Accident Insurance

Accident Insurance is essential as accidents and sickness can happen to anyone, anytime, anyplace and unfortunately they can often cause hardship and additional expenses.

Accidental death and dismemberment is a term used to describe a policy that pays additional benefits to the beneficiary if the cause of death is due to a non-work-related accident.

Fractional amounts of the policy will be paid out if the covered employee loses a bodily appendage or sight because of an accident. In the event of accidental death, this insurance will pay benefits in addition to any life insurance held.

Death by illness, suicide, or natural causes is generally not covered by Accidental Death Insurance. Additionally Accidental Death Insurance generally pays benefits for the loss of limbs, fingers, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly enumerated in the insurance policy.

Who is Accident Insurance For?

This policy is suitable for anyone aged between 18 & 74 who is an Australian or New Zealand citizen, or who holds an Australian Permanent Residency Visa and who lives in Australia at the time that they apply.

What are the Benefits of Accident Insurance?

Accident insurance covers up to 75% of your income and can offer benefit periods for either 2 to 5 years or until you reach the age of 65. This will give you peace of mind knowing that should an accident keep you off work for the long term you can have an accident insurance policy that can cover you for the long term. Another great benefit of accident insurance is that the premiums are fully tax deductible.

Accident Insurance & Accidental Death Insurance are two totally different types of insurance, and should not be confused with one another, as both are totally different. Accident Insurance pays you as an individual, where as accidental death insurance will pay the beneficiaries or your estate.

Who offers best accident insurance in Australia?

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Published on February 2-th, 2010 in Income Protection Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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