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Trauma insurance (also called critical illness cover) pays a tax-free lump sum if you are diagnosed with a specified serious illness such as cancer, heart attack, stroke, or coronary bypass surgery — regardless of whether you can continue working. It is designed to cover medical treatment costs, time off during recovery, and financial adjustments to your life.
Life insurance pays on death or terminal illness. TPD pays when you are permanently unable to work. Trauma insurance is unique because it pays on diagnosis of a specified illness — even if you are expected to recover and return to work. A cancer patient who undergoes treatment and fully recovers would receive a trauma payment despite returning to full capacity. This makes trauma insurance particularly valuable as Australia's survival rates for major illnesses continue to improve.
Most policies cover 30–50+ defined conditions, including: most cancers, heart attack, stroke, coronary artery bypass surgery, heart valve surgery, organ transplant, kidney failure, blindness, deafness, severe burns, and major head trauma. The precise definitions and waiting periods for each condition vary between insurers — particularly for cancer (some policies exclude early stage cancers or carcinoma in situ). Comparing policy definitions is important when choosing cover.
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