Personal accident insurance policy options compared
Personal accident insurance policies have been part of the Australian income protection insurance range for many years. However what you may not know is that accident insurance is still currently offered by a select number of life insurance companies.
What is personal accident insurance?
While it is not widely marketed, accident insurance is defined as an alternative to income protection. As the name suggests, it is designed to provide a monthly income in the event of disablement from accidental injury only.
Personal accident insurance policy benefits
Generally an accident insurance policy provides a monthly income should you be made either:
- Totally disabled; or
- Partially disabled.
However it is essential to check your policy to ensure you are covered for both.
Who personal accident insurance is most suited to
Accident insurance offers people, who in the past, have been previously excluded from income protection cover due to their medical history.
Some examples of pre-existing conditions (exclusions) a standard policy income policy may not cover include:
- Recent cancer diagnosis
- Bipolar disorder
- Recent heart attack or major heart disease
General features of a personal accident insurance policy
Just like income cover, accident cover has the same waiting period and benefit period.
- Waiting period - this is the length of time after your accident that you must wait until benefits start being paid to you. Generally speaking the waiting period for accident insurance ranges from 14, 30, 60, 90, 180, 360, up to 720 days.
- Benefit period - this is the period of time benefits are paid to you. You can choose a benefit period for accident insurance starting from 2 years, up to 5 years or until age 65.
Compare personal accident insurance policies
When comparing policies, ensure you are comparing like with like. You should also consider the following:
- Monthly benefits
- Waiting periods
- Benefit periods
- Exclusions (pre-existing conditions)
To get the best deal on your accident insurance contact xLife to discuss your needs, and to receive free quotes today!
Exclusive Offer! Call xLife on 1300 135 205 today and
save up to 20% on your first year's accident insurance premium.
April 2011
