Freedom Trauma Cover is an optional additional benefit available with Freedom Life Cover and provides a lump sum payment of up to $225,000 if you suffer any one of 15 specified medical conditions including cancer, heart attack and stroke. The payment is designed to assist you in meeting your ongoing loan obligations whilst you recover from a serious illness or injury.
To be eligible for Freedom Trauma Cover you must be an Australian resident aged 18 – 60 and also be covered under a Freedom Life Cover policy. The payment of a Trauma Cover benefit automatically reduces the death benefit payable under your Life Cover and therefore your Freedom Trauma Cover benefit amount can’t be more than your Freedom Life Cover benefit amount.
Provided you meet the simply eligibility requirements, your application is guaranteed to be accepted. However, any pre-existing medical condition evident in the past 5 years that gives rise to an insured event will not be covered. This is known as a ‘PEC’ exclusion. As with Freedom Life Cover, you can apply to have the PEC exclusion removed after you have taken out the cover. Refer to page 19 of the Product Disclosure Statement for more information about the PEC and other standard exclusions that apply to this cover.