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Accident Insurance
Accident insurance offers financial protection should you suffer an accident. As an alternative to income protection insurance, personal accident insurance pays up to 75% of your income if you have an accident and are unable to work.
Personal Accident Insurance Explained
The following list outlines what a typical personal accident insurance policy offers. However be sure to read the respective product disclosure statement for an exhaustive list of what a particular accident insurance policy does or does not cover.
- Claim Benefit – up to 75% of your income.
- Benefit Period – generally accident insurance policies have a maximum benefit period of 2 years, 5 years or up to age 65.
- Waiting Period – 3, 14, 30, 60 or 90 days depending on which accident insurance policy you select.
- Tax Deductible Premiums – just like income protection insurance, premiums are generally tax deductible.
- Exclusions - Injuries that are self inflicted, or as a result of attempted suicide; some policies exclude dental injuries; all sicknesses are excluded.
How does an insurer define an accident?
A life insurance company will generally only cover you for genuine accidents. For this reason an insurer’s definition must be met before a claim will be paid.
An accident is usually described as the following:
- any bodily injury which is caused solely and directly by an accident.
- injuries are externally visible and independent of any other cause.
Accident Insurance Comparison
To find the most competitive accident insurance quotes speak to an Income Protection Direct adviser today.
We can compare accident insurance quotes and have your cover put in place relatively quickly, as generally speaking accident insurance policies do not require you to undertake a medical exam to be accepted for cover.
