GET A QUOTE FOR ONE OF THE BEST TRAUMA INSURANCE PRODUCTS
HOW MUCH DOES TRAUMA/CRITICAL ILLNESS INSURANCE COST?
The cost of Aspect’s Critical Illness insurance cover depends on your circumstances and the sum you want to insure. Based on your circumstances, you can use our free online Trauma Insurance quote generator in under 10 minutes to find out how much it will cost you.
WHAT ARE BENEFITS OF CRITICAL ILLNESS INSURANCE?
WHY ASPECT TRAUMA INSURANCE?
- Covers 11 critical illnesses, including Cancer, Heart Attack, Stroke & Coronary Artery bypass surgery.
- Benefit amounts range from $50,000 to $500,000
- Eligible for Australians between 18 to 64 years old.
- Affordable and flexible trauma cover.
- Cover for a wide range of occupations.
- Fully transparent cover that offers greater certainty around the claim amount.
- Upfront premium details – no hidden charges.
- Trauma insurance cover backed by Lloyd’s.
What is covered?
The most common Trauma Insurance claims are made for cancer, heart attack, coronary bypass, and strokes. However, Aspect’s Trauma Cover also includes many other critical illnesses that can have significant financial implications if diagnosed. These are as follows:
- Aorta Surgery
- Benign Brain Tumour
- Coronary Artery By-Pass Surgery
- Heart Surgery
- Heart Valve Replacement or Repair
- Kidney Failure
- Major Organ Transplant
- Multiple Sclerosis
What is excluded?
An Aspect Trauma Policy offers comprehensive cover to our customers, but we also have standard terms & conditions. For example, we are unable to provide you with a benefit if the claim arises directly or indirectly from the following circumstances:
- Taking part in boxing, caving, horse racing, martial arts, mountaineering, pot-holing, underwater diving, yacht racing or in a race, trial, practice, or timed motorsports.
- Unreasonable actions and failure to follow medical advice.
- Infection with Human immunodeficiency virus (HIV) or conditions due to Acquired Immune Deficiency Syndrome (AIDS).
- The insured person is suffering from any Nervous, Mental or Psychiatric Disorders.
Read our Product Disclosure Statement for the full benefits, terms, conditions and exclusions applicable to the policy.
What are the Benefits?
As a leader in the Australian Accident & Health insurance sector, Aspect’s trauma cover comes with many features that help us stand out from the rest. Here are some of the benefits of purchasing Trauma Cover with Aspect:
- Payment on the diagnosis of illness, without having to prove you can’t work, unlike TPD.
- You can spend the amount at will. You are not bound to spend it on specific items.
- Guaranteed renewable policy provided premiums are paid as due until the insured’s 65th birthday.
- Ability to bundle it with Income Protection, TPD & Accidental Death cover to get a comprehensive insurance package.
Read our Product Disclosure Statement here for the full benefits, terms, conditions and exclusions applicable to the policy.
What Is the waiting period?
It’s standard for a waiting period to apply to Trauma Cover. With the Aspect Trauma Cover there is a three-month waiting period for the following medical events, starting from the date this policy began and the date you selected this benefit:
- Heart attack
- Coronary Artery By-Pass Surgery
Nevertheless, this might not be applicable if you’ve transferred from another insurer after completing the 3-month waiting period because the policy only applies to the level of trauma coverage you had with the other insurer. Be sure to read all the provisions applicable to this cover.
Aspect’s Accident & Health insurance products give you the option to get a customised quote that fits your needs. Our intelligent cover builder provides you with the flexibility to get a quote for a standalone Trauma insurance cover; combine it with any of the following products or get a quote for the complete package and purchase it to protect your family’s financial security during difficult times:
Income Protection Insurance
Income protection insurance is a product that replaces your income if you are temporarily unable to work due to illness or injury. Most policies will provide you with a fortnightly or monthly benefit payment of up to 75% (some up to 85%) of the income amount you’ve insured. This can also be customised to include an additional benefits bundle, by paying an additional premium, for benefits such as overseas assistance, child’s trauma and housekeeper benefits.
Accidental Death Insurance
Accidental Death Insurance (death by injury) is an easy and low-cost alternative to Life Insurance (death by any cause), or a good way to supplement an existing life benefit. Accidental death cover will pay your estate a benefit amount upon your death as a result of an accident/injury. It differs from life insurance as you will not be paid a benefit if an illness is the cause of your death. Accidental death cover is significantly cheaper than life insurance because it only covers injury. Generally, the sum insured would be $100,000 to $1,000,000, depending on your circumstances.
Total & Permanent Disability Insurance
Total and Permanent Disability insurance pays you a lump sum amount if you suffer from a severe illness or injury that restricts you from working permanently. Aspect TPD cover is available for wide range of occupations. Whether you are in a white blue-collar worker, we cover the majority of professions. Insure for up to $1,000,000 benefit TPD cover.
FREQUENTLY ASKED QUESTIONS
Health insurance covers medical and hospitalisation expenses. The insurer usually pays the medical facility directly and there are often certain expenses not covered by your Health Insurer or Medicare (often referred to as ‘Out of Pocket’ expenses.
On the other hand, Trauma or Critical Illness cover offers a lump sum benefit upon diagnosis of serious diseases such as cancer, multiple sclerosis, kidney failure, bypass surgery and hospitalisation or absence from your work is not required. The insured also can spend the benefit amount however they want.
Life insurance pays a lump sum of cash if you either pass away or are diagnosed with a terminal illness.
Whereas Trauma Insurance pays a lump sum of cash if you fall ill with one of the specified conditions. Learn more about how they cover you here.
Critical Illness and Trauma Insurance both refer to the same insurance product. When you are diagnosed with an illness listed in the policy terms, you will be paid out a lump sum. In contrast, Income Protection Insurance pays you a certain portion of your income if you are unable to work. The benefits cease when you are fit to work again. Learn more about these products here.
Applicants should consider their financial situation, age, and family circumstances when purchasing the cover. You’d need to considerany other types of accident & health insurance you may have, private health insurance, eligibility for government benefits, your families caring capacity and how much income your family can still provide without you working.
In any insurance policy, the insured can only make a claim once for the same condition during the policy period. In a Trauma Insurance policy at Aspect, a benefit is paid for any specified condition within the coverage period, after which the policy ends.
Benefit payments received from Trauma policies are not recognised as income, and therefore premium payments for individuals cannot be claimed as expenses in assessable income. For this reason, Trauma premiums and benefits are not tax-deductible in Australia.
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