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Trauma Insurance

A lump sum payment helps pay your expenses while you take time out to recover if you are diagnosed with certain serious illnesses.

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Trauma Insurance provides a lump sum payment to help you financially while you take time out to recover from a serious illness. It is designed to pay out on diagnosis (or occurrence) of one of a list of specified serious medical conditions and procedures. Each insurance company maintains their own list, but they generally include serious medical conditions such as cancer, heart attack or stroke.

How much is enough?

How much trauma insurance you'll need depends largely on your personal situation, but many people choose an amount that will help with debt reduction, medical expenses and ongoing household costs.

The right amount of cover means that in the event of serious illness or injury you’ll have funds available to:

  • Reduce or eliminate mortgage and other debt
  • Make home modifications or pay for rehabilitation
  • Pay for medical and treatment costs
  • Meet ongoing household expenses
  • Fund a lifestyle change.

To discuss the level of trauma insurance that’s right for your situation, make an appointment with a Suncorp Financial Adviser.

Trauma Insurance from Suncorp

Suncorp Financial Advisers can work with you to determine an appropriate level of cover for your needs. And because we undertake an assessment of your current situation and medical history, the insurance you'll receive is likely to be more relevant and cost-effective. 

Customer case study

Darren, 34

Darren, 34, is an electrician employed by a national building contractor, when six years ago on the advice of his older brother, Darren talked to a financial adviser about insurance protection. Although single at the time with no children or major financial commitments, he insured his life and took out income protection and recovery cover of $200,000.

Darren's main interest in life, aside from Kerry, his partner of two years, is cricket. Priding himself on keeping fit and healthy, he is a longstanding member of his local club side with a reputation as a reliable opening batsman.

One Sunday at an away match two hours from home, he was waiting to go out to bat when he suddenly blacked out and collapsed. He was rushed to hospital, semi-conscious.

Darren regained full consciousness at the hospital, and after urgent and extensive medical testing, he was diagnosed as having suffered a minor stroke. This news came as both a relief and a shock to him and Kerry - relief that he had not suffered something even more serious, and shock that someone his age could have a stroke, a medical condition they had both previously thought only affected much older people.

After a period of rehabilitation, he made an almost full recovery, but was told that he would be on medication for the rest of his life to prevent further strokes.
While he was convalescing, his brother reminded him to check with his financial adviser about whether any of the insurance policies he'd taken out a few years ago would cover him now. Darren did so and learnt he could claim under his recovery policy, since stroke was one of the stipulated medical conditions. With his adviser's help he made the claim and received the full payment of $200,000.

He and Kerry paid off a substantial part of the home loan they had only recently taken out. They also decided they needed a holiday, and used some of the money to take a luxury three-week trip to the USA and Mexico.

Darren also claimed on his Specified Recovery benefit, under his income protection policy, while he was off work. This helped cover their everyday expenses such as their home loan and other bills.

Darren returned to work after four months, and resumed playing cricket two months after that, when the new season began.

Based on a real claim. Names have been changed. This is an example only. Grounds for making a claim and level of benefit can vary from one policy to another depending on their terms.

Based on a real claim. Names have been changed. This is an example only. Grounds for making a claim and level of benefit can vary from one policy to another depending on their terms.

Want to know more?

This is just a summary, for full details of what is and isn't covered please read the Asteron Life Complete Product Disclosure Statement (PDS)

To discuss the level of Trauma Insurance that’s right for your situation, make an appointment with a Suncorp Financial Adviser

Book an appointment

or call 13 11 55