What is trauma insurance?

Trauma insurance is a safety net that can support your family while you get back on your feet 

With one in two Australian men and one in three Australian women expected to be diagnosed with cancer by the age of 851, many families are learning first-hand how an illness can interrupt their lives.

But should the worst occur, the home loan and school fees will still have to be paid – on top of medical expenses – while you work towards getting better. Trauma insurance can help you achieve this.

How does it work?

Trauma cover provides you with a lump-sum payment if you're diagnosed with a specified medical condition – such as cancer or a stroke – undergo a specified medical procedure, or are seriously injured, as set out in the policy.

In most cases, once your claim has been approved, you’ll receive your lump sum without a waiting period. And you don’t have to be employed to receive the lump sum. So whether you’re working or not you’ll be able to recover without financial stress.

If you’re a parent, you could consider insuring your children too. If your child becomes ill or injured as set out in the policy, a lump sum could help relieve the burden of your child’s ongoing care.

As with any type of insurance, it’s important to understand how much insurance you need.

What about private health cover?

Private health cover will generally only help pay your hospital and medical bills, and possibly some rehabilitation expenses, depending on the extras cover you have.

A trauma insurance lump sum can help you meet expenses on top of this, such as additional medical costs, repaying your home loan and other debts, covering the costs of rehabilitation or any modifications you may need to make to your home, in the case of a serious illness or injury.

Make sure you get back on your feet

It’s easy to avoid thinking about challenging life experiences like an illness or injury. In fact, it feels better when we look on the bright side. But it’s possible to be positive and practical at the same time, by insuring yourself for when you and your loved ones may really need it.

Speak with your financial adviser about how trauma insurance could help you and your family - or call us on 131 267.

How much insurance do you need?

There are many factors that come into consideration. Our calculator can help you work out what type and how much cover you may require.

Find out now

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© AMP Life Limited. It’s important to consider your particular circumstances and read the relevant product disclosure statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

Although the information in this article is from sources considered reliable, AMP does not guarantee that it is accurate or complete. You should not rely upon it and should seek qualified advice before making any investment decisions. Except where liability under any statute cannot be excluded, AMP does not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.