This simple Trauma Insurance Calculator estimates suggested trauma insurance coverage based on user inputs like debt, income needs, medical costs, and dependants.
This Calculator use these input variables for it’s calculations:
- Outstanding debts (full or partial e.g. mortgage, credit cards)
- Medical & rehabilitation costs
- Income replacement (for a defined period usually up to 2 years)
- Support for dependants (nanny etc)
All of these inputs will affect the calculated required amount and also the premium costs.
The aim of this type of insurance is to help you maintain your current financial situation not give you a windfall in the event of a trauma event. It should reflect the extra costs you might face.
Trauma Insurance Calculator
Estimate how much trauma insurance you might need based on your financial situation.
Inputs
- Annual Income: Default $80,000 (typical Australian average income).
- Recovery Months: 1–60 months, default 12 (common recovery period for trauma conditions like cancer or stroke).
- Medical Costs: Default $50,000 (reflecting average costs for conditions like cancer in Australia).
- Outstanding Debts: Default $200,000 (e.g. mortgage portion).
- Monthly Expenses: Default $3,000 (typical Australian household expenses).
Notes
- Trauma Insurance Scope: Focuses on critical illnesses (e.g. cancer, heart attack, stroke), not mental health, per Australian standards (Moneysmart.gov.au).
- Default Values: Based on Australian averages (e.g. $80,000 income aligns with ABS data, $50,000 medical costs reflect cancer treatment estimates).
Disclaimer: This is an estimate only. Consult a financial adviser for personalised advice. Trauma insurance covers specific conditions; see the product Product Disclosure Statement for details.