Trauma Insurance

What does trauma insurance cover?

Also known as ‘critical illness’ or ‘recovery insurance’, trauma insurance pays a lump sum amount if you are dealing with a critical illness or serious injury. This can be a heart condition, cancer, major injury or stroke. However, trauma insurance does not cover mental health conditions. What is covered under trauma insurance policies can vary between insurers so it is always important to understand your terms. Always read the product disclosure statement.

What can trauma insurance be used for?

Do you need trauma insurance?

If you are deciding whether or not you need trauma insurance, here are some things to think about:

If you need help figuring out whether you need trauma insurance and how much, Wagtail Wealth is always here for advice.

How do I purchase trauma insurance?

You can either purchase trauma insurance directly from an insurance company, through a financial advisor or insurance broker. There is a choice to purchase trauma insurance individually or packaged with life cover and TPD insurance. If you buy trauma packaged with life cover, your cover could be reduced due to the presence of the trauma claim. To see if this policy applies, ask your insurer or read the product disclosure statement.

Information you need to provide to your insurer?

Your insurer needs details to decide whether to provide you with trauma insurance or not. You need to give them the following information when you apply and renew your insurance.

Details include:

The information provided will help the insurer determine:

Failure to answer these details honestly may result in an insurer declining your claim. It is also important to check if the policy will cover you for claims associated with COVID-19. For more information, contact Wagtail Wealth today.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

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