More about the Trauma Benefit
The 'Trauma Benefit' in My Protection Plan, pays a benefit if the life insured is diagnosed with one of the following serious conditions:
Neurological Conditions
- Alzheimer’s disease - dementia (diagnosis)
- stroke (of specified severity)*
- multiple sclerosis (with impairment level)
Cancers and Tumours Conditions
- benign tumour in the brain or spinal cord (with neurological deficit)*
- cancer (excluding early stage cancers)*
- carcinoma in situ of the breast (of specified severity)*
- chronic lymphocytic leukemia (of specified severity)*
- melanoma (of specified severity)*
- prostate cancer (of specified severity)*
Heart Conditions
- cardiac arrest (out of hospital)*
- cardiomyopathy (with significant permanent impairment)*
- coronary artery bypass surgery*
- heart attack (of specified severity)*
- aortic surgery*
Other Serious Conditions
- chronic kidney failure (end stage)
- severe burns (of specified extent)
- loss of independent existence
Qualifying periods
My Protection Plan does not provide a Trauma Benefit for certain conditions which first occur, become reasonably apparent or are first diagnosed in the 90 days after:
• your policy start date
• your policy reinstatement date
• the date you increase any benefits, for that increased benefit amount.
The 90-day qualifying period applies to each trauma condition with an asterisk (*) on the list above.
How much does it pay?
The benefit amount shown on your policy schedule Benefits are paid to the policy owner and the funds can be used for any purpose.
At the time of your policy start date, a life insured’s Trauma Benefit amount is equal to 30% of their Death and Terminal Illness Benefit amount. Contact us if you would like to change this amount.
What happens once I make a claim?
The benefit payment is made directly to the policy owner. Only one Trauma Benefit is paid for each life insured. Once the Trauma Benefit is paid, the life insured’s Death and Terminal Illness Benefit is reduced by the same amount. This means premiums will also go down.
Example - How the Trauma Benefit amount affects the Death and Terminal Illness Benefit amount
Nancy bought a My Protection Plan policy and is the life insured. She has a Death and Terminal Illness Benefit amount of $600,000 and a Trauma Benefit amount equivalent to 30% of the Death and Terminal Illness Benefit. This means her Trauma Benefit amount is $180,000 (being 30% of $600,000).
Ten months after her policy started, Nancy suffered a heart attack that met the definition of heart attack (of specified severity). Nancy was paid a Trauma Benefit of $180,000. Nancy’s Death and Terminal Illness Benefit reduced by the same amount and is now $420,000.
For more examples of Trauma Benefit claims please read the
Product Disclosure Statement and Policy Document.
Want to know more about the Trauma Benefit?
Please read the Product Disclosure Statement and Policy Document for full details. You can also reach out to our customer service team on 1800 006 776.