Personal Accident Insurance

Everything you need to know about Personal Accident Insurance

Personal Accident Insurance

Everything you need to know about Personal Accident Insurance

The Importance of a Personal Accident Broker

What is a Personal Accident Insurance Broker?

A Personal Accident Insurance Broker is a specialised professional dedicated to guiding individuals through the intricate process of selecting and securing personal accident insurance policies.

Morgan Insurance Brokers are experts and possess a deep understanding of the diverse range of insurance products available in the market, enabling us to effectively assess the unique needs of each client.

Personal accident insurance brokers ensure a precise alignment between the client’s requirements and the most suitable insurance solutions. Their expertise is crucial in navigating the complexities of insurance options, providing tailored advice that optimises coverage while considering cost efficiency and the reliability of insurance providers.

What is Personal Accident Insurance?

Personal Accident Insurance is a specialised insurance policy designed to offer financial assistance in instances where an individual experiences an accident resulting in injury, disability, or death.

This important insurance helps soften the financial blow that can happen after unexpected injuries, which might stop someone from being able to earn an income.

What is Personal Sickness Cover?

Personal Sickness Cover, also known as sickness insurance, is a designed to support those who can’t work due to illness.

Why you should engage Morgan Insurance Brokers as your preferred Personal Accident Insurance Provider

Morgan Insurance Brokers is your go-to choice when it comes to insuring for Personal Accident Insurance. We know the ins and outs of personal accident insurance like the back of our hand. With years of experience under our belt, we can guide you through the nitty-gritty details and help you understand exactly what you’re getting.

Every person’s needs are different, and we get that. We’ll work closely with you to tailor a policy that fits your lifestyle and risk profile, ensuring you’re covered in all the right places.

At Morgan Insurance Brokers, you’re not just another number. We pride ourselves on offering personal service that makes you feel like part of the family. We’re here whenever you need us, ready to help with any questions or concerns.

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PERSONAL ACCIDENT CLAIM EXAMPLES

Some examples of a Public Liability Insurance Claim:

  • A worker slips on an unmarked wet floor, resulting in a broken wrist.
  • A driver suffers a neck injury from a rear-end collision during their commute.
  • An employee twists their ankle while participating in a company-sponsored sports event.
  • A factory worker loses a finger due to faulty machinery on the production line.
  • A homeowner breaks their leg after falling from a ladder while cleaning gutters.

SICKNESS & ILLNESS CLAIM EXAMPLES

  • Heart Attack
  • Stroke
  • Acute Appendicitis
  • Pneumonia
  • Sudden Onset of Diabetes

WHAT DOES PERSONAL ACCIDENT INSURANCE COVER?

As your preferred Personal Accident Insurance Broker, Morgan Insurance Brokers can source comprehensive Personal Accident policies that offer general protection for your business, which may include cover against:

Personal Accident Insurance Cover

Personal Accident Insurance ensures that you have financial stability in the event of an accident that results in injury or disability.

Sickness and Illness Cover

Sickness or illness cover is designed to provide financial support when you’re unable to work due to illness.

What expenses are covered?

Personal Accident and Illness policies typically includes income replacement, which pays a percentage of your salary during your illness, and may cover medical expenses, including hospitalisation and treatments not covered by standard health insurance.

Additional benefits often found in these policies include  rehabilitation benefits to assist with recovery, death benefits, and lump sum disability benefit payments.

Medical Expenses

Death Benefits

Weekly Payment Benefts

Hospital Expenses

Rehabilitation Expenses

Lump Sum Disability Payments

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DO I NEED PERSONAL ACCIDENT INSURANCE?

Deciding if you need Personal Accident Insurance is a crucial step in protecting yourself from financial difficulties that can arise from accidents. This insurance is designed specifically to provide essential protection in case of injuries, disability, or death due to unforeseen accidents. By having this coverage, you ensure that you and your family receive crucial financial support during some of the most challenging times, safeguarding your financial stability when it matters most.

IS PERSONAL ACCIDENT INSURANCE MANDATORY?

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Personal Accident Insurance policies are commonly secured as contractual requirements within various industries, particularly in sectors like construction where the risk of accidental injuries is heightened. Although there is no legal requirement necessitating Personal Accident Insurance, many individuals opt for Personal Accident Insurance as a proactive measure to ensure peace of mind.

ADVANTAGES OF PERSONAL ACCIDENT COVER

No Medical Examination Required

One of the notable advantages of personal accident insurance is that it generally does not require a medical examination for eligibility. This aspect of personal accident insurance policies is particularly beneficial for those looking for quick and straightforward access to insurance coverage. Without the need for a comprehensive medical assessment, the application process becomes significantly faster and less cumbersome. This eliminates a potential barrier for many individuals who may be concerned about pre-existing conditions or who might otherwise be deterred by the prospect of undergoing a medical exam. By simplifying the entry requirements, personal accident insurance ensures that more people can obtain coverage promptly, providing them with immediate protection against the financial impacts of accidental injuries.

Personal Accident Premiums are lower than Income Protection Insurance Policies

Premiums for personal accident insurance are generally lower than those for income protection insurance. This cost difference can be attributed to the specific nature of the coverage each type of policy provides. Personal accident insurance typically covers only injuries and accidents, which are unforeseen events that may or may not happen, whereas income protection insurance covers a broader range of scenarios, including illness and disability, regardless of the cause.

Lump Sum Payments after disability or death

One of the significant benefits of personal accident insurance is the provision of capital benefits in the event of permanent disability or death.

Capital Benefits for Permanent Disability: When a policyholder suffers a permanent disability as a result of an accident, personal accident insurance typically pays out a lump sum amount. This capital benefit is designed to help cover the immediate and long-term financial needs that arise from such a life-altering event. For instance, the lump sum can be used to pay for medical treatments, rehabilitation, and home modifications to accommodate reduced mobility or other disability-related needs.

Capital Benefits in the Event of Death: In the tragic event that an accident leads to the policyholder’s death, personal accident insurance provides a capital benefit, typically paid as a lump sum to the designated beneficiaries.

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WHEN AN INCOME PROTECTION POLICY SHOULD BE CONSIDERED INSTEAD OF PERSONAL ACCIDENT INSURANCE

Personal Accident Cover and Income Protection Insurance are both designed to provide financial support in the event of unforeseen circumstances affecting your ability to work, but they serve different purposes and cover different risks.

This table highlights the distinct features and differences between Personal Accident Cover and Income Protection Insurance, showing how they cater to different aspects of financial protection based on the nature of the risk and coverage needs.

Aspect Personal Accident Cover Income Protection Insurance
Coverage Scope Covers injuries specifically caused by accidents. Includes medical costs, and temporary or permanent disability. Provides replacement income for inability to work due to any illness or injury, covering a broader range of health issues.
Benefit Payment Often pays a lump sum for specific injuries or a death benefit. Also offers weekly payments for temporary disabilities up to maximum 2 years. Typically offers ongoing payments, usually a percentage of regular income, until the insured can work again or policy ends.
Duration of Coverage Limited to immediate and direct outcomes of accidents no greater than 2 years Offers a longer-term financial safety net, potentially covering several months, years, or until retirement.
Exclusions and Limits Excludes pre-existing conditions, self-inflicted injuries, and injuries from criminal activities or dangerous sports. May exclude pre-existing conditions and has a waiting or deferment period before benefits begin.

WHEN A TOTAL AND PERMANENT DISABILITY (TPD) INSURANCE POLICY SHOULD BE CONSIDERED INSTEAD OF A PERSONAL ACCIDENT INSURANCE POLICY WITH A CAPITAL BENEFIT.

When deciding between a Total and Permanent Disability (TPD) insurance policy and a personal accident insurance policy with a capital benefit, it’s important to consider your specific needs, lifestyle, and the financial security you require in case of an unforeseen incident. Here’s when a TPD policy might be more appropriate compared to a personal accident policy:

Feature TPD Insurance Personal Accident Insurance
Coverage Scope Covers permanent disabilities due to both accidents and illnesses. Typically covers accidents only.
Disability Requirement Must be total and permanent, usually preventing the insured from working in any or their own specific occupation. May cover temporary and permanent disabilities, specific to the type of accident and injury.
Benefit Type Lump sum payment. Lump sum payment, often scaled based on the severity of injury.
Long-term Financial Security Provides significant financial support for life-altering disabilities, considering inability to work. Geared towards immediate, short-term financial relief rather than long-term sustenance.
Illness Coverage Includes illnesses that can lead to permanent disability. Does not typically cover illnesses.
Integration with Other Policies Often part of a broader life insurance package, complementing other covers like life and income protection. Usually stands alone or complements health insurance, less integration with life or income protection.
Purpose Aimed at providing financial security in case of severe disability halting any future employment. Provides financial aid following an accident, regardless of long-term impact on employment.

This table should help in understanding when to consider each type of insurance based on

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What is typically not covered?

Personal Accident Insurance policies can safeguard you from a variety of situations. They cover a broad array of incidents, from everyday accidents to more severe injuries, with various policy extensions and covers available. However, it’s important to recognise that not all policies offer the same level of protection, and many have standard, as well as specific exclusions that could leave you vulnerable. Therefore, it’s beneficial to choose us as your preferred Personal Accident Insurance Broker to ensure you receive comprehensive coverage tailored to your needs.

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Pre-existing Conditions:

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Drug or Alcohol Influence

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Dangerous Sports and Activities

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Exposure to exceptional danger

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Amateur Football

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Intentional Self-Injury

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Criminal Acts

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War and Civil Commotion

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AIDS

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Childbirth

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Professional Sport

FREQUENTLY ASKED QUESTIONS ABOUT PERSONAL ACCIDENT INSURANCE POLICIES

Accident means a sudden, unexpected, unusual, specific
event which occurs

Accidental Death is covered, if you’ve selected to insure for Death cover, but Death does not include death from sickness.

Agreed Value under a personal accident insurance policy means that the insurer will pay you a weekly set amount agreed before an accident or sickness occurs.

Personal accident insurance typically excludes pre-existing conditions, meaning it doesn’t cover injuries or disabilities that were known before the policy started. This can be a significant limitation for those who have chronic issues or a history of injuries.

On the other hand, income protection insurance generally offers broader coverage, including for illnesses or injuries stemming from pre-existing conditions, depending on the terms of the policy and any waiting periods. This makes it a better option for individuals who are concerned about financial stability in case their pre-existing condition affects their ability to work. It’s important for clients to understand these distinctions so they can choose the coverage that best fits their needs and circumstances.

Degenerative conditions are standardly excluded from the cover.

Typically, personal accident insurance policies do not require you to pay an excess when you make a claim. However, there is usually a time waiting period instead.

Your insurance claim will become active and officially commence on the date when you first seek and receive medical treatment from a licensed Medical Practitioner, in accordance with the terms outlined in your policy.

Professional Sport means any sport that is Your full time
occupation and / or for which You earn the majority of your
income. As such, personal accident policies dod not tend to cover this.

No, personal accident insurance and workers’ compensation are not the same; they serve different purposes and operate under different conditions.

Workers’ compensation is a form of insurance that provides wage replacement and medical benefits to employees injured in the course of employment. In exchange for these benefits, employees relinquish their right to sue their employer for negligence. This type of insurance is mandatory in many jurisdictions, and the rules and benefits can vary significantly between different states or countries. Workers’ compensation is designed specifically to cover injuries that occur on the job or illnesses that are a direct result of employment.

Personal accident insurance, on the other hand, is a personal insurance policy that provides financial compensation in the event of an accident leading to injury, disability, or death, regardless of where the accident occurs. This type of insurance is not limited to injuries sustained while working and can provide coverage 24/7, anywhere in the world. It is not mandatory and must be purchased by an individual or offered by an employer as a part of a benefits package. Personal accident insurance policies pay out benefits for a range of outcomes from accidents, including temporary or permanent disability and death.

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How Morgan Insurance Brokers can help you

In the complex world of insurance, it’s essential to understand that not all insurers and policies offer the same level of protection. Personal Accident Insurance comes with various clauses and exclusions that can greatly impact your coverage. It’s crucial to meticulously review and comprehend the details of your policy. As your dedicated Personal Accident Insurance Broker, we ensure you receive coverage that is specifically tailored to meet your individual needs.

“We work for you, not the insurer,” emphasising our commitment to finding the best possible protection for you, rather than simply selling an insurer’s product.

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