How To Know What Cover To Choose For Certain Accidents

 

Do you know how many accidents take place in Australia each year? Ninety road deaths occurred just in December of 2020. And there are lots of other accidents that occur in the workplace and at home every year.

Think about how awful it can be for the family members of a person who has been the victim of an accident. No matter if the accident results in loss of life or a life-long disability, the family’s stress can be draining, both emotionally, and financially.

We don’t have control over all the things that happen in our lives. However, we can take some preventive measures from our end. It is always a good idea to be prepared to deal with these unfortunate incidents, at least financially.

There are many ways to protect ourselves and our family from such uncertainties; one of those ways is accident insurance.

Accident insurance itself has several varieties, and below are the three major types:

 

1. Death & Dismemberment

Accidental death and dismemberment insurance is one of the most significant types of accident insurance. In this insurance, the premiums paid are offered to the family of the insured person if they die due to an accident.

This cover is relatively less expensive than other types of accident insurance. However, causes of death such as suicide, illness, or old age are not covered under this insurance.

 

2. Capital Benefit Insurance

Capital Benefit insurance gives you a lump sum of cash in the event of a covered accident. This insurance is not limited to death only, which makes it a little more expensive.

This product covers a scale of benefits ranging from a minor injury, such as a broken hand or foot, where you receive a smaller lump sum amount to major injuries such as permanent paralysis & death, where you receive the maximum benefit

 

3. Disability Insurance

Another common type of accident insurance is disability insurance, which employers often provide to the employees. However, if you’re not associated with any company but working on your own from home, you will have to purchase it yourself.

This insurance usually covers you when accidents happen on-the-job, and you are unable to work due to it. You may receive benefits monthly or weekly, depending on the policy you have purchased.

The product is basically Income Protection but only as a result of an injury, not as a result of an illness.

 

What Should You Choose?

Experts advise having comprehensive health insurance or life insurance as two of the most important insurances for an individual to have. And as per your needs, you can get accidental cover added to these policies.

However, if you are involved in an accident-prone field of work and want a higher cover solely in case of accidents, you can go with the complete accident and health cover package. It combines income protection cover, total and permanent disability cover, and critical illness cover. This combined cover protects both your income and your family’s welfare.

Be sure about what you need before deciding on the type of accident cover you are buying. After all, buying any of these products online has become very easy, convenient, and time-saving, however, it does come with risks. So, you have to make sure you are working with the right insurance provider.

With Aspect UW’s intelligent cover builder, you can get an online quote for accident insurance cover and buy it immediately from their online portal – without having to meet their team of insurance consultants in person. If you need any help regarding your insurance policy, they are more than happy to help you.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.

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