A GUIDE TO PERSONAL ACCIDENT AND ILLNESS INSURANCE
Lasting relief from the pain of accidents and injuries
An accident or injury can cause ongoing pain as you're unable to work and your income stream dries up. Before that happens, we can provide a Personal Accident and Illness Insurance solution which provides weekly, monthly and lump sum benefits. Protection is also available if you are unable to work due to illness. In the event of death, a lump sum is paid into your estate, which can benefit your wife and family.
Perhaps you thought that Worker's Compensation would cover you, but this only applies to accidents which occur during working hours. Personal Accident & Illness insurance goes further, providing cover 24 hours a day, 7 days a week.
Fortunately you can claim on both Workers Compensation and your Personal Accident & Illness policy for the same accident. Here's how it works. Let's imagine you’re paid above award wages. Workers Compensation only provides an amount up to the award wage, your Personal Accident & Illness policy makes up the difference.
Your weekly or monthly benefit will be based on your provable annual income for the previous 12 months and most insurance companies usually pay 75-80% of this amount. The period can be from 2 years up to a lifetime, depending on your requirements and the insurance company's acceptance.
We can talk you through some of the finer points, but for example, if you were to lose a finger you may be paid 10% of the lump sum benefit. Should you be so unfortunate as to become a quadriplegic, you’d receive 100% of the lump sum benefit.
There are also relevant waiting periods which we would be happy to discuss, and pre-exiting illnesses would also be taken into account.
So why not enquire further about the peace of mind a tailored Personal and Accident policy can provide.