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The Odds of Dying, The Odds of Living: Do I Need Trauma Insurance?


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Around 2% of the population is legally blind. Around 12 in 10,000 people get Parkinson's Disease. One in every two Queenslanders is treated for skin cancer in their lifetime. For most of us, we've had no serious health problems before . . . and we tend to assume that the future will continue in much the same way, on the right side of those statistics! Unfortunately, when you add up all the possible things that can happen to you in your life, the odds start stacking against you, rather than in your favour. This makes trauma insurance perhaps the most sensible kind of insurance that anybody can take out. Today we check out the odds that an ‘insured event’ will happen to you while you are covered by trauma insurance, as well as some things that modify your need for the cover.

Your risk of undergoing an ‘insured event’

What do the stats say about your likelihood of having to claim on trauma insurance for a particular condition?

  • Cancer: The Australian Institute of Health and Welfare says that around 402 people of 100,000 will be diagnosed with cancer in a given year.
  • Parkinson's Disease: Crude prevalence is estimated at 120 per 100,000
  • Blindness: The WHO estimates that around 2.6% of the worldwide population is visually impaired, with 0.6% considered legally blind
  • Stroke: Around one stroke occurs in Australia every 10 minutes. There will be around 60,000 new and recurrent cases of stroke in Australia in 2010

Do you have a risky lifestyle?

If you drink, smoke or are overweight, you may pay more for trauma insurance - but also have a greatly increased chance of needing that payout.

What are the conditions you are most at risk of?

Figures from Australian life insurance companies show that 95% of trauma insurance claims fit within the top 4 traumas (1). These include:

  • Cancer
  • Stroke
  • Heart attack
  • Heart disease

When comparing trauma insurance policies, it may be a good idea to take a look at the definitions of the top 4 trauma insurance claims. Ensure you understand these definitions, and that they provide adequate coverage to meet your needs. This is particularly important if you have family history of these types of traumatic events.

Most life insurance companies also offer additional coverage for certain traumatic events or conditions at an additional cost. These extra trauma insurance ‘options’ will vary between each insurer as to what is covered and to what extent, with their own pro’s and con’s. Depending on your needs, these extra conditions can offer greater peace of mind.

Trauma conditions and events do not discriminate by gender, so it is important for both men and women to have adequate trauma insurance coverage. There are a myriad of medical conditions and events that life insurance companies will cover. You may like to discuss these conditions with a loved one, and perhaps even a financial adviser who can help you decide which policy offers coverage to suit your situation.

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