Critical Illness (trauma) Insurance in Australia
Critical Illness insurance, also known as Trauma Insurance in Australia is characterised by lump sum payments for listed medical events. Unlike in the United Kingdom, Trauma Insurance conditions are not standardised and market competition is based on both premium and policy definitions. It is not uncommon for an Australian Trauma Insurance policy to list 40+ definitions, including Cancer, Heart Attack, Strokes. Around 85% of Trauma Insurance claims paid in Australia are for either Cancer or Heart Disease. It is not uncommon for policies to also offer partial payments, if the condition suffered does not meet the full definition required for a full claim payout.
Trauma Insurance policies in Australia are most commonly linked to Life Insurance policies, however can be taken as a stand-alone policy and where a Trauma Insurance policy is linked, it will normally deduct the balance of the insured Life Insurance amount.
Trauma Insurance policies in Australia when used to provide personal protection, are generally not tax deductible and any claim proceeds are not taxable. Trauma Insurance is not not offered in Superannuation as the definitions available for payment do not always align with the required conditions of release.
Read more about this topic: Critical Illness Insurance
Famous quotes containing the words critical, illness, insurance and/or australia:
“Good critical writing is measured by the perception and evaluation of the subject; bad critical writing by the necessity of maintaining the professional standing of the critic.”
—Raymond Chandler (1888–1959)
“Men have their own questions, and they differ from those of mothers. New mothers are more interested in nutrition and vulnerability to illness while fathers tend to ask about when they can take their babies out of the house or how much sleep babies really need.”
—Kyle D. Pruett (20th century)
“Women hock their jewels and their husbands’ insurance policies to acquire an unaccustomed shade in hair or crêpe de chine. Why then is it that when anyone commits anything novel in the arts he should be always greeted by this same peevish howl of pain and surprise? One is led to suspect that the interest people show in these much talked of commodities, painting, music, and writing, cannot be very deep or very genuine when they so wince under an unexpected impact.”
—John Dos Passos (1896–1970)
“It is very considerably smaller than Australia and British Somaliland put together. As things stand at present there is nothing much the Texans can do about this, and ... they are inclined to shy away from the subject in ordinary conversation, muttering defensively about the size of oranges.”
—Alex Atkinson, British humor writer. repr. In Present Laughter, ed. Alan Coren (1982)