Understanding Accidental Death and Disability Cover

Accidental death or serious injury not only has a profound emotional impact on yourself and your loved ones, but it can also put your finances and future at risk. Hospitalization alone could cost your household several thousands of dollars. Aside from that, you will also have to consider the ongoing cost of doctors' fees, medicine, and rehabilitation in case of a serious injury. These all become even more difficult since you are no longer able to work and provide for your family.

It may not be the most positive thing to think of, but being prepared for the future is important if you have people who depend on you financially and emotionally. One of the ways you can do this is by applying for Accidental Death and Disability Cover. Having this policy gives you peace of mind since you know that you and your loved ones are covered in case of a tragic accident or death.

How the Cover Protects You

There are various types of injuries covered by this policy. The coverage you get, however, depends on your insurer and the amount of premium you pay. Despite the differences, common injuries that lead to permanent disability or death are covered, including:

  • Loss of sight
  • Loss of hearing
  • Loss of two limbs
  • Paralysis of one side/lower half/all four limbs body (hemiplegia/paraplegia/quadriplegia)

Starting from $50,000, the coverage may reach up to $2,000,000, depending again on the value of premium you pay. Whatever the coverage, it is still good to know that you or your family could at least offset the costs related to the injury. What's more, you don't have to rely on your hard-earned savings if something unexpected occurs.

Since various insurers have a wide range of policies, it is always good to have someone knowledgeable to help you choose the right policy for you. At Rate Detective, you can consult our qualified advisors who will provide you with all the necessary information in order for you to decide on your policy of choice. They will also assess your current condition and lifestyle, as well as give you a comparison of the policies and rates of the country's top 9 insurers. With all these at your disposal, you can be sure that you are getting the best deal from your insurer with premiums you can afford.

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Published on October 10-nd, 2012 in 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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Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.