INSURANCE BEENFITS

What is Trauma Insurance?

Trauma insurance, or critical illness insurance, offers a financial safety net by providing a lump sum payment upon diagnosis of a covered critical condition. This flexible fund can be used for any purpose, helping cover medical bills, daily expenses, or lost income during recovery. It’s designed to shield against the unseen economic impact of serious health issues—beyond just medical costs, addressing income loss, ongoing household expenses, and the costs associated with long-term recovery. Trauma insurance ensures financial stability, allowing you and your family to focus on recovery without the burden of financial worries. It’s a key component of a robust financial plan, offering protection in an era where surviving serious illnesses is increasingly common.

income protection

INSURANCE BEENFITS

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Consider potential financial stress from a trauma:

  • Loss of job, Loss of income

  • Cost of long-term rehabilitation

  • The potentially increased living expense after a trauma

  • Repayment of liability will continue, such as mortgage

  • Home care and service

  • Significantly decreased family cash flow

  • Trauma insurance could help you release from financial stress, include but not limited to the above.

Why get insurance advice?​

Seeking insurance advice from our advisors offers you a dual advantage. They possess comprehensive expertise in our range of insurance products, including life, trauma, disability, and health insurance, and they bring a deep insight into your unique financial circumstances. This ensures you're guided towards making informed decisions that align perfectly with your needs, providing you with the right coverage for your specific situation.

Q1: Do Trauma Insurance and Health Insurance conflict?

Trauma Insurance: The guardian of your family’s financial well-being in uncertain times! Trauma insurance and health insurance do not conflict.

 

Health insurance covers medical bills regardless of the severity of the illness, reimbursing expenses for specified medical procedures (such as specialist consultations, tests, surgeries, etc.) based on actual costs. In contrast, trauma insurance provides a lump sum payment upon diagnosis of a specified serious condition (with predetermined coverage amounts).
If one has both trauma and health insurance and is diagnosed with a specified condition covered by critical illness insurance, both policies can pay out simultaneously. This means medical treatment costs are covered, and there’s also a cash flow available for various family expenses.
*This condition is not exempted by health insurance policies.

Q2: Can you purchase multiple trauma insurance policies?

 

 

Yes, you can!

 

 

In the realm of insurance, an individual’s risk is immeasurable, meaning you can theoretically secure yourself with any number of trauma insurance policies, each offering any amount of coverage. If, unfortunately, diagnosed, these policies can all payout simultaneously. However, each insurance company’s terms and underwriting requirements vary, so your total insurable amount may be limited by the insurer’s policies.

The origin of trauma insurance

Trauma insurance was first introduced in 1983 by Dr. Marius Barnard, a South African surgeon, in collaboration with insurance companies. Inspired by witnessing the financial devastation that serious illnesses brought to patients and their families, Dr. Barnard created trauma insurance to offer financial relief. One notable case was a young mother with lung cancer, whose family faced financial ruin due to her illness. This led to the realization that while patients might survive their illness, their financial health often did not. Dr. Barnard famously said, “You need trauma insurance not because you are going to die, but because you are going to live.” Trauma insurance thus became a crucial tool for survivors, providing them with financial support to focus on recovery without the added stress of financial hardship.

TRAUMA INSURANCE

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FAQs

? Which kind of illness or injury is insured?

Depends on the product you choose. Each company has a list of insured critical conditions, normally the insured conditions are range from 50 to 70 in NZ market, such as cancer, stroke, heart attack, paralysis etc. Please have a talk with advisors for details.

? Any limit of using the claim amount?

No, you can use the money for any purposes. Especially, you can use it to relieve financial stress.

? Can I buy more than one trauma insurance?

Yes, of course. Trauma insurance is a kind of life risk insurance. In the field of insurance, person's life is invaluable. You can buy several policies as long as the insurer can provide you an offer. Please disclose your existing policies when you buy another one.

? Is there a conflict between Trauma and Health insurance?

No, they are two kinds of insurances. If an insured critical condition comes, the health insurance will pay the cost of medcial procedures based on invocie, meanwhile the trauma insurance will pay out a one-off lump sum.

? Is there a waiting period of trauma insurance?

Depends on your policy terms. Normally, some of the insured conditions have a 3 months waiting period, such as cancer. Please carefully check the details of policy wording.

? Can I buy a new policy after a trauma claim?

Too be frank, it very difficult to buy a new trauma insurance if you have made a trauma claim. But most of the insurers provide "Buy-back" rider which give you right to reinstate your cover without further medical information following a trauma claim. Please talk with advisor for deatail.