If you’re diagnosed with a serious illness, the financial pressure of medical bills and lost income can greatly affect you and your family. OnePath Trauma Cover offers assistance for those who have been diagnosed with a serious illness by paying a benefit to cover the cost of medical bills, living expenses, and to help out with any existing debts.
Depending on your condition, you could receive either a full or partial payout.
What conditions trigger a payout?
Depending on whether you have Comprehensive Cover or Premier Cover, you could receive a full or partial payout for:
- Cancer and tumors
- Heart conditions
- Brain conditions
- Nervous system conditions
- Sensory conditions
- Mobility conditions
- Blood disorders
- Body organ conditions
- Terminal illness
- Loss of speech
- Intensive care
Is there a waiting period to receive my benefit?
A 90 day qualifying period is applicable to most conditions, unless this cover is replacing a similar existing cover with a competitor. This means that should your application be successful, and you are diagnosed with a serious illness or have symptoms leading to a diagnosis within the first 90 days of your application’s approval, there is no cover or benefit until those 90 days are up.
In addition, if you suffer a major or minor heart attack, are diagnosed with cancer or suffer from a stroke during the 90 day qualifying period, you won’t receive a Trauma Benefit for these conditions at any time.
What sort of cover can I get?
Depending on your financial and lifestyle needs, you can choose between Comprehensive Cover and Premier Cover. The difference lies in the cost of your premiums and the amounts payable to you should you make a claim.
- Trauma Comprehensive
Provides cover for 47 specified trauma conditions.
- Trauma Premier
Provides cover for 61 specified trauma conditions. OnePath pays partial payments for 17 conditions, and you can also make multiple claims for these.
- Limited Death Benefit
In the event of your death and should you not have claimed your Trauma Cover benefit, OnePath will pay your nominated trustee $10,000.
- Accommodation Benefit
OnePath will reimburse up to $500 per day in accommodation costs for up to 30 days if:
- You’re confined to bed due to your trauma condition, and you’re more than 100kms away from your usual place of residence and a family member is required to travel to care for you or;
- An immediate family member is required to travel more than 100kms from their usual place of residence to be with you.
- Financial Advice Benefit
Covers up to $2000 in financial planning costs accrued.
- Auto Conversion with excess
If you reach 70-years-of-age, the Trauma Cover will automatically convert to Total and Permanent Death Cover with the Non-Working TPD definition, with a maximum of $3 million insured. However, if you already have TDP cover, this bonus benefit converts your Trauma Cover in excess to your existing TPD cover.
- Premier Maximiser Option
Doubles the benefit amounts payable for partial payments.
- Baby Care Option
Additional cover for female lives insured between ages 16 to 45, covering them for pregnancy complications and congenital abnormalities. If you choose this option, you could receive a lump sum of up to $50,000.
If you’ve bundled a few of your OnePath OneCare policies together, such as Life Cover with both optional TPD cover and optional Trauma Cover, your amount insured could be reduced if you claim benefits under these policies. For example, if you have TPD cover and Trauma Cover, and make a claim under your TPD Cover, your Trauma Cover benefit could be reduced.
Want to compare this policy with others? You can compare OnePath’s premiums with other policy providers through our free quote service.
© 2012 Wealth Smart Life Insurance