expenses Covered:
- Mortgage repayments
- Household bills
- Credit card debt
- Medical bills
- General living costs
Conditions Covered:
- Cancer
- Stroke
- Heart attacks
- Organ transplants
Applying for Aspect Underwriting’s Trauma Insurance:
- Purchase directly or through an insurance broker.
- Provide honest and complete medical history information.
- Depending on your policy, a medical assessment may be required.
Do You Need a Medical Assessment?
Depending on your specific policy and insurer, you may be required to provide a medical report or undergo a medical assessment conducted by a doctor as part of your application for Aspect Underwriting’s Trauma Insurance.
If you’re unsure where to begin or need assistance securing the right insurance efficiently, Aspect Underwriting is here to help. We can guide you through your financial matters, match you with the right insurance expert, and provide a clear road map for your insurance needs.
Contact Aspect Underwriting today to explore your Trauma Insurance options and ensure that you have the financial protection you need.
Mike Wallis
Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.
