Accident Insurance Explained

When was the last time you had an accident? Perhaps you knocked over a vase or suffered a bruise from bumping into furniture. But what would happen if you suffered a serious accident? What if, knock on wood, you were to lose the use of your limbs, or at worst, lose your life?

Statistics show that 129 people die every week in Australia as the result of an accident* , and that's not even taking into account the number of people who are seriously injured. Consider all the family members who not only face the grief of losing a loved one, but also the possibility of losing their financial security.

That's where personal accident insurance comes in. It can protect you and all those who depend on you against that very possibility.

What is Accident Insurance?

Accident insurance is a type of personal insurance policy that can cover you in the event of accidental death or serious injury.

Serious injury generally includes the following as the direct result of an accident:

  • quadriplegia
  • paraplegia
  • hemiplegia
  • deafness
  • blindness
  • total and permanent loss of use of two limbs

If you suffer an accident with serious consequences, accident insurance can provide financial protection and peace of mind for you, your family and other loved ones. You need to read the insurer's product disclosure statement for details of the relevant cover.

Why should people consider Accident Cover?

Everyone knows life is unpredictable and anything can happen. Unfortunately, we can't protect ourselves entirely against tragedy, whether it comes in the form of a car crash or other disaster.

If you're involved in a serious accident, the costs of rehabilitation, on top of your usual bills, could lead you to serious financial difficulty. But with accident insurance, a lump sum is provided to help you pay the costs of recovery including medical costs, doctors' and specialists' bills, and transport to and from treatment. Additionally, the lump sum payment should help you pay your normal bills and living costs, so you can recuperate with minimal financial stress.

In the event of accidental death, your insurer will provide a lump sum payment (this will be the amount nominated when you apply for the policy) to the beneficiaries of your choice. With accident cover, you can help secure the financial future of your loved ones even when you're no longer able to provide for them. When you apply for your policy you can choose the amount of your benefit, and have peace of mind knowing that your family can at least be protected against the bills, loans and living costs that won't stop in their time of tragedy. 

Accidents can't be predicted, but the worst financial results can be prevented. Compare accident insurance quotes with Choosi and get peace of mind today.

* Australian Bureau of Statistics Causes of Death, Australia, 2009 (Cat. No. 3303.0, 20011)

These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.