Every policy with trauma cover comes with a list of definitions that dictates:
- What you can claim for – Trauma definitions
- How your cover is structured – Stand-alone or linked
- Making multiple claims – Trauma reinstatement
- what medical conditions are covered by your policy
- how severe those conditions need to be for a claim to be paid
- what percentage of the sum insured will be paid in the event you suffer one of the covered conditions.
Generally speaking,trauma cover is designed to cover you for serious illnesses that are likely to require expensive medical treatment, a significant recovery period and/or force you to make major lifestyle changes. It is not designed to cover you for minor conditions that require simple or non-invasive treatments.
For example, you may be diagnosed with a skin cancer that hasn’t spread and is treatable in one procedure. Or you may be diagnosed with an aggressive skin cancer that requires chemotherapy or radiotherapy for months. They’re both technically ‘skin cancer’, but they’re very different in terms of their impact on your life.
You can find the trauma definitions that apply to your policy in the relevant Product Disclosure Statement (PDS), with many of these definitions now standard across the life insurance industry. It is worth reviewing and understanding the differences between policies to ensure you get the best cover for you and your loved ones.
Depending on your situation, OneCare advised products may allow you to buy back this extra life cover at some point, but it’s important to note that your life cover is significantly reduced in the meantime.