Personal Accident and Illness Insurance is a form of cover that protects you financially in the event of an injury sustained from an accident. If an incident occurs, accident insurance will cover you either in the form of a lump sum (TPD insurance) or replace your income (income protection).
Provides cover options for employed or self employed persons, for the loss of income (up to the insured amount) due to an insurable event. For self employed persons, unless you operate as a proprietary limited company, you personally will not be covered by workers compensation. Covers can be provided against your inability to work and the resulting loss of income due to an accident, illness or accidental death. Cover can be extended for ‘higher risk’ activities such as motorcycle riding, snow and water-skiing, pilot risk or playing football. These and other higher risk activities are generally excluded from cover. If you partake in any such activity disclose it to your broker before cover is taken. The indemnity period, or the maximum number of weeks that a claim will be paid is generally 104 weeks and excesses will vary from between NIL and 30 days.
Premium reductions can be obtained by electing to shorten your indemnity period and taking longer excess. Claims arising out of pre existing injuries or illnesses will almost certainly be excluded from cover. It is extremely important that you disclose all matters relating to your health to the insurer on an annual basis (prior to entering into a new contract and at renewal). Contact us to enquire further about personal accident & /or illness insurance or to obtain a quote for your loss of income.