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Compare personal accident insurance offers with Savvy to help you get a policy that gives you peace of mind.
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Personal accident insurance can provide you with invaluable financial cover when you’re out of work and need it the most. It's important to find the best cover, although it may feel easier said than done given the many policy options to choose from. Luckily, that's where Savvy can help.
By comparing policies from Australia's leading insurers with us, you can weigh up the pros and cons of personal accident products to see which offers the most benefits at the lowest cost. This allows you to find a deal that gives you the best bang for your buck. Start comparing with Savvy and get a quote through us today.
Personal accident insurance is a specific kind of life insurance cover that provides you with a financial safety net if you're involved in an accident and need to take temporary or permanent leave from work. When choosing personal accident insurance, you can take out cover in a larger income protection insurance bundle or as a standalone policy. The benefit of taking it out as a bundle is that your policy will be more extensive and provide cover for a range of illnesses in addition to injuries.
Depending on the type of cover you take out, you can receive your benefit amount as either a lump sum or through fortnightly or monthly repayments. Your benefit amount can be up to as much as 75% to 85% of your income.
To make a claim on your personal accident insurance, it’s important you get in contact with your insurer straight away to be begin the process. For your claim to be approved, you’ll be asked to supply various documents including:
Personal accident insurance can be taken out as the following types of cover:
Inclusions on your personal accident insurance will vary depending on the type of policy you choose and the type of cover you need. You may choose to opt for cover which gives you financial support if you’re out of work due to injury, illness or both. Moreover, optional extras for your cover can include disablement benefits, business expenses cover or death benefits.
You can be covered for injuries sustained from a range of situations including tripping over a roadside kerb or falling off a ladder in your backyard. To understand the inclusions in their entirety, make sure you read your policy’s Product Disclosure Statement (PDS).
Depending on whether you take out a standalone personal accident insurance policy or cover as an extensive income protection package, your inclusions can include an array of injuries or illnesses including the following:
Aside from purchasing a standalone policy, you can also choose to bundle several life insurance policies. This allows you to purchase more than one policy. For example, you may roll income protection, life insurance and personal accident insurance into the one policy so you're covered for a whole range of events.Â
Some of the areas you may be covered if you chose to combine your policies include:Â
What isn't included in each personal accident insurance policy may vary, but there are common exclusions which apply to most policies. These include:
There are a number of differences between workers compensation insurance and personal accident insurance in terms of how they function and can help you financially. Here’s how they vary:
Workers compensation insurance:
Personal accident insurance:
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By considering life insurance policies from insurers you can trust, you can be confident in the quality of the comparison process.
By filling out a simple online quote form, you can compare offers based on their coverage, cost and more before you buy.
It’s important you compare the inclusions and exclusions as they will vary between policies. Your cover should insure you for a range of injuries or illnesses to protect you in a wide-range of scenarios. In addition, consider the optional extras which are available. This will help extend your cover to include a further range of incidents or accidents.
Consider the costs of your personal accident insurance policy options. When comparing with Savvy, you should try to find the right balance between cost and coverage. This will obviously depend on your situation and your financial needs should you be injured or ill and out of work. Bear in mind, the cheaper your policy, the less coverage you're likely to receive and the lower your benefit amount. If you know you'll need a high benefit amount in the event of injury or illness, your options are likely to be more expensive.
Getting the right benefit amount for your personal accident insurance coverage is vitally important. You must prioritise comparing policies which provide cover that will comfortably support you, your partner or your family if you’re temporarily or permanently unable to return to work. Consider your debts in addition to the medical and living expenses.
Make sure you compare the claim-making process of your policy options as it’s different for all insurers. Some may have strict conditions to process and approve your claim, while others may make the process smooth and simple.
Different insurers and policies will have varying waiting periods. Some waiting periods may be as short as two weeks, while others could be as long as three months. Make sure you consider this when comparing policies, as the longer the waiting period, the longer you have to wait until your cover is of use.
If you’re injured or ill and out of work, you don’t want to be struggling to get by with a minimal benefit amount. Make sure your cover will comfortably support you if something does go wrong so you don’t have to worry about your finances.
You never know what situation could lead to an accidental injury or illness. Any range of activities at home, work or simply out and about could result in an injury. It’s vital that your injury or illness is covered and you aren't left regretting your choice of personal accident insurance cover.
Make sure you choose a policy which provides a sufficient benefit period. If you are injured or seriously ill and require benefit payments to get you by, you want these payments to last as long as possible. If there's any risk of your recovery taking longer than two years, it might be worth considering your options (although this will be more expensive).
The shorter the waiting period of your cover, the quicker you’ll be able to make use of your cover in the event of injury or illness. Waiting periods for personal accident insurance may range from two weeks to three months.
Taking out personal accident insurance will ensure you get the necessary financial support if you're temporarily or permanently unable to work.
If you’re injured or ill and out of work without an income, you may rush your recovery to get back to work. Personal accident insurance will replace your income and allow you to shift your focus on your recovery and your own health.
When you’re physically and emotionally strained, the last thing you want to worry about is your finances. Taking out personal accident insurance will give you, your partner and your family peace of mind that your insurance will pay for things like medical and living expenses or a mortgage.
Like many forms of insurance, your personal accident insurance will be subject to waiting periods before you can make a claim on your cover. This period is often anywhere from two weeks to three months, and if you try to make a claim during this period, it will be rejected.
Restricted to certain age requirements
All personal accident insurance policies will have age restrictions in place. Under many policies, once you reach the age of 65 you will be charged extra every year which follows.
Benefit period restrictions
When you make a claim, the maximum benefit period for which you will receive fortnightly or monthly payments is either two or five years, which will differ between insurers.
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Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.
Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
