Serious Protection with Trauma Insurance
Supports you and your family while you or your child, navigate a serious illness or injury
We often experience financial hardship as a result of a serious illness or injury to ourselves or a family member. Having trauma insurance can provide much-needed financial support to cover whatever you need, like taking care of medical treatment and rehabilitation costs, or simply allowing you financial breathing space, so you and your family members can recover.
Key benefits of Trauma Insurance
In this post, we’ve used the AIA product as a guide to Trauma Insurance. Our associate advisers deal with most insurance companies that provide a trauma product and they can show you and advise the difference between them all.
- Covers you for over 50 defined medical conditions
- Offers protection if you suffer a major medical condition that isn’t listed in the policy wording, but meets our definition of a ‘severe illness or injury’
- At claim time we’ll take into account the latest recognised medical diagnostic techniques used to assess your covered medical conditions
- Includes some built-in trauma insurance for your children, and is available standalone for children from 2 years old, to support your family should your child face a serious illness or injury
Living Critical Conditions
Traditional trauma insurance, designed to pay a one-off lump sum if you suffer from one of more than 50 defined medical conditions.
Living Progressive Care
Innovative trauma insurance that allows you to make multiple claims, based on the severity of your illness or injury. You’ll be covered for 70 defined medical conditions across five categories: Cancer, Heart and Arteries, Brain and Nerves, Loss of Function, and Other Health Events.
Key Benefits Include
Medical Advancements Provision
If the medical diagnostic techniques and investigations used in our definitions of medical conditions have been superseded due to medical advancements, we will consider these when assessing your claim.
Severe Illness or Injury Benefit
This benefit aims to offer protection if you suffer a major medical condition that isn’t specified in the policy wording, but meets our definition of a severe illness or injury.
Children’s Trauma Benefit
This benefit provides you with some trauma insurance for your children. If a child of the life assured suffers a covered condition, this benefit will pay 50% of the sum assured (up to $50,000). Importantly, the payment of this will not reduce the amount of any trauma insurance remaining for the life assured. The Children’s Trauma Benefit is payable once per child across all AIA policies. A 14 day survival period applies. Exclusions apply for any congenital or pre-existing conditions.
Newborn Children’s Benefit
If a child of a life assured is born with one of five specified congenital conditions and survives for thirty days after birth, this benefit will pay 50% of the sum assured (up to $50,000). The payment of this benefit will not reduce the amount of any trauma insurance remaining for the life assured. Please note that AIA will pay one claim per child under either the Newborn Children’s Benefit or the Children’s Trauma Benefit across all AIA policies. The Newborn Children’s Benefit is payable once per child across all AIA policies. A 12-month stand-down period applies.
Financial and Legal Advice Benefit
This enables you at claim time to access financial and legal advice from an AIA approved financial adviser or legal professional. AIA will reimburse you for fees up to $2,500 (incl. GST). This is a one-off payment across all AIA policies for each life assured.
Return Home Benefit
If you’re outside New Zealand and suffer one of the critical conditions for the first time, you could access up to $10,000 towards the cost for you and a support person to return home.
We will pay up to $2,500 (incl. GST) to cover the cost of a Psychiatrist or Psychologist consultation and counselling for you and/or your family where the treatment directly relates to a claim.
Parents Grieving Benefit
If the worst should happen to your child and they pass away, we’ll help with associated expenses. We will pay you $2,000 for children aged under 10 years and $15,000 for children between 10 and 21 years of age.
Children’s Trauma Conversion Facility
Upon reaching 21 years of age the Built-in Children’s Trauma Benefit or Optional Children’s and Maternity Benefit can be converted to a trauma insurance adult policy without any further medical evidence required, except where there is an increase in cover.
Standalone Conversion Facility
You may convert your standalone trauma insurance to be accelerated with an equal amount of Life Cover without any further medical evidence. Conditions apply.
Premium Conversion Facility
Before reaching the age of 65 years, you have the option to convert all or part of your sum assured to a level premium structure without further medical underwriting.
Future Insurability Benefit
You can apply to increase your sum assured at every third policy anniversary without providing any further medical information. Limits and conditions apply and every increase in cover will result in an increase in premium.
Special Events Increase Facility
Enables you to increase the sum assured under your cover following a significant event in your life which results in increasing financial responsibilities. These significant events include: having a child, your child starting secondary school, taking out or increasing a residential home loan or receiving a salary increase and other major events.
Suspension of Premium Benefit
Enables you to suspend your Trauma insurance should you go on parental leave or on leave without pay for any reason, for up to 12 months. You cannot claim during this time or in the future for any health-related conditions that occur during this suspension period.
Do you need Trauma Insurance?
We can help with claims and dealing with an insurer on your behalf, but we can also recommend a number of advisers who can assist you and give quality advice on trauma insurance.
For more information please use our Contact Form.
Follow us on Facebook.