Personal Accident

What is Personal Accident Insurance?

Personal Accident Insurance is a short to medium term protection insurance which covers you 24 hours/365 days a year from income loss due to injurys and illness.

Are there any Age limitations?

For new business the age range is 16 – 60 years.

What is the benefit period?

104 Weeks (Unless noted otherwise on schedule).

Is there a waiting period?

YES 14-days (Unless noted otherwise on schedule)

Can I get a quote?

YES To apply for a formal quotation, please complete a personal accident application and fax to 1800 654 642 phone us on 1300 654 642 with any questions.

Anything else I should know?

Just be sure to consider the product disclosure statement and policy wording below before making any decisions about this product. See Further Information on this page

Is it the same as Income Protection Insurance?

NO. Income protection is somewhat different. Accident and Sickness is a General Insurance Product while an Income protection Policy is a Life Insurance Policy. The below table outlines some of the most common differences

Accident & Sickness Policy(General Insurance Product) Income Protection Policy(Life Insurance Policy)
General Benefits Accident & Sickness policies provide you with cover 24 hours per day, 365 days per year, usually worldwide and for both Accident and Sickness. Income Protection policies can provide benefits to age 65. This is also usually worldwide for both Sickness and Accident.
Agreed Value NO At claim time the Insurer usually works on your insurable income in the 12 months before the accident or sickness YES If set up correctly from the start (The supply of tax returns to ensure the Agreed Value is recommended)
Insured Amount (limit of Insurance) Generally 100% of Insurable Income. Usually 75% of Insurable Income. However quality products allow you to add back income splitting, superannuation, some allowances, depreciation, profit share, etc
Non-Cancelation NO In nearly all cases the Insurer has the right to renew or not renew the policy. YES Generally guaranteed “non-cancellable” by the Insurer. (All insurers have the right to cancel policies for fraudulent non disclosure or fraudulent claims).
Back Paid (to day one) NO Usually not YES Many policies have benefits that are back-paid to day one.
Benefit Period (how long you are paid – this is how long you are off work due to an accident or sickness) Usually 104 weeks Can be for 2 years, 5 years, age 65, Lifetime plus some other variations.
Benefit Period (how long you are paid – this is how long you are off work due to an accident or sickness) Usually 104 weeks Can be for 2 years, 5 years, age 65, Lifetime plus some other variations.
Minimum Period Depends on wait period. If you have a 14 day wait, usually you have to be off work for 15 days to get one days pay With quality Income Protection products, if you are off work for 3 full days or more you get back-paid to day number one. So if you were off work for 5 days or 15 days, you would get 5 days benefit or 15 days benefit
Generally… A short to mid Term cover. Competitively Priced with a short waiting period. Generally not recommended over Income Protection Insurance. A superior product to Personal Accident & Illness. Provides a wider range of long term benefits and is generally recommended in almost all cases.

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