Accident insurance is a type of policy that pays out when an individual dies or is injured during an accident. Accident insurance does not typically cover acts of God or natural disasters, nor does it cover negligence. The policy may be capped based on a number of factors, and any given policy may be voided if the accident occurs during any activities that the insurance company refers to as dangerous. Most life insurance companies sell accident insurance policies as a standalone option or a bundle with other policies that the customer has purchased from the provider.
Buying an accident insurance policy is something for both parties to consider carefully before entering into an agreement. Consumers purchase a policy and pay a premium with the hopes that an accidental death or injury will not occur. If an individual purchases any such policy, they have no concerns about being able to afford emergency medical care after the injury. The money paid by provider will cover the cost of the injury and any other associated financial damages, such as loss of income. Different policies in Australia have different payouts based on a number of factors. Some extended plans will pay off victims who suffer from permanent disabilities as the result of an accidental injury. In the event of death, beneficiaries of the individual will receive a payoff to help cover the costs of the loss. Because accidents can occur at any time, insurers can lock in policies that will help the victim and beneficiaries in the event of an accidental injury or death. Accident insurance in Australia is practical for individuals who want to protect their family members and benefactors.
The main cause for these deaths and injuries were from a fall from height, incidents involving motor vehicles and injuries caused by falling objects.
Whilst Employers' Liability cover is required by law and protects you in the event that an employee claims against you for an injury incurred during their employment, Personal Accident cover is predominantly a benefit. We also include in many of our policies as standard, Personal Accident (Assault) cover. This is a similar product to Personal Accident except that the cover is limited to an injury or death as a result of a robbery either actioned or attempted.
