Heart Attack & Trauma Insurance
Posted by Mark Thompson
Although most trauma policies include around 40 medical events, heart attack and cancer account for around 70% of all insurance claims for trauma insurance, so it is imperative that your trauma policy has the best definitions for these 2 medical events.
Not all definitions for heart attack in trauma policies are the same. In Australia there are 3 standard definitions by the major providers, but there are other definitions used by on line Insurers. Two of the 3 common definitions for heart attack used by the major insurers are likely like to pay the life insured the full benefit payment for even a minor heart attack, while the third is more likely to exclude a full benefit payment for a minor heart attack. Some policies will actually define a minor heart attack, which will pay a reduced or partial benefit to the life insured. If you are purchasing a trauma policy be check to see if your policy is likely to pay the full benefit even for a minor heart attack.
What about On Line Policies?
Here’s is an online insurers critical illness policy definition for heart attack:
Definite diagnosis of a heart attack (myocardial infarction) as a result of coronary artery disease, resulting in the death of a portion of the heart muscle. This event must require hospitalisation and investigation in a coronary care or similar unit, within 72 hours of the heart attack.
What happens if a heart attack is diagnosed after 72 hours?
Well, this policy is not obliged to pay a benefit.
Surely 72 Hours is fair enough?
Not all heart attacks are easy to detect. Women often have different symptoms to men, such as feeling generally unwell, without typical chest pain. The detection of a cardiac marker such as Troponin being the only biomarker that can be detected. Troponin can stay in the blood for as long as a week, allowing physicians to identify a heart attack and take action to prevent further damage even if the patient was slow to seek medical care. Why apply for a policy that requires hospitalisation and confirmation of a heart attack within 72 hours when other policies do not have such a restriction?
Mark Thompson Advisory Services (ATA Bespoke Insurance Solutions) has researched Heart Attack definitions used in Australian trauma policies.
The comments made on this site are of a general nature only and are not a recommendation to apply for any particular insurance policy. Before applying for insurance your adviser should provide you with a Statement of Advice, with recommendations that take into account your personal circumstances and which are likely to fulfil your best interest. Alternatively, if you apply On Line the advice could be limited to a General nature, without the need to take into account your personal circumstances or provide a Statement of Advice.