What is trauma cover?
Trauma insurance will pay you a lump sum to manage the financial impact of a serious medical event or diagnosis, such as a heart attack, cancer, serious head trauma and other events listed. Generally there are 40 – 50 defined medical conditions covered by Trauma cover depending on the insurer.
Why do I need trauma cover?
Life is unpredictable but being financially prepared for unpredictable medical events can help manage the stress associated with becoming unwell.
Trauma cover can help alleviate the financial burden of a serious medical event or diagnosis, allowing you to focus on your recovery and knowing that you and your family will be taken care of.
What conditions/scenarios are covered under trauma?
This will depend on your insurance provider. Some providers cover more medical conditions/diagnosis’ than others. Below are some of the conditions that might be covered (but are not limited to):
- Alzheimer’s disease
- Cancer
- Chronic kidney failure
- Chronic liver disease
- Chronic lung disease
- Heart attack
- Multiple sclerosis
- Severe illnesses such as Crohn’s disease, osteoporosis, rheumatoid arthritis or ulcerative colitis
- Stroke
- Terminal illness
Your Moose insurance adviser will go over all conditions covered in each policy.
What is the difference between a full payment and a partial benefit?
An insurance provider will pay out the full payment for certain medical conditions, however, some medical conditions will have a stand down period, meaning that you are covered after a certain amount of time after your policy has started (a stand down period is usually 3 months).
You will only receive a partial payment for some medical conditions. The partial payment percentage is at the discretion of the insurer but will be outlined in your policy.
Are my children covered under trauma?
Some insurance providers may include cover for your children under trauma policies.
This means that if one or more of your children suffer from an eligible trauma condition (as defined in the policy wording), a percentage of your cover may be paid.
This usually does not affect the parent’s cover; however your Moose insurance adviser will provide you with more in depth detail about each policy.
Will I be covered if I experience more than one unrelated trauma events?
An example of this kind of scenario might be if you are diagnosed with cancer, and then later on experience a heart attack.
Cover for these types of situations will depend on your provider and the type of cover you have. Unfortunately, such scenarios can get quite complex, so it is best to talk to your Moose insurance adviser about the cover which best aligns with your needs and concerns.
Will I be covered if I experience a traumatic medical event more than once ?
An example of this kind of scenario might be that you are diagnosed with cancer, you recover, but then the cancer returns again later in life.
Again, this will depend on your provider, and if it is something you are concerned about, we will outline the best cover for you in your statement of advice.
What details will I have to provide?
To complete your application, we will need to ask about some personal information, including questions about your health and finance.
Are there additional benefits which I can add to my policy?
This will depend on the insurance provider, but most offer the option of add-on benefits to increase your cover. Some add-ons may include:
- Inflation protection
- Buy back life cover
- Trauma reinstatement
- Accidental injury cover
Your Moose insurance adviser will walk you through the additional benefits which you can add to your policy.
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Benefits of getting trauma cover
01 Peace of mind
It is impossible to predict how life will unfold; however, trauma insurance can offer you peace of mind to ensure that you will be appropriately cared for when it comes to claim time.
02 Financial certainty
Taking out trauma cover can relieve the financial stress associated with the health-care costs of a serious medical event. Being sick is stressful enough and it offers financial certainty to know that you are covered if something were to happen.
03 Trusted Advice
Moose insurance advisers are here to make sure your insurance is fit for purpose. We tailor a plan which provides the right cover to meet your needs. This ensures that you are not under- or over-investing in your insurance policy. When it comes to claim time, we are also here to guide you through the process.
04 Built-In children’s benefit
Some insurance providers may provide some built-in trauma cover for your children at no additional cost. Children’s cover will also not affect your sum assured in the event you need to claim. This provides peace of mind knowing that your children will also have a degree of protection.
05 Defined medical Conditions
Trauma insurance offers cover for a number of defined medical conditions which can offer peace of mind knowing exactly what you will be covered for.
06 Lump sum payment
A lump sum payment can provide greater access to medical services which may not covered by the public health system. Your lump sum payment can also be used to help cover living expenses and existing debt.
Why should I use an insurance adviser?
An insurance adviser will be able to run through a series of questions with you, to gather enough information to determine your financial position. This will enable us to understand what type and level of cover would be required to meet your needs, whilst balancing the affordability of your premiums.
Moose Mortgages & Insurance is accredited with a range of providers. This enables us to provide our clients with competitive pricing, and solutions to meet your needs.
- Advice recommended to suit your individual circumstances
- Access to a range of insurance providers
- Save time by letting us do the heavy lifting on your behalf
- On-going management of your insurance policy
- No fee service for our recommendation
Use our link ‘Get Started’ to create a profile, and complete a series of questions to identify what types of insurance you may be interested in. This will take only a couple minutes.
Once you’ve completed our online fact find, an adviser will be in touch to arrange a time to meet you in person, or online through video call to discuss the information disclosed. We will add any additional information that may be fit for purpose, along with a needs analysis to determine suitability of the insurance.
An adviser disclosure document will be provided outlining the adviser’s scope of service, personal details including FSP (Financial Service Provider) registration number, and how we are paid by the insurance companies. If a fee applies for our advice this would be disclosed upfront prior to you engaging our services
After we’ve gathered all the information from our meeting, we will begin the process of research and analysis. This will include comparing product provider’s pricing, product benefits and features, insurer financial ratings, and claim payout percentages for the previous year.
We will use our research findings to tailor a recommendation that is aligned to the needs based information gathered in our first meeting.
Once our recommendations are ready we will arrange a time to catch up with you to review the document either in person, or online through screenshare.
In this second meeting in person, or through screenshare, the adviser will talk you through the options in our statement of advice (recommendation) document, and answer any questions you may have.
If the advice provided requires variations the adviser will take notes, and rework the recommendations to ensure your needs are met prior to you either accepting, or declining the recommendations.
If you accept the recommendations provided by the adviser, we will lodge an application to the insurance provider on your behalf. This will require us to complete the insurer’s health questionnaire along with your personal details. This application usually takes around 20 – 30 minutes to complete.
Your completed application will be sent to underwriting for approval, where they will either issue the policy if there are no conditions, or come back to us to advise you there are conditions for us to work through prior to the insurer providing you a policy offer to accept.
Your adviser will contact you annually to review your insurance. This is to ensure that your cover remains fit for purpose through the changes in your life. We are here to ensure you are looked after for the long term.