Recovery Insurance Fact Sheet

What is Trauma or Recovery Insurance?

At Suncorp, we like to call trauma insurance recovery insurance – because that’s exactly what it is. If you are sick, injured or have some sort of serious medical illness, trauma insurance will cover your expenses until your back on your feet.

Why should you have recovery insurance? Because when the something happens that’s out of your control, that requires you to take some time out and recover – the last thing you want to worrying about is your finances! You need to put your feet up and concentrate on getting better, and back into the workforce. A lump sum cash amount will allow you some breathing space to cover any expenses you need – mortgage or rent, grocery bills, kids school fees – we basically give you the money to keep things ticking along until you can start earning money again.

When it comes to recovery (or trauma) insurance, there are a number of factors to consider before you take out a policy:

  • Medical definitions is a big one – each and every insurer maintains their own list of medical conditions and what they are willing to cover in the event of a serious illness or injury. What one company defines as a 'severe burn' may not be considered 'severe' enough by another. Make sure you go through each policy with a  fine tooth comb to make sure your happy with both the level of cover you would receive and the conditions you would like to be covered for. Most companies will cover you fully, or partially, for the following conditions:
    • aplastic anaemia
    • benign brain tumour
    • blindness
    • Cancer
    • Cardiomyopathy
    • chronic kidney (renal) failure
    • chronic liver disease
    • chronic lung disease
    • coma
    • coronary artery angioplasty - triple vessel
    • coronary artery surgery
    • deafness
    • dementia
    • encephalitis
    • heart attack
    • heart surgery (open)
    • HIV - medically acquired
    • HIV - occupationally acquired
    • intensive care
    • loss of speech
    • major head recovery
    • major organ transplant
    • Motor Neurone Disease
    • Multiple Sclerosis
    • Muscular Dystrophy
    • out of hospital cardiac arrest
    • Paraplegia
    • Parkinson's Disease
    • primary pulmonary hypertension
    • repair or replacement of aorta
    • repair or replacement of valves
    • severe burns
    • stroke     
  • Part payments may also be a good option to look out for – some companies will still pay you a partial amount of your cover if they don’t seem your illness or injury to be serious enough for a full pay-out.
  • Premiums is the other point to consider – how much do you want to be covered for and how much will that set you back each month. Recovery (or trauma) insurance premiums vary according to many factors including your age and occupation. A 45-year-old female registered nurse could buy a Recovery policy worth $136,950 for just $2 a day - roughly the equivalent weekly cost of renting a couple of DVDs. The cost of Recovery cover can sometimes be reduced if it is bought as part of a package also including Life and TPD Cover – Suncorp offers a tailored insurance solution, including recovery (or trauma) insurance as a part of our Lifeguard Solution - speak to one of our financial Advisors for more information on this product.