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NobleOak’s Premium Life Direct products include comprehensive Trauma Insurance cover of up to $2,000,000. This cover pays a lump sum benefit on the diagnosis of one of the 38 listed medical conditions under NobleOak Trauma cover. Trauma Insurance is available as an optional extra with Life Insurance or stand-alone cover.
Where Trauma Insurance is taken with Life Insurance, any claim paid will reduce the remaining Life Insurance cover amount by the amount of the Trauma Benefit paid. For stand-alone Trauma Insurance, any claim paid will have no impact on any other insurance cover you hold with NobleOak.
Award-Winning Trauma Insurance
We are proud of being able to protect Australian’s with outstanding value cover backed by a global reinsurer. It’s one reason why we have won the Strategic Insights Direct Life Insurance Excellence Awards for our Standalone Trauma cover in 2016 and 2017.
No Surprises Cover
We offer fully underwritten Trauma Insurance cover. This means we take time to get to know you upfront by asking health and lifestyles questions. This results in cover that is tailored to you, providing you and your loved ones with greater certainty in the event of a claim.
Trauma Insurance Features
To help protect you against inflation, your Trauma cover sum insured will increase each year using the Consumer Price Index. Your premiums will be adjusted accordingly with these increases.
Dedicated Claims Support
If you or your family need to make a claim you’ll be assigned a dedicated claims consultant based here in Australia. This consultant will support you throughout the claim process.
Cover with Global Backing
NobleOak’s products are backed by Hannover Life Re who is a leading global reinsurer. We are also an APRA regulated Life Insurer with a history dating back over 140 years.
Trauma Events Covered
Main Trauma Events
- Coronary Artery Angioplasty
- Coronary Artery By-pass Surgery
- Heart Attack
- Other Serious Coronary Artery Disease
Other Trauma Events
- Accidental HIV Infection
- Alzheimer’s Disease/Irreversible Organic Disorder
- Aplastic Anaemia
- Bacterial Meningitis
- Chronic Liver Disease
- Chronic Lung Disease
- Heart Valve Replacement
- Kidney Failure
- Loss of Hearing
- Loss of Independence
- Loss of Limbs and/or Sight
- Loss of Speech
- Major Brain Injury
- Major Burns
- Major Organ Transplant
- Motor Neurone Disease
- Multiple Sclerosis
- Muscular Dystrophy
- Parkinson’s Disease
- Pulmonary Arterial Hypertension (Primary)
- Surgery to Aorta
- Terminal Illness
- Viral Encephalitis
See our PDS for full definitions, conditions, waiting periods and any exclusions applicable for each Trauma Event.
Premium Freeze Benefit
You can fix the cost of your cover at any time by writing to us with a request to freeze the premium amount. This means that:
- Your future premiums will be fixed at the amount you were paying on the date of notification.
- Each year your Trauma cover sum insured will be reduced to the amount of cover that could be purchased with the frozen premium.
You can write to us at any time to end the Premium Freeze Benefit and the premium freeze will be removed on the next anniversary of your cover. Your cover will then revert to the normal premium and cover increases each year thereafter.
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How to Apply
Get a Quote
One of our friendly insurance specialists will help you complete your Trauma Insurance quote over the phone or online.
If you’re happy with the quote, you can apply immediately for Trauma cover either over the phone or book a time for a call back.
We”ll assess your application. If you require medical tests we’ll pay for them and keep you updated on your progress.
Trauma Insurance Simplified
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Frequently Asked Questions
What is Trauma Insurance?
Trauma Insurance provides a one-off payment if you are diagnosed with one of the 38 listed medical conditions under NobleOak’s Trauma cover. This payment will help to ease financial pressures and allow you to take time away from work and focus on your recovery.
A serious illness can have a major impact on a family’s life and finances. If a major trauma such as a heart attack strikes the main breadwinner, leaving them unable to work for many months, it can become difficult to manage mortgage payments and ongoing household and medical bills.
Statistics show that we are much more likely to suffer, and recover from, a major trauma event than to die before the age of 70. Many people go on to lead normal lives after surviving a serious trauma event, but the economic impact can last for years, and some people may never recover their former financial standing.
The ‘Big 4’: Cancer, Heart Attack, Stroke and Coronary Bypass
NobleOak’s Trauma Insurance includes cover for 38 serious medical conditions, including the ‘big 4’ – cancer, heart attack, stroke and coronary bypass surgery, which account for over 90% of all trauma claims paid across the Australian Life Insurance industry to date.
According to the Australian Bureau of Statistics, cardiovascular disease – the umbrella term used to describe heart disease, stroke and blood vessel diseases, is the leading cause of death in Australia. Cardiovascular disease claimed over 45,000 lives across Australia, or nearly 30% of all deaths in 2015 alone.
This disease itself currently affects around 4.2 million Australians, or one in every six people. Cardiovascular disease was the main cause of 490,000 hospitalisations in 2014/15, with another 54,000 Australians suffering a heart attack during this time. The vast majority of people who suffer this major trauma event fully recovered and went on to lead productive lives.
The prognosis for cancer patients tells a similar story. In 2017, it was estimated that 134,174 Australians were diagnosed with some form of cancer. It’s estimated that one in every four Australian women and one in every three Australian men will be diagnosed with cancer before they reach age 75, with their chance of surviving for at least a five-year period being approximately 68%.
How does Trauma Insurance work?
Trauma Insurance cover, also known as Critical Illness or Recovery Insurance, covers you in the event you are diagnosed with one of the listed medical condition. Trauma cover is paid as a lump sum and can assist with the costs of surgery and any ongoing treatment for the medical condition. The payment can also be used to cover any lifestyle changes that might be necessary to help manage the condition.
What Conditions are Covered?
The four main listed conditions, accounting for up to 90% of Trauma claims, are Cancer, Heart Attack, Coronary Artery Bypass Surgery and Stroke. NobleOak Trauma Insurance also provides cover for another 34 medical events, including conditions such as Major Brain Injury, Multiple Sclerosis, Parkinson’s Disease, Blindness, Paraplegia and Dementia.
How Can Trauma Insurance Help?
If you suddenly suffered a heart attack or stroke, in addition to the time spent recovering in hospital you may also need to take extra time off work, or cut back your work hours. The Trauma cover payment can assist in covering expensive treatment which isn’t covered by Medicare or your health fund, and ensure you receive the best care available whilst you recover. In addition, many major traumas may require home modifications to cope with changes to mobility. Trauma Insurance helps reduce the financial pressures, so you can focus on recovering instead of worrying about your finances.
In the case of severely debilitating conditions, your partner might need to give up work to look after you.
Trauma cover can also be used to pay off any large debts, such as the mortgage, or go towards the cost of travelling interstate, or overseas, to access the best medical care. It could also pay for a stress-free holiday to help with your recovery.
Protection for Your Family
Suffering a major Trauma event can be life-changing for you and your family. Even if you make a full recovery, the financial impact could remain for many years. Many families may never fully recover financially. Trauma Insurance can help make sure your family’s financial situation remains intact.
How much Trauma Insurance do I need?
You can insure for cover up to $2 million which is significantly more than most other direct insurers. As a general ‘rule of thumb’ you should use a multiple of between 5 and 10 times your salary as a general guide for cover. This can be higher however will be subject to your budget.
Most importantly, Trauma insurance cover is designed to reduce your financial pressures while you are receiving treatment and recovering.
Trauma premiums are generally higher than Life Cover and TPD Insurance premiums, particularly at older ages, so this could also influence the amount of cover you choose.
Is Trauma Insurance tax deductible?
Trauma Insurance payments are not considered to be income replacement and the premiums payable for Trauma Insurance are generally not tax-deductible according to the Australian Taxation Office (ATO).
Any Trauma Insurance payment will be tax-free. Trauma benefit payments are also generally exempt from capital gains tax if it is paid to the policy holder or a specified relative. This favourable tax treatment helps ensure Trauma Insurance can deliver maximum financial relief if you are diagnosed with one of NobleOak’s 38 listed medical conditions.
What’s the difference between Trauma and Health Insurance?
If you’re considering how to best protect your financial future, you might be wondering why you may need Trauma Insurance if you already hold Private Health Insurance. While both types of insurance can be extremely valuable if you become seriously ill or injured, they are designed to help you in very different ways.
What Private Health Insurance Does
When you have Private Health Insurance, the insurer helps to cover the cost of medical treatment by paying the service provider directly.
With Private Health Insurance, you can most likely choose your own doctor, surgeon and hospital, and you likely won’t have to wait long to be treated. You can also access specialist treatments like physiotherapy which may not be covered by Medicare.
In other words, Private Health Insurance is designed to help take care of your immediate health needs only.
Why Trauma Insurance Differs
With Trauma Insurance, a lump sum payment is made directly to the Life insured on confirmation of the diagnosis of one of the 38 listed medical conditions, regardless of whether it can be successfully treated or not.
This payment can be used in any way you like, particularly any expensive treatment costs, and ongoing day-to-day living expenses.
In summary, while Private Health Insurance is an important safeguard which can assist with your immediate health treatment costs, the lump sum payment provided by Trauma Insurance can ease the financial burden for you and your family over the longer term.