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.
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