We may feel invincible when we’re young, but the truth is that a trauma event can happen to us at any stage. It makes sense to ensure you have the appropriate cover as soon as possible.

Unfortunately, trauma insurance cannot be funded by your super
due to SIS regulations.

What is trauma insurance for?

If you suffer one of the listed medical conditions under the policy – such as cancer, a heart attack or a stroke – trauma insurance pays you a lump sum amount. You can use it for any purpose, but people often use it to:

Pay for treatment costs over and above what is covered by Medicare or health insurance – and these can be very substantial costs.

Pay for the best treatment available (this could include treatment overseas).

Make lifestyle changes so they can focus on recovery.

Take time off work or take a family holiday.

Take pressure off their finances by potentially reducing debt.

What are the chances I’ll need it?

There’s no easy way to answer this, as many factors are involved. However, here are some guiding numbers from the FSC-KPMG life insurance data project:

Around 1.1 million covers were active in 2019.

5,159 claims were paid, 58% of which related to cancer.

There was an acceptance rate of 86%.